On 10 November 2008, BAPEPAM-LK issued Regulation X.E.1 concerning the obligation of securities companies to submit periodic reports. This Regulation X.E.1 replaces a regulation issued in 2006 and is basically intended to improve the provisions of the previous regulation, especially on the procedures for submission ...
Decree of the Minister of Finance No. 424/KMK.06/2003 (as amended) which contains the guidelines on the financial condition of insurance and reassurance companies has been further amended by Regulation of the Ministry of Finance No. 158/PMK.010/2008 ...
The new Income Tax Law is Law No. 36 of 2008. It intends to boost the competitiveness of Indonesia's economy and create a favorable investment climate. Under the new law, income tax for corporations will be 28% flat in 2009, replacing the existing progressive system. The rate will be further reduced to 25% in 2010 ...
The first calendar day of 2009 marked the entry into force of the new Portuguese Insurance Contracts Act (Insurance Contracts Act), approved by Decree-law no. 72/2008 of 16 April 2008 ...
Contents Acquisition of control of a corporation… Unexpected tax consequences The corporate veil again! Resigning as a director: It’s not merely a formality! Don’t forget the deemed year-end! Acquisition of control of a corporation… Unexpected tax consequences By Philippe Asselin [email protected] ...
The 2009 State Budget Bill was presented to Parliament on 15 October. The general discussion and voting on the Bill are scheduled for 5, 6 and 7 November while the special discussion and voting and final overall discussion and voting are scheduled for the 27th and 28th of the same month ...
In May 2008 the government of the Republic of Indonesia issued Government Regulation No. 39 of 2008 regarding the Second Amendment to Government Regulation No. 73 of 1992 regarding Insurance-Related Business Activities (Usaha Perasuransian) in order to anticipate the developing national insurance-related industries, including, among other things, insurance companies (perusahaan asuransi) ...
On 3 April 2008, the Supreme Administrative Court announced a decision in a case which has given rise to strong reactions among tax law specialists. The criticism has been harsh and concerns the Supreme Administrative Court’s decision to give the Swedish CFC-rules precedence over the Swedish-Swiss tax treaty ...
Ahead of the autumn finance bill, the government has stated that SEK 30 billion will be designated for reforms in the labour market and enterprise, welfare and investments for the future. 13 of these 30 billion are earmarked for an “enterprise package” which, inter alia, includes a reduction in corporate tax from 28 percent to 26.3 percent ...
The Supreme Administrative Court stated in a final judgement on 16 June this year, that an allowable underprice sale is not at hand if the transfer price which is less than market value is matched by an input of labour ...
The Chinese insurance market has grown considerably after China’s accession to the World Trade Organization (WTO) in 2001. For example, China’s annual premium income has increased from 210.9 billion yuan in 2001 to 703.6 billion yuan in 2007 and for the first half of 2008 insurers in China have collected premium income of 561.79 billion yuan which exhibits continuing growth ...
The business world is in continuous evolution. In order to remain competitive, a professional must be aware of the developments that may affect or influence his or her practice. It is in this spirit that we have created “RATIO”, a quarterly legal information publication intended to support you in the achievement of your professional goals. The name of this publication is a term employed in both the legal and accounting professions ...
1. The recently published Decree-Law 55/2008 of 26 March has set out the regulatory provisions necessary for implementing incentive measures for the speedier recovery of areas in Portugal that suffer most from typical inland regional problems, as provided for in the Tax Benefits Statute (EBF) ...
1. Last Friday saw the publication of Decree-Law 13/2008, of 18 January, which extended the tax regime applicable to companies that register to carry on business in the Madeira Free Trade Zone between 1st January 2007 and 31st December 2013 ...
In two separate opinions, five to two majority of the New York Court of Appeals ruled that an insured can assert a claim form consequential damages for an insurer’s alleged bad faith breach of a first-party insurance contract. Bi-Economy Market, Inc. v. Harleysville Insurance Company of New York, No. 14 (N.Y. February 19, 2008); Panasia Estates, Inc. v. Hudson Insurance Company, No. 15 (N.Y. February 19, 2008) ...
Several major changes to the PRC’s Tax Law have come into effect since 1 January 2008. These include the unification of the income tax treatment of all enterprises (foreign and domestic as well as joint-venture companies), resumption of the previous 20 % withholding tax on outgoing dividends to be paid by foreign investment companies to their foreign parent companies, lower effective income tax rates and introduction of the concept of “resident enterprises” ...
ARGENTINE TAX SYSTEMPOLITICAL CONFIGURATIONThe Republic of Argentina has three levels of Government (Jurisdictions): Nation, Provinces and Municipalities.The government system of the Nation and the Provinces has three powers: The Executive that deals with the Administration, the Legislative in charge of passing the Laws, and the Judiciary responsible for the Administration of Justice ...
1. The long-awaited duty requiring users or promoters of operations and transactions whose sole or principal objective is to obtain tax benefits to communicate such operations or transactions to the tax authorities has finally become law in Decree-Law 29/2008 of 25 February. 2. Due to its excessively wide nature, however, the new antiabuse measure raises some very serious doubts ...
Several legislative instruments on VAT issues were published in the Official Journal of the European Union on 20 February, amending the rules for determining the place where services are supplied for the purposes of VAT: - the general rule will be reversed and services will now be taxed in the place of consumption as opposed to where the supplier has its establishment ...
1. Last Friday saw the publication of Decree-Law 13/2008, of 18 January, which extended the tax regime applicable to companies that register to carry on business in the Madeira Free Trade Zone between 1st January 2007 and 31st December 2013 ...
An Illinois intermediate appellate court found that the insured’s failure to comply with the notice conditions in contract for general liability insurance barred coverage. Board of Education of Township High School District No. 211, Cook County, Illinois v. TIG Insurance Company, No. 1-05-1732 (Ill. App. 3d Div. December 26, 2007). The Board of Education of Township High School District No ...
The Bush Administration and House leaders Democrat Nancy Pelosi and Republican John Boehner reached an agreement on January 24, 2008 regarding a stimulus package. This stimulus package includes tax relief targeted at both businesses and individuals. As discussed below, the Senate may well have additional individual and business provisions before legislation is passed ...
On September 27, 2007, Mr. Justice Jean-Guy Dubois of the Superior Court rendered a judgment interpreting the definition of the word “insured” in an insurance policy, more particularly as regards the exclusion of damages caused to a [Translation] “person living under the same roof ”.(1)The facts: The parents of plaintiff Hugo Bérard divorced in 2000. Nathalie Gravel, his mother, who was also a plaintiff, had custody ...
1. On 31 December 2008, Law 67-A/2007, of 31 December, which enacted the 2008 State Budget, was published. In this booklet, we will discuss the main changes that will take place in our tax laws as a result of this Law, with effect from 1 January 2008. A) PERSONAL INCOME TAX (IRS) i) Capital income – IRS Category E 2 ...
A Georgia intermediate appellate court has affirmed summary judgment in favor of an insurer, holding that there can be no “advertising injury” coverage under a commercial general liability insurance contract where an underlying lawsuit concerning division of profits from a joint copyright work fails to allege a misappropriation of advertising ideas. James C. Shafe, et al. v. American States Insurance Co., No. A07A0879, 2007 Ga. App. LEXIS 1193 (Ga. App ...
