in CITEC INT L ESTATES LTD v. INT L INC &
ASSOCIATES
Sounded a Final Death
Knell?
Introduction
With the transformation of the world into a global
village, the need to conduct cross-border businesses has become
inevitable with increased growth in global trade and investments.
Under Nigerian law however, a foreign company may not carry on
business in Nigeria without incorporation. Elsewhere, the opinion
has also been expressed that transactions involving foreign
companies is one taxable under the Value Added Tax (VAT) Act.
2 What
therefore makes carrying on business on the one hand
without incorporation illegal and the transaction so conducted
subject to tax? In this article, we examine the Supreme Court
1. China Contract Damages
This must be China contract damages week. I say that because in
cleaning up months of emails I came across three interesting emails
on contract damages (similar to liquidated damages under
common law). Before I discuss those three emails, I will explain
what contract damages are and why they are so important in just
about all China contracts.
Contract damages refers to a contract provision setting out the
damages for breach. The typical contract might have a provision
saying if Party X breaches this contract, Party Y is entitled to
$100,000 in contract damages. Some contracts we write will have
Overview
On December 11, 2020, the Senate passed the National Defense
Authorization Act for Fiscal Year 2021 ( NDAA ). The NDAA
was previously passed by the House of Representatives and includes
the Anti-Money Laundering Act of 2020 ( AMLA ) a
sweeping reform designed to modernize and strengthen the United
States financial crime monitoring system. Most central to the AMLA
is the creation of a central registry to track the beneficial
owners of business entities registered in the United States. In
addition to the registry, the AMLA seeks to expand the Bank Secrecy
Act ( BSA ) and Patriot Act regimes, by directing the
Financial Crimes Enforcement Network ( FinCEN ) to
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A recent tax ruling of the Belgian tax authority (the Tax
Ruling) confirms that a transfer of the registered seat of a
company from the United States to The Netherlands via Belgium
should not trigger any tax consequences in Belgium. Although the
Tax Ruling does not create a legal precedent, the decision may open
up a new gateway into the European Union for companies that would
like to re-domicile to an EU country that does not otherwise allow
a direct transfer of registered seat from a non-EU
Report ). The Report summarizes private
or exempt market activity in Ontario by non-investment
fund issuers between 2017 and 2019, and the use of a number of new
prospectus exemptions during that period. The Report is limited to
information required to be reported to the OSC, and therefore does
not provide a complete picture of all exempt market activity.
Overall, the Report notes a marginal decline in the amount of
capital raised in Ontario s exempt market in each year covered
by the Report, although the number of issuers remained relatively
stable and investor participation – particularly among
individuals – increased considerably over that period.
Key Trends