On August 27th, Department of Homeland Security (DHS) Secretary Janet Napolitano announced new directives to enhance and clarify oversight for searches of computers and other electronic media at U.S. ports of entry. While this directive has general application, it is important for lawyers (who have solicitor – client issues to consider) to be fully aware of the scope of this regulation.
New Directives on Border Searches of Electronic Media
The Indian economy is showing clear signs of pulling out of economic turmoil, and has recorded a gain in quarterly GDP (in the June Quarter), of 6.1%. This compares with a Canadian GDP increase 0.1 per cent in same quarter. While there may be economic uncertainty ahead for both economies, India’s economy is showing substantive growth.
FT – Business upbeat as Indian GDP grows 6.1%
South Africa is wary of the obligations that the EU is imposing on trading partners within its Economic Partnership Agreements. The EPAs result, claims South African Trade and Industry Minister Rob Davies, in inconsistent trade rules between the EU and its trading partners, resulting in a diminution of the benefits of a larger free trade agenda.
S. Africa wary of EU\’s new trade pacts
In the same vain as my post yesterday on the unveiling of the new Indian Tax Code, India is proposing a simplification of it’s mining laws, with the objective of doubling that sectors contribution to the Indian GDP. These action by the Indian government demonstrate a commitment to economic liberalization, that is particularly encouraging in this time of economic uncertainty, when other nations are looking to nationalize industry, or “protect” industry from foreign competition and influence. India, is headed in the right direction.
Bloomberg – India Plans ‘Simpler’ Mining Law to Boost Investment
A new investment law offers corporate tax holidays of 10 years to foreign companies coming to Iraq. By focusing on economic reform and an enhanced business environment, Iraq’s chances of emerging from the devestation of the Saddam era, and the chaos inherent in domestic warfare are greatly improved.
fDi – Tax Holiday for Business in Iraq
Last fortnight, the Indian finance minister unveiled the much talked about new Income Tax code, which aims to enhance and modernize the Indian tax system, and which appears to envisage general anti-avoidance rules (otherwise known as GAAR), similar to the Australian and Canadian income tax legislation.
Business Standard (India) – New Tax Code
This article from BusinessDay (South Africa) demonstrates that, like night follows day, taxation follows fiscal stimulus!
Recession is taxing the mind of governments
Personal and corporate income taxes, and excise tax revenue are down, with corresponding increases in program expenses. Program expenses in June 2009 were $20.7 billion, up $4.2 billion, or 25.2 per cent, from June 2008. This increase is largely attributable to higher EI benefit payments and the impact of support for the automotive sector.
This is essentially what the citizenry of Canada should expect, and with today’s announcement by Finance Minister Flaherty of a look forward focus on excelerated deficit reduction, there is reason to be hopeful that Canada is acting quickly to address it’s fiscal imbalance.
Government of Canada – The Fiscal Monitor
SOUTH African directors should get further guidance to bring a higher level of transparency and corporate governance best practice to their companies, in light of the recommendations in the third government sponsored report on enhancing domestic corporate governance.
Developments in Corporate Governance in South Africa
President Dmitry Medvedev ordered prosecutors to investigate Russia’s state corporations on Friday, questioning the need for the powerful institutions championed by Prime Minister Vladimir Putin. The way forward for these state enterprises, is to remove the super-protection and special status conferred on them two years ago by PM Putin, and to allow them to operate subject to the market forces other Russian enterprises are subject to.
Russian State Businesses Under Scrutiny
