By Eduardo A Trueba C. January 2005 Corporate subsistence, in an economy that each day becomes more competitive, dynamic and integrated to the global world in which we live, has exponentially increased corporate mergers and alliances, together with similar transactions, such as stock acquisitions from one company for another’s capital, company, know how, and royalties transfers, among others ...
Out of general interest, we are forwarding the following Informative Note with respect to the first oral trial in Mexico, something that took place in the Municipality of Montemorelos, State of Nuevo Leon, in February 2005. Oral trials have been possible since November 25 of last year when the law of Nuevo Leon changed to allow this in non-serious culpable felonies. The trial was an example of judicial speed. Within a period of five hours, from 10:00 a.m. to 3:00 p.m ...
Revised Guideline on the Sharing and Use of Consumer Credit Data through a Credit Reference Agency On 18th January 2005, the Hong Kong Monetary Authority (“HKMA”) issued a revised statutory guideline, namely the Supervisory Policy Manual on the Sharing and Use of Consumer Credit Data through a Credit Reference Agency (IC-6) (“CRA Guideline”) ...
Introduction: A Second Union is a “Marriage” of Competing Interests As a general rule, individuals who enter into a second marriage or a second union are more than 40 years of age, have accumulated their own property and have enjoyed a standard of living that they want to maintain or even improve upon ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
After a prolonged period of development, the announcement in August of the Board of Directors for Scotland's Futures Forum has finally seen this body come to fruition. The development of the Forum has included a substantial period of investigating overseas models, canvassing MSPs and running a conference involving 140 representatives from a number of sectors ...
The Standing Committee of the National People’s Congress passed Amendment (5) to the Criminal Law of the People's Republic of China (the "Amendment") on 28 February 2005. The Amendment was promulgated by President Hu Jintao and became effective on the same date. The Amendment introduces detailed penal provisions on credit card abuse and fraud and on damaging military equipment. We discuss the new sections regarding credit card abuse and fraud below ...
