Pearse Trust Blog



New Zealand’s 2014 General Election

Posted by Pearse Trust on Wednesday, Oct 29, 2014

 

Prime Minister John Key's National Party have won a third term, narrowly missing out on an unprecedented govern-alone victory. The re-elected national Government has pledged to return to surplus this financial year and stay there in order to reduce debt, lower ACC levies and start modestly reducing income taxes.

Voting System

New Zealand uses the Mixed Member Proportional (“MMP”) voting system, giving voters two votes; one for a political party and one for their local electorate MP. The party vote decides how many seats each party gets in the new Parliament; a party is entitled to a share of the seats if it receives 5% of the party vote or wins an electorate.

The central-right National Party won 47% of the vote, giving the party 60 of the 121 available parliamentary seats.

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Tags: Tax, New Zealand

Budget 2015 Reinforces Ireland As An Attractive Location For Business

Posted by Pearse Trust on Wednesday, Oct 22, 2014

On 14 October 2014, the Minister for Finance Michael Noonan, delivered Ireland’s Budget for 2015. As part of the Budget package, the Minister also published a Road Mapto secure Ireland’s place as the destination for the best and most successful companies in the world”.

The favourable provisions introduced in the Budget increase the attractiveness of Ireland as a location to carry on business and also improve the transparency of Ireland’s tax regime.

A summary of the advantageous measures incorporated in the Budget are as follows:

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Tags: Ireland, Tax

Utilising Holding Companies For Intellectual Property

Posted by Pearse Trust on Wednesday, Oct 15, 2014

Intellectual Property (“IP”) can be one of the most valuable business assets that a company may have and it is therefore crucial to ensure that this asset is protected and utilised. One way of achieving this is through the use of corporate structures, such as a holding company. A holding company may significantly reduce administrative costs and, in some jurisdictions, reap considerable tax benefits.

Placing intellectual property in a holding is a practice exercised around the globe by various prudent parties ranging from tax professionals to famous musicians, car manufacturers and film production companies.

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Tags: Holding Companies, Intellectual Property

Canada Challenges FATCA

Posted by Pearse Trust on Wednesday, Oct 08, 2014

In what appears to be the first challenge to the US Foreign Account Tax Compliance Act (“FATCA”), lawyers for Gwen Deegan of Toronto and Virginia Hillis of Windsor, Ontario say that FATCA exposes their clients 'to a deprivation of their liberty and security of the persons', in violation of Canadian Constitutional rights. FATCA applies to all “US persons”, which in itself is an expansive test and captures many groups of people that may not even realise they are “US persons".

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Tags: Legal, Tax, Canada, USA

The OECD Implements New Country-By-Country Reporting

Posted by Pearse Trust on Wednesday, Oct 01, 2014

 

The Organisation for Economic Co-Operation and Development (the “OECD”) has introduced new country-by-country reporting recommendations which provide for multinationals to disclose a breakdown of all countries in which their profits are made, where their taxes are paid and whether they are shifted elsewhere.

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Tags: Legal, United Kingdom, Tax, EU

Creditors & Their Powers: Part II

Posted by Pearse Trust on Wednesday, Sep 24, 2014

In our previous blog ‘Creditors and their Powers: An Introduction’, we established some of the facts about creditors and looked at their involvement in High Court Liquidations, Creditors Voluntary Liquidation and also their powers to appoint receivers or examiners. This blog will examine further situations where creditors can exercise their powers in respect of debts owed to them.

Creditors’ Powers To Seek Court Judgments & Where Default Exists

Creditors have the power to seek a Court Judgment against a company if they fail to pay a debt owing to the creditor. This judgment may be enforced by registration in the High Court or collection by the Sheriff.

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Tags: Ireland, Legal, Finance

Creditors & Their Powers: An Introduction

Posted by Pearse Trust on Wednesday, Sep 17, 2014

A creditor is a person or company to whom money is owing, creditors can be divided into two types; secured creditors and unsecured creditors.

Secured creditors have their debt secured against the borrower’s assets. The security provided with a registered charge could be over property, a ship, piece of machinery, shares, intellectual property such as copyrights, patents, trade marks and other such assets.

Many security documents have clauses reserving the right for the secured creditor to appoint a receiver in the event of the debt remaining unpaid. The receiver will sell the secured asset in an attempt to recover the creditor’s debt.

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Tags: Ireland, Legal, Finance

The Scottish Independence Referendum

Posted by Pearse Trust on Wednesday, Sep 10, 2014

On 18th September next, a referendum will be held in Scotland which asks the question, “Should Scotland be an independent country?”

The UK Government has stated that if a simple majority of votes are cast in favour of independence (a “Yes” vote), then “Scotland would become an independent country after a process of negotiations.” In the event the majority vote against independence (a “No” vote), Scotland would continue to form part of the United Kingdom.

The UK Government and the leading opposition party want Scotland to remain part of the UK with all holding the belief that Scotland is stronger in the UK and that the UK is stronger with Scotland in it. The Scottish National Party, who won a majority at the last Scottish Parliament election, lead the campaign for independence.

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Tags: United Kingdom, Economy

Briefing On The New EU Succession Regulation

Posted by Pearse Trust on Wednesday, Sep 03, 2014

The procedures and methods of administering estates can differ significantly across jurisdictions. A person’s estate may often include investments or property abroad. When it comes to the stage of administering the estate, cross border issues may arise in determining which succession law applies to that property. In this case private international law (“PIL”) rules apply.

These are also commonly known as “conflict of law” rules. These rules and procedures are often complex and ambiguous, and other jurisdictions may not always recognise or accept them. The EU Regulation on Succession Law (No 650/2012), also known as “Brussels IV” seeks to remedy many issues surrounding the application of EU member states applying their own PIL/conflict of law rules for succession purposes. 

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Tags: Legal, EU

FATCA – An Update For The UK & Ireland

Posted by Pearse Trust on Wednesday, Aug 27, 2014

 

Further to our previous blog on FATCA wherein we observed the postponement of the implementation dates for FATCA, the regime has now been implemented since July 2014.

Jurisdictions across the world are producing local legislation and guidance in order to implement FATCA on their home soil. 

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Tags: Ireland, Legal, United Kingdom, Tax, USA