Pearse Trust Blog
In our previous blog, on the EU 4th Money Laundering Directive it was noted that the European Commission had adopted proposals in the fight against money laundering, tax evasion and terrorist financing.
One of these proposals was a Directive on the prevention and use of the financial system for the purpose of money laundering and terrorist financing – the 4th AML Directive.
The review involved the OTS speaking to a variety of interested parties including, amongst others, small and large businesses, tax advisors and various representative bodies.
The brief behind this review was to examine how to improve the competitiveness of the UK’s tax administration, with particular regard to the 2014 World Bank’s ‘Paying Taxes’ report.
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.
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.
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 Map “to 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:
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.
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".
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.
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.
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.