It is quite common in Hong Kong for employers to arrange an employee's employment by using dual contracts to take advantage of the tax position. Under Hong Kong law, only income derived from Hong Kong is taxable and earnings under a foreign employment contract with non-Hong Kong entity in respect of duties carried out outside Hong Kong are not taxable. However, the benefits under this arrangement may reduce following a recent UK guideline ...
In the United States, a federal judge approved on 10 May 2005 of the plan of United Airlines (“UA”) to terminate four employees’ defined-benefit pension plans and the pension responsibility are shifted to and assumed by the government’s pension insurer, the Pension Benefit Guaranty Corporation (“PBGC”). The decision will have a great impact on pension obligations to 120,000 current and former employees of UA and could have far-reaching implications for the pensions industry worldwide ...
The Labour Law of the People’s Republic of China (“Labour Law”) is applicable to all employment relationships between individuals and enterprises in China. However, local governments of provinces, autonomous regions and municipalities may, and most of them do, issue detailed measures and rules for the implementation of the Labour Law. Such detailed measures are promulgated based on the Labour Law, with changes and specific details made in light of the local conditions ...
China presents enormous opportunities for the wealth management industry, as the domestic financial market and players develop increasing sophistication. The financial regulators in China are pushing ahead with financial market reforms and regulations, across the equity and bond markets, over banks, insurance companies, securities companies, securities investment fund management companies, trust investment companies and other financial institutions ...
Central Portal for Public Procurement has been recently launched at www.cvpp.lt. The portal publishes information on the public procurement conducted in Lithuania; the main purpose of the portal is to materialize the electronic procurement methods currently lawful under the Law on Public Procurement of the Republic of Lithuania. The main novelty introduced is the possibility to conduct electronic procurement under the normal commercial practice ...
Amendments made to the Quebec Professional Code in 2001 authorize professional orders to allow their members to exercise their professional activities within the framework of a limited liability partnership, or a joint-stock company. In 2002, the Ordre des comptables agréés (Order of Chartered Accountants) was the first professional order to adopt a regulation to this effect. The Quebec Bar and the Ordre des comptables généraux licenciés (Certified General Accountants) followed suit in 2004 ...
On April 12, 2005, grievance arbitrator Denis Tremblay issued a major ruling on the validity of a policy on alcohol consumption and drug use implemented by the Goodyear tire plant in Valleyfield during the summer of 2004. The policy was widely attacked by the Communications, Energy and Paperworkers Union of Canada, local 143, representing all of the plant’s production employees (close to 1,000 employees) ...
It is just six months on from the introduction of the freedom of information regime, and there is already a wealth of advice and guidance available to public bodies on FOI. Private businesses however, are not as lucky. This article helps redress this imbalance ...
In this edition: - Fire Legislation Changes - Control of Substances Hazardous to Health Regulations Amended - Accounting for Risk - Workplace Stress - Lock up Your Ladders - Corporate Manslaughter Act Moves Closer to Reality - Vibration Regulations are Imminent
Proposal for Regulation of the European Parliament and of the Council concerning the Visa Information System (VIS) and the exchange of data between Member States on short stay-visas This regulation will enter into force from on the twentieth day following that of its publication in the Official Journal of the European Union. Official Journal of the European Union, C 052 of 2 March 2005 ...
The judgment of the European Court of Justice in Denuit and Cordenier (C-125/04) of 27 January 2005 The case developed out of a dispute between tourists and a travel agency regarding the price of tourist package services. Under the arbitration clause of the initial agreement between the parties, the tourists brought their claims before a Belgian arbitration court ...
What's your Freedom of Information forecast? Reasonably sunny, distinctly rainy or altogether a bit hazy? Whatever your response, it is possible to brighten your outlook and weather those FOI storms. If you’re an in-house lawyer in a public body in Scotland you'll no doubt be more than familiar with the Freedom of Information (Scotland) Act 2002. Five months on from the Act's full implementation date of 1 January 2005, it's time to take stock of your public body's progress so far ...
On June 7, 2005, a Decree amending, enacting and repealing various provisions of the VAT Law was published at the Mexican Federal Register. These amendments, to a large extent, merely renumber and relocate various provisions of the VAT Law, leaving their content unaltered. Nonetheless, it is quite important to underline that these amendments repeal any reference to “activities which fall outside the scope of this tax” in the provisions dealing with creditable VAT ...
Mexican tax laws, rules and regulations are subject to amendments on a regular basis. Herein we intend to provide our friends and clients a general overview of the most recent and significant changes to our tax system[1]. Rule JG-SAT-IE-1-2005. - Debt Forgiveness for Certain Taxpayers ...
The Irish Law Reform Commission has published two consultation papers recommending legislative changes to clarify the role, duties, powers and responsibilities of trustees, including charitable trustees, so that general trust law keeps up with the ever changing economic and social climate ...
The new Arbitration Rules of the International Economic and Trade Arbitration Commission (CIETAC) came into force on 1 May 2005. The following are the major changes: Specialist Arbitration Rules The new Rules provide for the possibility of using rules tailored made for specific industries. Todate, only rules for financial disputes have been published. Specialist panels of arbitrators have also been set up according to the nature of dispute ...
The decision to terminate an employee carries with it the risk of a possible legal challenge. Depending upon an employer’s policies or whether an employee has an employment contract, an employee may, for example, have a breach of contract or “wrongful discharge” claim. An “at-will” employer - that is, an employer who reserves the right to terminate employees without cause - generally does not need to worry about such claims ...
Inheritance tax is often assumed to be a rich man's concern, but the recent housing boom means that this is no longer the case. The sharp rise in house prices has completely outpaced tax thresholds, meaning that there has been a huge increase in the number of families who could face large bills for Inheritance Tax (IHT) when the homeowner dies ...
MAJOR INDUSTRY USE AND CLASSIFICATION ISSUES I.Introduction A.General Principles of Classification Under s. 19(14) of the B.C. Assessment Act, R.S.B.C. 1996, c. 20 (the “Assessment Act”) and the Prescribed Classes of Property Regulation (B.C. Reg. 438/81) (the “Classification Regulation”), real property in B.C ...
EQUITY AND CONSISTENCY IN ASSESSMENTS I. General Principles of Equity A hallmark of the assessment and taxation of property in B.C. is the principle of equity: taxing authorities must deal even-handedly with all taxpayers in a municipality or rural area, and all taxpayers with a class must be treated in the same way. Equity in the context of the property assessment in B.C ...
On May 10, 2005 an “Accord Establishing Additional Benefits for Certified Companies With a Maquila or PITEX Program” came into effect. This new accord provides additional benefits for certified companies which have a maquila or PITEX program ...
The Benefits of Using a an Unlimited Liability Company (1) Introduction Unlimited Liability Companies (“ULC”) have become useful vehicles for the acquisition of a Canadian business by a U.S. investor. This paper summarizes the advantages of using a ULC, the treatment of a ULC in Canada and in the U.S. and the use of a ULC in a factual setting involving the acquisition of a Canadian business. Until recently, only Nova Scotia offered the possibility of incorporating a ULC ...
What is State Aid? The State aid rules seek to control the aid or assistance which is provided by EU Member States to businesses. Article 87 of the EC Treaty states that “any aid granted by a Member State or through State resources in any form whatsoever” is incompatible with the common market. The Commission and the European Court of Justice have a considerable discretion in determining what amounts to State aid and have given the term a wide definition ...
Preamble In Quebec, most collective agreements contain a “loss of seniority and employment” clause according to which the signatories agree to terminate the employment of an employee in various circumstances, in particular after an absence of a specific period of time due to disability or illness. Collective agreements usually also provide for a benefit plan for an employee who is absent due to disability or illness, or the protection of his or her employment during this period ...
The Federal Civil Liability Law was published in the Federal Official Gazette on December 31, 2004 and entered into full force and effect in January 1, 2005. This law has as its objective that of determining the bases and proceedings for recognizing the right to claim indemnification by those suffering loss or damage as a consequence of improper actions of the executive, legislative, and judicial branches of the federal government and its agencies ...
