The Resale Royalty for Visual Artists Act 2009, which was passed by the Australian Senate into law last week (November 26th) will mean Australia’s visual artists will receive a portion of the proceeds from the resale of their works.
The National Business Review – New tax on Australian art collectors
In quite staggering fashion, and on the basis of a private members bill no less, the Canadian House of Commons is considering a bill to withhold federal investment dollars (in the form of loans and loan guarantees from the Canadian Business Development Bank) from companies found in violation of Canadian “social responsibility standards” while operating in foreign countries. The result is that Canadian headquartered companies operating aboard, would be held to a different standard, than those other companies whom, in all other circumstances operate in the same manner, but happen to be headquartered outside of Canada. Ignoring the flagrant extra-territoriality of this bill, one has to wonder what the impact will be on those Canadian mining companies caught by this proposed legislation. I suspect, that they will vote with their feet, and relocate there head offices outside of Canada, resulting in less economic activity in Canada and zero effect on encouraging other states to meet Canada’s standards of “social responsibility”.
Reuters Canada – Proposed Canadian law would police miners abroad
This video interview of Tim Draper by the Irish web site Business and Leadership, examines how the methodology for successful technology start ups can be emulated in other markets and jurisdictions. Tim Draper provides wonderful, real world insight into technology-centric venture capitalism.
Business & Leadership – Silicon Valley’s Top Venture Capitalist
Australia passed legislation, adding 9042 pages of tax laws to the books last year. That is more new tax legislation than has been seen in that country over whole decades. This sort of rampant legislative expansionism, results in both a burden for individual and business taxpayers, and undermines peoples faith and trust in parliament.
Sydney Morning Herald – Welter of laws seen as threat to country
For businesses with significant intellectual property assets, seeking to protect those assets in multiple jurisdictions is often a very significant challenge. Intellectual property “harmonization” between jurisdictions assists those business owners, in that it affords common or coordinated protection regime of protecting these assets.
This National Business Review article is interesting on two front. Firstly, it reveals useful (although not earth shattering) insight into those countries whose governments have taken corruption and the corresponding requirement for transparency seriously. Secondly, it sets out some of the countries who are seriously missing the mark. In the linked article, see also the Transparency International – Corruption Perceptions Index, on the methodology for determining the relative national corruption rankings.
The National Business Review – NZ tops global list as least corrupt country
According to the statements of UAE Ministry of Economy senior officials, industrial companies may be the first to be permitted to be owned, 100% by foreign entities. The law now requires foreigners to have an Emirati as a sponsor and limits them to a maximum 49 per cent ownership of businesses. The exceptions are free zones, where foreign companies can have 100 per cent ownership.
The Slovakian Parliament has pasted a new law that stipulates that any firm employing more than 500 employees which is important for the security of the state, protection of public health or operates in so-called network industries can be defined as strategic. If such an enterprise enters bankruptcy the state will have the pre-emptive right to take over the company and later pick a new owner. This can been seen to be a very significant incursion into the protection of property (always a difficult issue for former east block countries), and an undermining of private sector focused insolvency and bankruptcy procedure.
The Slovak Spectator – State takeover law approved; critics remain unconvinced
Remarkably, Zimbabwe’s government has proposed that “indigenous Zimbabweans” take 51 percent ownership of all foreign companies, including mines and banks, according to a draft law seen by Reuters Friday. Pursuant to the Indigenisation and Economic Empowerment law (2007), foreign owned businesses with assess over $500,000, are subject to the forced transfer of ownership provisions. With government intervention of this scope and depth, it is no wonder that back in February of this year, the Zimbabwean Government slashed 12 zeros from its currency as hyperinflation continued to erode its value.
Reuters – Zimbabwe proposes local ownership of foreign firms
The emirate of Qatar has established the Qatar Financial Center (“QFC”), with the objective of creating a finanicial platform, to rival the Dubai International Financial Center, and to ultimately attain the same standing as New York, London and Hong Kong. Time shall tell whether the QFC attains that status, but legislative intent establishing a “financial center” alone will not make this idea come to fruition. New York, London and to a somewhat lesser degree, Hong Kong, have all attained their prominent standing as financial power houses, through very broad and commercially liberal legislative provisions, co-joined with strong constitutionally entrenched rights, particularly as they relate to the protection of property. The question of whether a state that remains an absolute monarchy can provide the required broad based and liberal commercial laws and the necessary constitutionally enshrined rights to property, necessary to establish a world class financial center, remains an open question.
