On 17 March 2016, the South African Revenue Service (“SARS”) issued an interesting binding private ruling (“BPR 227”) concerning a share subscription transaction which was followed by two share buyback transactions.BPR 227 deals with an area that National Treasury and SARS have identified as a problem, namely where a shareholder disposes of its shares through means of a share buyback as opposed to selling the shares outright to a third party ...
Karanović & Nikolić recently organised a workshop in cooperation with the Faculty of Law, under the title of "Managing Emotions in Labor Disputes – More than Law", as part of the Trial Simulation and Case Studies course ...
The Philippines section of The Tax Disputes and Litigation Review 4th Edition contains information on commencing disputes, including national and local taxes; courts and tribunals; penalties and remedies; tax claims, including recovering overpaid taxes, challenging administrative decisions, and claimants; costs; alternative dispute resolution; anti-avoidance; double taxation treaties; areas of focus; and outlook and conclusions. The section was contributed by SyCipLaw partner Carina C ...
Obesity was not a disabilityThe judgment in the obesity case - which has caused quite a stir both in Denmark and the rest of the world - has finally been delivered.The case involved a Danish childminder who for more than 15 years had worked for a municipalitywhere he had provided childcare services in his own home. On 22 November 2010, the childminder was dismissed due to a decreased number of children in the municipality ...
According to the Danish Supreme Court's judgment of 17 March 2016, an employer's summary dismissal of an employee was justified due to the employee's use of his company mobile phone for the purchase of train tickets by means of an app, after which the expense was paid over the phone bill. The case involved an employee who - by virtue of his position as system developer - had been provided with a company mobile phone ...
This question was addressed by the Danish Board of Equal Treatment in its decision of 3 March 2016. The Board found that a provision in the staff manual - stipulating the termination of the employment relationship when the employee had reached the age of 70 - could not, as a matter of course, be considered to form part of the specific employment relationship ...
One of the issues an employer is obliged to consult on during a potential retrenchment process is the selection criteria to be applied when determining which employees will be dismissed and which will be retained. In doing so, the employer should aim to reach agreement with the other consulting party/parties on what the selection criteria should be ...
The Paris Agreement (the “Agreement”) was signed on Friday, 22 April 2016 in New York. This adds further impetus to the international response to climate change and, for the local economy, it re-emphasises the importance of South Africa’s national greenhouse gas mitigation actions, including the carbon tax ...
Dear All,This is to inform you that the Federal Law no. 88-FZ “On amendments to articles 24 and 40.1 of Federal Law “About Banks and Bank Activity” and to the Federal Law “On voluntary declaration of assets and bank accounts/deposits by individuals and on introducing amendments to certain legislative acts of the Russian Federation” (further – the “Law”) was adopted on April 05, 2016 ...
Dear All,This is to inform you that the Federal Law no. 88-FZ “On amendments to articles 24 and 40.1 of Federal Law “About Banks and Bank Activity” and to the Federal Law “On voluntary declaration of assets and bank accounts/deposits by individuals and on introducing amendments to certain legislative acts of the Russian Federation” (further – the “Law”) was adopted on April 05, 2016 ...
Dear All,We would like to inform you that the President of the Russian Federation ordered to abolish the Federal Migration Service (hereinafter the “FMS”). Decision is formalized by the Executive Order “On Improving State Administration in Exercising Control over the Circulation of Narcotic Substances, Psychotropic Substances and their Precursors, and in the Sphere of Migration” No. 156 dated April 5, 2016 (hereinafter the “Executive Order”) ...
In December 2015, the Court of Appeal of Quebec in Éthier v. Compagnie de chemins de fer nationaux du Canada1 confirmed that section 36 of the Act Respecting Occupational Health and Safety (?AROHS?)2does not apply to federal undertakings and that, accordingly, a worker who is pregnant or breastfeeding and who is on preventive withdrawal in accordance with the Canada Labour Code (?CLC?)3is not entitled to receive an income replacement indemnity ...
Dear All, Recently we have informed you on the general prohibition to use lease of personnel in Russia introduced by the Law No.116-FZ "On Amendments to Certain Legislative Acts of the Russian Federation" which came into force as of January 1, 2016. After it was adopted there was a period of uncertainty when it was not clear whether secondment contracts concluded before 2016 shall be terminated or not ...
On January 29th, 2016, the Supreme Court issued a ruling (hereinafter the “Ruling”), that changed the criteria regarding the requirements that trigger the entitlement to the statutory benefit known as “full week” (semana corrida) which applies to employees who are remunerated based on a fixed salary and a variable compensation. 1.- Criteria before the Ruling The full week benefit was originally applicable to employees remunerated exclusively on a daily basis or by piecework ...
California Code of Regulations, title 2, section 11023 became effective April 1, 2016. It has new and specific requirements for employers’ anti-harassment, anti-discrimination, and anti-retaliation policies. California employers should revisit their policies to ensure they are in compliance with the new regulations and make sure the policies have been properly distributed to all employees ...
Karanović & Nikolić is pleased to announce the election of one of its Partners, Tanja Unguran, to the position of AmCham Serbia's Chair of the Finance & Tax Committee. The Finance & Tax Committee, as one of the seven total AmCham Committees including those in charge of Combating Grey Economy, Healthcare Systems, Corporate and Business Law, Human Resources, Labour Task Force, and Real Estate Task Force, is tasked with improving the business environment via atwo-year agenda ...
From its beginnings, Karanović & Nikolić has shown a deep commitment towards attracting, developing and attaining top experts in the legal profession. In order to be the best we must have the best people and offering a world class learning and development programme has been an integral part of our business philosophy. By providing the opportunity to our people to grow individually and become better professionals we are able to provide better service to our clients ...
Revenue legislation and administration: The Federal Constitution provides that tax shall only be levied by or under authority of federal law. This means the general body of tax law is to be found in tax statutes, supplemented by other legislative instruments such as subsidiary legislation and ministerial orders ...
Dear All,We would like to draw your attention to the following deadlines for the provision of information to the Russian tax authorities by individuals in 2016.May 4, 2016 – the final due date to submit personal income tax declaration in respect of income received in 2015 (hereinafter - the “Tax declaration”) ...
In the Official Gazzette 720 of March 28th, 2016 was published the Development of Youth Work, Exceptional Regulation to the Working Time and Unemployment Insurance Organic Act (Ley Orgánica para la Promoción del Trabajo Juvenil, Regulacion Excepcional de la Jornada de Trabajo, Cesantia y Seguro de Desempleo).This brand-new Act modifies the following laws:Labor CodeCreates the new labor figure of Youth Work, which can be sign with persons between 18 to 26 years old ...
The 2016 Budget Review contained a most welcome – if cryptic – statement for venture capital companies (“VCCs”) and their investors. The statement reads as follows:“Venture capital funding for small businessesFunding remains one of the biggest challenges for small businesses. To encourage equity funders to invest in small businesses, the venture capital company regime was introduced in 2008. Currently, 31 venture capital companies are registered ...
KENYA: Amnesty granted to landlordsIn terms of the new section 123C, introduced into the Income Tax Act by Finance Act 2015 (the “Act”), the Kenya Revenue Authority (“KRA”) has granted a tax amnesty to landlords with effect from 1st January 2016.The Act provides amnesty for persons who shall willingly declare their 2014 and 2015 rent, pay the implied principal tax and file returns (original or amended) between 1 July 2015 and 30 June 2016 ...
On 15 December 2015, SARS issued a draft Public Notice that sets out the additional record-keeping requirements for transfer pricing transactions.It proposes extensive and comprehensive documentation requirements that must now be kept by taxpayers with a consolidated South African turnover of R1 billion or more ...
