Vietnam Net has produced a very good survey of legislation introduced in Vietnam over the past year. As they note: “Some of this legislation proved beneficial to investors and some of it, well, less so. Regardless of the impact on the business community, here are some of the most significant legal changes of 2009.” Topics covered include, Taxation, Intellectual Property, Capital Investment, and Securities laws.
Vietnam Net – A closer look at the year in legislation
It may have been a long time coming, and certainly well after the liberalization envisaged in the originating Treaties of Rome (i.e. the treaties establishing the EEC, the precursor to the EU, which came into effect in 1958), but trade liberalization has finally come to the forefront of the bureaucratic agenda in Brussels. Notwithstanding the enshrinement of the four fundamental rights in Treaty of Rome, three of which ostensibly dealt with commercial and trade rights (i.e. the free movement of goods, the free movement of capital, and the free movement of services), Brussels has now passed new legislation intended to remove discriminatory rules and cut red tape. The legislation also removes barriers to cross-border shopping and cross-border business-to-business sales, and obliges member states to create a website where foreign businesses can find and fill out all the administrative forms necessary to set up a branch or subsidiary in that country.
European Voice – EU ends ‘discrimination’ against businesses
On December 15, 2009 the OECD invited Chile to become its second member in Latin America after Mexico. Chile will formally accept this invitation when an Accession Agreement is signed in the presence of Secretary-General Angel Gurría and President Bachelet on 11 January 2010 in Santiago.
Chile invited to become a member of the OECD
Samir Rifai, Jordan’s Prime Minister, in speaking with the Jordan Security Commission, said the new income tax law will encourage local and foreign investments and will not be a law focused on “collection”, adding that there will be no new taxes on profits generated from trading in shares, securities or those generated from mutual funds. The premier stressed that the government is serious in working to stimulate the economic growth and enhance business and investment environment.
The Jordan Times – Rifai stresses investment drive during visit to JSC
The Australian Stock Exchange has published a communique in which it sets out a proposal to amend the Corporate Governance Principles and Recommendations to require listed companies, on a comply or explain basis, to adopt and disclose a diversity policy which includes measurable objectives relating to gender. This will require, inter alia, companies to disclose the number of women employees in the whole company, in senior management and on the board.
New ASX Corporate Governance Council Recommendations on Diversity
With the rise in UK taxation, and an ever more onerous regulatory environment, UK bankers are looking for options. The conventional thinking was that other options existed, and that Westminster had better move carefully on suppressing City activity. Whether that warning is heeded or not, the availability of viable options for bankers is not as numerous as some had thought. In fact, Geneva, which has been touted as a leading candidate for those enamored with relocation, seems not to compare well, even if some of the more draconian measures are adopted in the UK.
Bloomberg – London Exodus to Geneva Runs Into Housing, School Shortages
Chile has enacted legislation enhancing access to bank information for the purposes of improved compliance with OECD standards on tax information exchange and increased transparency in financial transactions.
Previously, legal restrictions prevented Chilean tax authorities from obtaining and exchanging certain types of tax information in non-criminal tax cases. The new law, which is currently in effect and applicable as of January 1, 2010, will enable Chile to better comply with its current 20 bilateral tax treaties which provide for information exchange in tax evasion investigations.
FIED – Chile Passes Tax Law to Improve Transparency
The Canadian Government took a decisive step in supporting a competitive environment in wireless telecommunications, with a decisions to overrule the Canadian Radio and Television Commission’s earlier decision not to approve Globalive’s entry into the Canadian market at this time. In short: It’s pretty clear the government strongly believes competition is job one.
Bloomberg – Globalive to Start Service as Canada Reverses Ruling
The Irish government reaffirmed its commitment to both the 12.5% corporations tax, and the tax holiday for business start-ups. The minister also announced accelerated capital cost allowance, and reaffirmed his support of R&D tax credits regime.
Independent (Ireland) – Expert view: Minister affirms ‘pro-business’ tax regime
In stark contrast to the prior post on the state of Russian tax administration, the same Big 4 accounting firm study has determined that the UAE has the forth best tax regime in the world. While debt obligations of Dubai (N.B. one of the seven emirates of the United Arab Emirates) dominates the news, and for good reason, there is cause for economic optimism for the UAE generally.
Emirates Business – UAE has the fourth-best tax regime in the world
