Pursuant to Paragraph 266 of the new Budget Law 2021, several duties relating to the mandatory coverage of company losses borne in 2020 have been postponed for five financial years, up until 2025. The new rules ease companies' financial commitments. Similarly, Article 44 of Law 120/2020 has postponed the requirement for a two-thirds qualified majority of stock capital quorum to pass resolutions of extraordinary shareholders' meetings until 30 April 2021.
Technological innovation continues to disrupt the status quo in established industries. While new technologies offer many opportunities within the mining industry, the corresponding risks and potential disputes are not far off. Parties must ensure that they incorporate appropriate contractual protections but also effective and enforceable mechanisms for enforcing their contracts and resolving disputes. A robust and broad arbitration agreement remains one important part of risk mitigation.
Introduction
Israel – known as the start-up nation – has encouraged and attracted inbound foreign investments for many years. Investors looking to invest in Israeli companies may do so by:
investing directly;
establishing a private investment fund.
Recent years have shown an increased interest and investment activity in Israeli companies by foreign investors, several of which have formed an Israeli corporate venture capital (CVC) fund for this purpose.
Among the primary tools for encouraging inbound investments is the special tax regime for private investment funds. Over the years, the Tax Authority has issued substantial guidance and numerous private rulings under the Income Tax Ordinance, providing significant tax benefits to foreign investors and private investment funds operating in Israel.
The Commission for Protection of Competition (CPC) is investigating whether Pharmacy Janković has beached the obligation to notify the acquisition of control over a pharmacy chain in the town of Zrenjanin.
Zrenjanin granted a concession to Pharmacy Janković to finance, revitalise, manage and run pharmaceutical operations for 15 years. Through this public-private partnership, Pharmacy Janković will control pharmacies in 32 locations owned by the town of Zrenjanin. The CPC will assess whether the parties breached the duty to notify this transaction.
For further information on this topic please contact Srdjana Petronijević or Zoran Šoljaga at Moravčević Vojnović and Partners in cooperation with Schoenherr telephone (+381 11 320 26 00) or email (s.petronijevic@schoenherr.rs or z.soljaga@schoenherr.rs). The Moravčević Vojnović and Partners in cooperation with Schoenherr website can be accessed at
Introduction
The Film Act is under revision, with major implications for online film providers. Embedded in the Swiss cultural policy for 2021 to 2024, the current Swiss film policy is aimed at boosting the diversity and quality of film offers while strengthening Swiss film culture and preserving Swiss film heritage. As such, the Federal Council has proposed a revision of the Film Act, which is currently under discussion in Parliament.
The proposed revision is groundbreaking for its inclusion of online film providers within the scope of the act. Under the revised act, companies that show films in Switzerland in their programmes or as electronic services on demand or by subscription (ESDS) must use at least 1% of their gross revenues to: