On December 1, 2005, the second paragraph of section III of Article 31 of the Income Tax Law became effective and requires taxpayers seeking to deduct the purchase of gasoline to pay with the taxpayer’s check payable to the seller, with a credit, debit or services card, or with a prepaid card, authorized by the Tax Administration Service. On January 25, 2006 a new amendment to Rule 3.4 ...
Internet telephones are set to take the global communications industry by storm. Big names like Microsoft, AOL, Yahoo! and eBay are piling into the market and former state-run telecoms providers like BT are also investing. The technology was first developed by the US Defense Department as part of a research project on interconnection in the 1970s. But until recently only techno-geeks have had the interest and ability to make any use of it. But times have changed ...
At the 18th Session of the Standing Committee of the 10th National People’s Congress held on 27 October 2005 amendments were adopted to the Individual Income Tax Law of the People's Republic of China. The amendments were promulgated by President Hu Jintao on 27 October 2005 and enter into effect on 1 January 2006. Tax free allowance A first amendment raises the tax free allowance applicable to wages and salaries from RMB 800 to RMB 1,600 ...
The State Administration for Taxation issued the Reply of the State Administration of Taxation on Issues relating to Tax Refund for Reinvestment by Foreign Investors on 20 October 2005. The Reply explains the conditions under which a foreign investment enterprise (“FIE”) can obtain a rebate on its enterprise income tax (“EIT”) for re-investment of its profits if such re-investment is made in instalments or in phases ...
On 1 May 2004 a new and revised Technology Transfer Block Exemption Regulation (the TTBER) entered into force - Regulation No. 772/2004. The TTBER will provide block exemptions for IP licensing agreements, ensuring that certain technology transfer agreements are automatically exempt from the application of Article 81(1) of the EC Treaty, which prohibits anti-competitive agreements ...
The European Union has recently launched a new ccTLD (country code top level domain). Instead of using the various national European ccTLD's, such as .fr for French companies, .de for German companies, and .co.uk for U.K. companies, the EU has made available the .eu suffix as a Community-wide ccTLD. The new domain extension has already proved widely popular, with more than 100,000 applications for domain names filed thus far ...
TABLE OF CONTENTS I. Introduction II. Recent and Proposed Governance Changes III. Institutional Scrutiny and Accountability IV. Inherent Governance Tensions V. Governance Regulation I. Introduction Corporate governance continues to be a hot topic. In Canada, we are at the stage of implementing a number of initiatives that have been enacted to follow the US lead in the Sarbanes-Oxley legislation ...
Germany. November 9, 1938. Kristallnacht. “The Night of Broken Glass.” Nazi secret police and the Hitler youth swarm over Jewish businesses and homes, terrorizing and victimizing helpless individuals all over the country.1 SS leadership orchestrates attacks on every vestige of Jewish culture as “punishment” for fictitious crimes that will never be recognized by the rest of the world ...
Hong Kong is a Special Administrative Region of the People's Republic of China which is governed by the Basic Law which forms a mini constitution for Hong Kong. Under the Basic Law, Hong Kong enjoys a high degree of autonomy except in relation to matters such as defence or foreign affairs. It has its own executive, legislative and independent judicial power including that of final adjudication ...
In Nicaragua, we did not have a Tributary Code as a unique legal body, the attributions of the Tributary Administration and the regulation of the different tributary procedures, the rights and duties of the contributor, were dispersed in our legislation existing in several cases, inapplicable norms, conflicts of application of the same, lack of adaptation to the actual technological recourses, among others ...
BRITISH COLUMBIA LEGAL UPDATE Prepared for 39th Annual Canadian Property Tax Association National Workshop Cross Canada Legal Panel September 25 – 28, 2005 INTRODUCTION The following is an overview of legislative changes and caselaw developments in British Columbia property assessment and taxation since last September’s session. The review is not intended to be exhaustive, but instead to provide a cross-section of topical cases which may be of interest both to the B.C ...
At the end of June, the US entertainment industry won a long fought victory to help bring file swappers to heel ...
The European Parliament dealt a blow to programmers seeking clarity on the patentability of computer-implemented inventions last month when it rejected a draft European Directive on the subject (the "CII Directive") by an overwhelming majority ...
Summary ‡ Information security “breaches” take many forms and occur in a wide variety of settings. However, contrary to recent press reports, they do not appear to be increasing. ‡ Research indicates that only a small percentage of breaches result in any harmful use of data. ‡ Account fraud and true identity fraud — the two identity-based frauds most feared by consumers and policy makers — are actually declining ...
The Ministry of Finance and the State Administration of Taxation jointly issued the Notice on the Issue of the Levy of Individual Income Tax on Income Derived by Individuals from Stock Options on 31 March 2005 ("Notice"). The Notice, which entered into effect on 1 July 2005, provides a number of guidelines regarding the taxability of such schemes. Taxable event The Notice applies to stock options granted to employees of listed companies or their holding companies ...
The State Administration of Taxation ("SAT") issued the Notice on Relevant Issues in Adjusting the Method for Calculation of Individual Income Tax Annual Lump Sum Bonus Etc. Received by Individuals on 21 January 2005. The Notice, which took effect on 1 January 2005, repeals two SAT Notices issued in 1996 and addresses the issue of the calculation of individual income tax ("IIT") on annual bonuses ...
The Ministry of Information Industry ("MII") promulgated the Measures for the Administration of the Filing for the Record of Non-Commercial Internet Information Services (the "Recordal Measures") on 8 February 2005. The Recordal Measures took effect on 20 March 2005. It provides detailed guidelines on recordal filings for non-commercial websites ...
As mentioned in our information bulletin of June 8, on June 7, 2005 the Federal Official Gazette published an “Executive Order to Amend the Value Added Tax Law” which altered the procedure for calculating the crediting of valued added tax by removing operations not taxable ...
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 ...
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 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 ...
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 ...
