On 27 July 2012, the Minister of Industry Regulation No. 71/M-IND/PER/7/2012 on Oversight and Control of the Alcoholic Beverages Industry (“Regulation 71”) was issued. Alcohol beverages are now divided into the following 3 categories, namely Class A – 1% to 5% ethyl alcohol; Class B – 5% to 10% ethyl alcohol; and Class C – 20% to 55% ethyl alcohol. Regulation 71 requires all alcoholic beverage industrial entities to obtain a Business License called an IUI ...
The Directorate General of Customs and Excise issued Regulation No. 39/BC/2012 on Determining Special Relationships for Tobacco Products on 12 July 2012 in order to prevent manufacturers spreading their production among their subsidiaries to avoid moving up into a higher-duty paying class. A “special relationship” is established when the result of one of three tests is positive ...
Article 63 of Government Regulation Number 74 of 2011 on The Procedures for Exercising Tax Rights and Fulfilling Tax Obligations (“Regulation 74/2011”) mandates the promulgation of a Minister of Finance (MOF) Regulation on the suspension of a tax crime investigation ...
On Monday October 29, 2012 the B.C. Property Assessment Appeal Board released an important decision reducing the assessed value for property tax of the upland land and improvements at the Horseshoe Bay Ferry Terminal to a nominal value ...
The High Court has held that a tenant's short-term storage of documents using just 0.2% of a warehouse's floor space enabled the owner to successfully claim a period of rates relief once the property became vacant again. Under current legislation empty retail property enjoys 100% rates relief for a three month continuous period. Industrial and warehouse property enjoys the same relief for a six month continuous period ...
On Wednesday, October 3rd., it was published in the Official Gazette the provisional suspension issued by the Constitutional Court of Section 180, 4., of Decree 10-2012 which abrogated the withholding exemption contained in Section 12 of Decree 80-2000 ...
Overview of the Mining Activity in Portugal: In 2010, there were 56 mines in operation across the country. In the same year, a total volume of 4,664,978 tons of mineral resources was produced and the export volume was of € 735 million[1]. These are impressive data from the Government evidencing a growing sector of activity ...
A Bill to amend the Retail Leases Act 2003 (Vic) (the Act) has been introduced into the Victorian Parliament. When the Bill becomes law, it will remove the requirement to notify the Small Business Commissioner of new leases under section 25 of the Act ...
With two Congressional Decrees approved in February and March 2012 (“Ley Antievasión II” (Decree 4-2012), and “Ley de Actualización Tribuaria” (Decree 10-2012) respectively), Congress introduces several reforms to the Guatemalan Tax System through extensive amendments to the Tax Code (“Código Tributario”) and other tax laws. The most notorious and substantial reforms affect the VAT Law, the Tobacco Tax Law, the Tax Code, and Income Tax Law ...
A Ruling setting forth the Guidelines to Analyze and Verify Consumer Information and Advertising Material was published in the Federal Official Gazette on July 24, 2012 to become effective on August 23, 2012 ...
Under what condition will an offshore trust still fall within your government’s tax net? Offshore trusts may be established and managed in many jurisdictions. In most countries personal taxation is based on residence. The question often asked is what the residency of an offshore trust established by a resident of a certain country is. In the case recently reported in Canada “Fundy settlement, Canada, 2012 SCC 14” (Tim Gestnick – The Globe and Mail Apr ...
No, it is not a nice Mediterranean dish! The Foreign Account Tax Compliance Act (FATCA) is the newest piece of legislation from the US which should ensure and enforce the correct declaration and payment of taxes owed by US tax payers. The bill was passed in March 2010 whereupon the proposed regulations were presented on February 8th, 2012. The act should come into effect through several steps from January 1st, 2013 to January 1st, 2017 when full reporting requirements will be in force ...
Geography, History & Economy The country of Belize is located on the Caribbean coast of northern Central America. Bordered to the North by Mexico, South and West by Guatemala and East by the Caribbean Sea, Belize forms part of Central America and the Caribbean ...
Although Cyprus usually tends to be associated with company formation (in an international tax planning context), Cyprus has an efficient trust legislation in force. The latest legal reform of trusts has enhanced the appeal of Cyprus International Trust (CIT) to both professionals and high net-worth individuals.Legislation and Legal Requirements CITs used to be governed by the International Trusts Law of 1992 ...
The usual restrictions on Sunday trading hours have been suspended during the London 2012 Olympic and Paralympic Games ...
In a previous newsletter (no. 1, April 2012) we described the Swedish government’s proposal on limitation of interest deductions. The bill was circulated for comments, which has now resulted in an amended proposal which, as a whole, follows the initial proposal. The most significant change in the amended bill concerns the reversed general exemption ...
Contents: The Trust: An Efficient Asset Protection Tool? Amendments to the Obligations of Employers Hiring Foreign Workers – One Year Later: Are You Ready for Service Canada’s Verification? Did You Know? Trustee’s Tax Liability THE TRUST: AN EFFICIENT ASSET PROTECTION TOOL? Valérie Boucher vboucher@lavery.ca In the last few years, trusts have been growing in popularity among business people, including as an asset protection mechanism ...
The Registrar of Companies (ROC) has introduced an annual government licence fee of €350. The government licence fee for 2011 was payable by 31 December 2011. From 2012 onwards the government licence fee will need to be paid by 30 June of that year.Companies which are dormant and/or do not own any assets are exempt from this licence fee ...
On the 27th of February 2012, the Montenegrin Parliament enacted amendments to the Law on Corporate Income Tax, the Law on Personal Income Tax and the Law on Contributions for Mandatory Social Security Contributions. These amendments were published in the Official Gazette of Montenegro no. 14/12 dated the 7th of March 2012 and came into force that same day.I ...
LAVERY follows the evolution of consumer law closely, its specialized expertise in the fields of retailing and class actions has been confirmed many times by stakeholders in the milieu ...
Contents: Recourses Seeking Rectification Under the New Business Corporations Act; You Do Business in a Province Other than Quebec: Are You Required to Register Yourself?; Resale Prices and Authorized Distributors: a Synopsis; France Arms Itself Against Trusts ...
Laverly follows the evolution of consumer law closely. Its specialized expertise in the fields of retailing and class actions has been confirmed many times by stakeholders in the milieu. Laverly makes it its duty to keep the business community informed about these matters by regularly publishing bulletins that deal with judicial and legislative developments that are likely to leave their mark and influence or even transform practices in the milieu ...
Information from Delphi’s Tax Group - The Swedish government has proposed new legislation which will entail further restrictions regarding tax deductions for interest expenses on inter-company loans. Kindly note that the proposed legislation will broaden the definition of the term "affiliated companies" ...
On March 16, 2012 the President declared the Tennessee counties of Bradley, Claiborne, Cumberland, DeKalb, Hamilton, Jackson, McMinn, Monroe, Overton and Polk federal disaster areas because of the severe storms and tornadoes that hit those counties on March 2, 2012.If you suffered an uninsured or underinsured loss of property due to the March 2, 2012 storms in a county included in the federally declared disaster areas, you could qualify for assistance from FEMA ...
