Budget 2016 Finance Minister Pravin Gordhan did not mention the proposed carbon tax (the “tax”) in his Budget Speech delivered on 24 February 2016. Curiously, given the emotion that has surrounded the idea of the tax since 2010, when it was first formalised in a Treasury discussion paper, commentary on the implications of the Minister’s apparent omission has been muted or non-existent ...
During October 2015, as part of the Organisation for Economic Co-operation and Development (“OECD”)/G20 Base Erosion and Profit Shifting (“BEPS”) Project, the OECD issued its final report in respect of Action 7 “Preventing the artificial avoidance of permanent establishment status” (“BEPS Report”) ...
In the 2016 Budget Speech delivered on 25 February 2016, the Minister of Finance announced a special voluntary disclosure programme (“Special VDP”) to encourage taxpayers to regularise violations of tax laws and exchange control regulations. This article briefly examines the benefits of the Special VDP and why potential applicants should begin preparing to submit their application in anticipation of the 1 October 2016 commencement date ...
Employment law specialist and Karanović & Nikolić's Senior Associate, Jelena Danilović, has contributed to the newest edition of Women, Business and the Law 2016 – Getting Equal, issued by the World Bank Group.This report is the fourth in a biennial series of reports that provide objective measures of legal and regulatory barriers to women's entrepreneurship and employment ...
The Serbian Foreign Investors Council (FIC) has re-elected Mirko Kovač to the position of Vice President of the FIC HR Committee for a period of 2 years, effectively giving Mirko his second mandate as the Vice President of the HR Committee ...
Treaties with Luxembourg and the Republic of Korea RatifiedSerbian Parliament ratified the double tax treaty with Luxembourg which was discussed in our recently published tax alert. If Luxembourg follow suit and ratifies the treaty this year it is likely that the treaty will be applicable from 1 January 2017.Parliament also ratified the double tax treaty with the Republic of Korea, signed in January this year. The treaty is based on the standard OECD Model Tax Convention ...
Businesses face an increasing number of challenges and one of the most severe and potentially damaging is that of cybercrime. Fallout from a cyber-attack can result in both physical as well as reputational damage and the loss of business and customers. Chilling words - particularly given how much British businesses now rely on their online presence ...
With increasing numbers campaigning for Britain to leave the EU, ever closer union is looking ever more uncertain. Opinion about the positive and negative aspects of Britain remaining within the EU is diverse. Whatever decision is made, companies need to be prepared for the potential outcomes. This article looks at the likely impact of the referendum (whatever its outcome) and provides some positive steps for companies to take ...
The tax team at Karanović & Nikolić participated in the 13th Edition of Doing Business 2016 – Measuring Regulatory Quality and Efficiency, a World Bank Group Flagship Report. Renowned as one of the most influential policy publications across the globe, Doing Business provides a detailed analysis on the state of health of world-wide economies ...
European Court of Human Rights Considers an Employer's Right to Monitor EmployeesIn its recent judgment Bărbulescu v. Romania, the European Court of Human Rights ("ECHR") considered an employer's right to monitor an employee's work computer and an employee's right to privacy ...
The National Minimum Wage (Amendment) Regulations 2016 come into force on 1 April 2016. Employers need to be aware of their new obligations in good time to ensure compliance. What is the National Living Wage? The National Living Wage (NLW) is a new, mandatory premium to be paid on top of the current national minimum wage (NMW). This will increase minimum pay for all workers over the age of 25. Workers under this age will be unaffected ...
According to judgment of 5 February 2016 from the Danish Western High Court, an employer's summary dismissal was justified in consequence of the employee's non-salaried assignment on the board of directors in a competing company. The case involved the question whether an employee had acted disloyally to his former employer when he became a member of the board of directors in another company during his release period ...
A recent decision of the Tax Court of Canada in the case of Line Durocher c ...
The new Labour Law of the Federation of Bosnia and Herzegovina (the "Labour Law") which introduced changes to the term of fixed term employment contracts, employee benefits, collective bargaining agreements and contracts with company managers, was declared unconstitutional by the Constitutional Court of the FBiH on 23 February ...
Serbia – Executive Summary of Qualification of a Director's Mandate (in a local or foreign company) This article, authored by Jelena Danilović, was originally published in the 2016 'Social Security for Directors Working in Multiple Jurisdictions', published by World Services Group.Domestic Rules1. Social security regimeRegistered legal representatives i.e ...
Besides other exemptions contemplated under the law that approved the 2016 budget for Macau SAR (Law No. 15/2015, of 28 December 2015), the core special exemptions applicable cover Corporate Tax, Professional Tax and Property Tax. Corporate Tax The taxable profits accrued in the companies’ annual accounts re ...
Latest Legislative News on Employment Related Matters Law 15/2015 became effective on 1st January 2016 - the official budget law sets annual exemptions, deductions and tax withholding minimum thresholds for 2016. Regarding professional tax the following applies in Macau for 2016: 1. Tax rates (professional tax rates) are progressive up to 12% with the top tax rates applying to an annual income over MOP424,000. Professional tax rates apply to residents and to non-residents. 2 ...
If you look at the recent changes to income tax, in particular the introduction of a 7.5% rise in the taxation of dividends (announced by George Osborne in the last budget), it is hard not to conclude that entrepreneurs are being targeted by the government ...
Dear Clients and Colleagues, We write to inform you about amendments tothe "Angels Law" that were recently enacted with the aim ofencouraging private investment in new start-ups in the seed stage (the "Amendment").The "Angels Law" refers to theprovisions of section 20 of the 2011-2012 Economic Policy Law, which was passedas a temporary order and was in force during 2011-2015 (the "Law") ...
The government recently published draft legislation introducing an apprenticeship levy which is expected to come into force on 6 April 2017. In this article we look at the impact on employers. What is the apprenticeship levy? In last year's budget, the government announced its intention to introduce a levy on large employers in order to fund 3 million new apprenticeships in England by 2020 ...
On November 24, 2015, the Québec Court of Appeal rendered a much anticipated judgment in the case of Université McGill v. McGill University Non Academic Certified Association (MUNACA)1 (“McGill”) ...
The South African Revenue Service (“SARS”) has published a public notice (“the Notice”) setting out reportable arrangements and excluded arrangements for purposes of sections 35(2) and 36(4) of the Tax Administration Act 28 of 2011 (“TAA”). The Notice was released and became effective on 3 February 2016, replacing all notices previously issued under sections 35(2) and 36(4) of the TAA ...
With the use of zero-hours contracts 'ZHCs' increasing and new regulations in this area coming into effect, employers should ensure compliance with the new rules. Background Since our previous article, the Exclusivity Terms in Zero Hours Contracts (Redress) Regulations 2015 (the 'Regulations') came into force on 11 January 2016 ...
Employment law expert, Mirko Kovač, attended a Roundtable discussion on the new Law on Conditions for Secondment of Employees Abroad and their Protection organised by the Ministry of Labour on 13 January 2016. Our office previously analysed this law in more detail and additional information on the novelties it introduces may be found on our website (http://www.karanovic-nikolic.com/2015/11/16/serbia-adopts-law-on-conditions-for-secondment-of-employees-abroad-and-their-protection/ ) ...
