In January 2010, the decree-law that enacts the Accounting Standardisation System and repeals the Official Chart of Accounts (POC) will enter into force. This legislation was passed as part of a reform that is intended to be structural in nature and apply horizontally across the national accounting system ...
The British Property Federation (BPF) has published a guide for landlords and tenants explaining the Government's proposed Carbon Reduction Commitment (CRC), and illustrating how expected additional costs might be shared. Around 5,000 large public and private organisations are likely to be full participants in CRC, and it has been estimated that energy costs will increase between 7% and 15%. The introductory phase is due to start in April 2010 ...
Introduced in 1979, the Quebec Stock Savings Plan (QSSP) was enormously success ful in the 1980s, encouraging the emergence of numerous Quebec SMEs which later became some of the most noteworthy success stories in Quebec business . On the other hand, the SME Growth Stock Plan, which replaced the QSSP in 2005, achieved a more mixed success . The 2009-2010 provincial budget, presented last March 19, attempts to remedy this situation ...
Contents Greater opportunities for GST/QST claims Shielding the directors of a company placed under the protection of the Companies’ Creditors Arrangement Act The value of a trade-mark: a matter of control The Export and Import Permits Act: an act too often overlooked GREATER OPPORTUNITIES FOR GST/QST CLAIMS Philippe Asselin [email protected] Last April 23rd, the Supreme Court of Canada rendered its fi rst judgment concerning the GST ...
The White House issued a proposed 2010 budget which includes the Obama administration’s plan to reform sections of the U.S. Tax Code on international transactions. One proposal includes a change in how international and domestic banks with foreign clients withhold tax and report to the Internal Revenue Service. The rule change is aimed at improving collection efforts on taxes owed by foreign investors and reducing tax evasion by U.S. citizens and residents ...
On May 7, 2009, the White House issued its proposed budget for fiscal year 2010, which outlines the Obama administration’s plan to reform certain of the Internal Revenue Code’s provisions on the taxation of international transactions. Proposed changes to the rules on withholding taxes, which are aimed at reducing tax evasion by U.S. citizens and residents and improving collection efforts for taxes owed by foreigners investing in the U.S ...
On May 7, 2009, the White House issued its proposed budget for fiscal year 2010, which outlines the Obama administration’s plan to reform certain of the Internal Revenue Code’s provisions on the taxation of international transactions. Proposed changes to the rules on withholding taxes, which are aimed at reducing tax evasion by U.S. citizens and residents and improving collection efforts for taxes owed by foreigners investing in the U.S ...
Environmental laws sweep broadly, regulating a wide range of business activities. Environmental laws create obligations and liabilities that affect not only ongoing businesses, but business transactions as well. They also may form the basis for, or otherwise be relevant to, litigation ...
In the 18th and 19th centuries, the Industrial Revolution produced radical transformations not only in technology, including an ever increasing use of fossil fuels, but also in economic policies and social structure ...
EIS is a direct investment in a small unquoted company, which meets strict HMRC criteria. The tax advantages of such an investment are: Income tax relief at 20% on a maximum investment of £500,000 ...
The Chancellor delivered the 2009 Budget on 22 April 2009. The following is a summary of the main points of interest. Income tax From 6 April 2010 there will be an additional higher rate of 50 per cent on taxable income above £150,000. The basic personal allowance for income tax will be reduced by £1 for every £2 an individual's net income is above £100,000 ...
The property industry will have an opportunity to assess the impact of the Carbon Reduction Commitment (CRC) when a user guide and a consultation paper are issued by the Government, this month. The CRC is a UK-wide, legally binding scheme designed to reduce energy use, and a key component of the Government's strategy to reduce carbon emissions attributable to property ...
The new forms for reducing the amount of corporate income (IRC) tax to be withheld (MOD. 01-DJR) and for the partial refund of IRC (MOD. 02-DJR) withheld on the payment of interest and royalties between associate companies from different European Union Member- States under the Interest and Royalties Directive were approved in February ...
A Foreign Company ("FC") is subject to Swedish taxation on income from a permanent establishment ("PE") in Sweden. Today, different types of tolling arrangements are part of the business model of many MNE’s. The purpose of this article is to analyze the Swedish tax implications of a tolling arrangement, primarily the risk of a FC to acquire a PE in Sweden. The below example can be used in order to illustrate the PE issues at hand ...
Lavery, de Billy makes its mark with a new brand and new firm signature: Lavery, Law Business. The new “Lavery” brand and “Lavery, Law Business” signature are a reflection of the firm’s personality ...
Effective January 1, 2009, the rules governing the right to obtain tax registration as a self-employed business person has been changed. Thus, it is now possible for non-executive directors to obtain registration as such. The amendments are made by clarifying the term "business". This is achieved by introducing additional criteria when assessing whether an independently conducted business is at hand or not ...
The liability to remedy contamination is not limited in time but is only limited by the Environmental Code’s transitional rules, where a business operator can be held liable to take remedial actions if the actual operation of the business has been carried out after 30 June 1969. Further, a business operator can be held liable to take remedial actions if the operator has acquired contaminated property after 1 January 1999 ...
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 Supreme Court of Canada ended a lengthy legal saga on November 20th(1) when it ordered St. Lawrence Cement Inc. to compensate residents of Beauport living near its cement plant. Comments on prescription, the assessment of damages and the granting of future damages follow. The facts “Dust they are, and unto dust they shall return, yet human beings have difficulty resigning themselves to living in dust ...
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 ...
Government Regulation No. 2 of 2008 regarding the Types and Rates of Non-tax State Revenue Derived from the Utilization of Forest Areas for the Development of Non-forestry Activities Applicable to the Department of Forestry ("GR No. 2/2008") introduces a new scheme of forest exploitation fees for non-forestry companies such as those engaged in mining, oil and gas, geothermal power and telecommunications companies conducting activities in forest areas ...
On September 23, 2008, the Western Climate Initiative (“WCI”) released its Design Recommendations for the WCI Regional Cap-and-Trade Program (the “Program”) ...
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 ...
