The document summarizes taxation aspects related to the conversion of companies to Limited Liability Partnerships under the LLP Act of 2008. It states that the Finance Bill of 2010-2011 addressed previous unclear tax implications by proposing amendments to exempt capital gains tax for companies converting to LLPs if certain conditions are met. These include all assets and liabilities transferring, shareholders becoming partners in the same proportions, and accumulated profits not being distributed for three years. It also discusses treatment of losses, depreciation, and other tax provisions after conversion. Frequently asked questions are answered on the effective date, retrospective applicability, and tax credits.
This document discusses various types of corporate restructuring such as mergers, demergers, and reduction of capital. It outlines the regulatory framework and listing requirements for such transactions. It also provides examples of restructuring strategies that listed companies can pursue, such as direct listings, increasing promoter holdings, acquiring other listed companies, and increasing resources without raising additional capital. Overall, the document presents corporate restructuring as a strategic tool for companies to grow, add shareholder value, and unlock their full potential.
The document discusses various types of corporate restructuring like merger, demerger, and reduction of capital. It outlines the role and requirements of stock exchanges in approving such restructuring schemes. Stock exchanges expect listed companies to comply with continuous listing requirements and clauses in the listing agreement. They also have norms around minimum capital, non-promoter holding, and lock-in periods to ensure the transaction does not unduly benefit promoters and protects investors.
New IRS Regs End Bottom-Dollar GuaranteesSamuel Grilli
The new IRS regulations eliminate bottom-dollar guarantees (BDGs) that were commonly used to protect partners from recapture of tax deductions. BDGs are now defined broadly as bottom-dollar payment obligations (BDPOs) that do not create economic risk of loss. Limited transition relief provides grandfathering of existing BDPOs for 7 years. Partnerships with BDPOs must identify them, evaluate transition relief, and avoid actions that could trigger gain or loss of grandfathered status. Immediate changes may be needed for transactions and debt modifications to avoid tax ramifications of the new rules.
This project report discusses mergers and amalgamations under the recently notified Companies Act 2013. Some key highlights include:
- Chapter XV of the new Act consolidates provisions dealing with compromises, arrangements, and amalgamations and sets up the NCLT to hear related proposals.
- The new Act aims to make the merger process easier, faster, and cleaner for companies through reforms like fast-track mergers and participation through postal ballot approval.
- It discusses the regulatory framework around mergers in India, including relevant sections of the Companies Act 2013, Accounting Standards, Court Rules, and other regulations.
- The report provides an overview of different types of mergers like conglomerate, horizontal, vertical mergers and analy
An overview of the Companies Act 2014 as it pertains to Irish registered limited companies, with the information and practical knowledge necessary to ensure that such companies comply with the Act.
The document discusses the key features and rationale for converting an existing private company into a limited liability partnership (LLP) under Indian law. It notes that an LLP combines the organizational flexibility of a partnership with the liability protections of a company. Some benefits of converting to an LLP include fewer regulatory requirements, lower costs, and greater tax benefits compared to maintaining a private company. However, it also outlines some outstanding legal issues and areas that require further clarification regarding the taxation and regulatory treatment of LLPs.
The document summarizes taxation aspects related to the conversion of companies to Limited Liability Partnerships under the LLP Act of 2008. It states that the Finance Bill of 2010-2011 addressed previous unclear tax implications by proposing amendments to exempt capital gains tax for companies converting to LLPs if certain conditions are met. These include all assets and liabilities transferring, shareholders becoming partners in the same proportions, and accumulated profits not being distributed for three years. It also discusses treatment of losses, depreciation, and other tax provisions after conversion. Frequently asked questions are answered on the effective date, retrospective applicability, and tax credits.
This document discusses various types of corporate restructuring such as mergers, demergers, and reduction of capital. It outlines the regulatory framework and listing requirements for such transactions. It also provides examples of restructuring strategies that listed companies can pursue, such as direct listings, increasing promoter holdings, acquiring other listed companies, and increasing resources without raising additional capital. Overall, the document presents corporate restructuring as a strategic tool for companies to grow, add shareholder value, and unlock their full potential.
The document discusses various types of corporate restructuring like merger, demerger, and reduction of capital. It outlines the role and requirements of stock exchanges in approving such restructuring schemes. Stock exchanges expect listed companies to comply with continuous listing requirements and clauses in the listing agreement. They also have norms around minimum capital, non-promoter holding, and lock-in periods to ensure the transaction does not unduly benefit promoters and protects investors.
New IRS Regs End Bottom-Dollar GuaranteesSamuel Grilli
The new IRS regulations eliminate bottom-dollar guarantees (BDGs) that were commonly used to protect partners from recapture of tax deductions. BDGs are now defined broadly as bottom-dollar payment obligations (BDPOs) that do not create economic risk of loss. Limited transition relief provides grandfathering of existing BDPOs for 7 years. Partnerships with BDPOs must identify them, evaluate transition relief, and avoid actions that could trigger gain or loss of grandfathered status. Immediate changes may be needed for transactions and debt modifications to avoid tax ramifications of the new rules.
This project report discusses mergers and amalgamations under the recently notified Companies Act 2013. Some key highlights include:
- Chapter XV of the new Act consolidates provisions dealing with compromises, arrangements, and amalgamations and sets up the NCLT to hear related proposals.
- The new Act aims to make the merger process easier, faster, and cleaner for companies through reforms like fast-track mergers and participation through postal ballot approval.
- It discusses the regulatory framework around mergers in India, including relevant sections of the Companies Act 2013, Accounting Standards, Court Rules, and other regulations.
- The report provides an overview of different types of mergers like conglomerate, horizontal, vertical mergers and analy
An overview of the Companies Act 2014 as it pertains to Irish registered limited companies, with the information and practical knowledge necessary to ensure that such companies comply with the Act.
The document discusses the key features and rationale for converting an existing private company into a limited liability partnership (LLP) under Indian law. It notes that an LLP combines the organizational flexibility of a partnership with the liability protections of a company. Some benefits of converting to an LLP include fewer regulatory requirements, lower costs, and greater tax benefits compared to maintaining a private company. However, it also outlines some outstanding legal issues and areas that require further clarification regarding the taxation and regulatory treatment of LLPs.
This document summarizes Mexico's merger control legislation and procedures. Key points include:
- Merger control laws have been in force since 1993 and were recently amended in 2011.
- Transactions must be notified to the FCC if they meet thresholds based on transaction value or market share.
- Parties are generally prohibited from closing transactions pre-approval if a "freeze order" is issued.
- Review timelines range from 5-8 weeks for non-complex deals to 2-8 months for complex cases with competitive concerns.
- Recent enforcement actions blocked or imposed conditions on deals in industries like chemicals and telecommunications.
This document provides an overview of various tax planning strategies and deadlines for the current financial year, including:
1) Capital gains tax rates are changing in April 2008, so some may see reductions while others like business owners may see increases. Pension contribution limits and rules have also changed.
2) Key deadlines this financial year include the end of the CGT annual exemption period on April 5th and ISA contribution limits also increase on this date.
3) Estate planning is recommended to take advantage of increased inheritance tax thresholds, which may allow most estates to be passed tax-free. Careful consideration of income and assets is advised.
The document discusses various proposals and issues related to the Direct Tax Code (DTC) in India. Some key points discussed include:
1) Minimum Alternate Tax (MAT) was proposed to be levied on gross assets but this faced issues for loss making companies, so it was revised to align with the current regime of levying MAT on book profits.
2) The residence criteria for foreign companies was lowered but then revised to a "place of effective management" test. Controlled Foreign Corporation rules were also proposed.
3) Capital gains were proposed to remove distinctions between short and long term and remove indexation but this faced issues, so it was revised to allow deductions or indexation for long term
Taxation Article - The Painless Way Of SplittingMartin Verrall
P Ltd wanted to sell its non-core franchise business without incurring tax charges. Recent law changes made this easier by exempting degrouping charges from tax under the substantial shareholding exemption. However, two issues needed addressing: 1) Whether the franchise goodwill was old or new, as new goodwill degrouping charges are still taxed. It was determined the goodwill was old based on the franchise start date. 2) The law requires the transferor to have been in a group, but P Ltd was a sole trader. While a group of one can mathematically be a group, HMRC guidance says the law cannot apply to sole traders.
This article analyzes Section 177EA of the Income Tax Assessment Act 1936, which allows the Commissioner to deny imputation benefits from franked distributions if they result from a scheme. Recently, the Commissioner has broadly interpreted this section to attack aspects of dividend imputation. The article argues the Commissioner's view is too broad based on the legislative intent. It presents a basic scenario of an investor buying shares cum-dividend and asks if this constitutes a scheme under s. 177EA. The authors conclude the section was aimed at dividend streaming and franking credit trading, not ordinary share trading.
This document summarizes a presentation on recent federal income tax incentives targeted at small businesses. It discusses policy considerations for supporting small businesses and reviews choices of business entities such as sole proprietorships, partnerships, S-corporations and C-corporations. It also summarizes tax incentives for small business investments including qualified small business stock gains exclusion and ordinary loss treatment for small business stock. The document concludes by reviewing employment related tax incentives such as the federal unemployment tax rate reduction and the deduction for health insurance costs for self-employed individuals.
Pavan Kumar Vijay\'s Article Published in Chartered Secretary June 2010Pavan Kumar Vijay
The document summarizes key recommendations from the Takeover Regulations Advisory Committee (TRAC) report on amending the SEBI Takeover Regulations. Some of the major recommendations include:
1. Increasing the threshold for mandatory open offers from 15% to 25% of shareholding.
2. Requiring open offers to be for 100% of the remaining shares not held by the acquirer, up from the previous 20%.
3. Introducing the concept of voluntary open offers that can be for a minimum of 10% of shares.
4. Providing for automatic delisting of companies if acquirers cross the 90% shareholding threshold after a open offer.
The recommendations aim
Article re Announcement of New UAE Companies Law Ahmed Ibrahim _CLEAN_150507Ahmed Ibrahim
The new UAE Commercial Companies Law makes some modest changes but does not enact major reforms. It retains the 49% limit on foreign ownership of UAE companies. It aims to encourage more listings on local financial markets by lowering the free float requirement to 30% and allowing founders to sell shares during IPOs. The law also modernizes some provisions but does not address issues like liberalizing foreign investment rules or accommodating the needs of family businesses. Overall, the changes under the new law are more evolutionary than revolutionary.
The document provides a financial and operational update for El Paso Corporation for the third quarter of 2007. Some key points include:
- EPS from continuing operations was up 33% compared to the same period last year.
- Operational results were ahead of target for the quarter.
- The company completed its acquisition of Peoples and had significant exploration success in Brazil.
- The company remains on track for an IPO of El Paso Pipeline Partners, a master limited partnership, in the fourth quarter.
Unlocking The Value Through Corporate Restructuring Gvalior Seminar Corp Re...Pavan Kumar Vijay
This presentation enumerates the practical aspects of merger, demerger and reduction of capital and the strategies involved therein. It also highlights certain key issues involved in corporate restructuring.
Presentation on related party transactions Ameet Roy
This document provides information about Vinod Kothari & Company, an organization that provides consulting services related to corporate law. It is based in Kolkata, Mumbai, and Delhi, India, and has over 25 years of experience. The document then discusses related party transactions (RPTs) under the Indian Companies Act of 2013 and Accounting Standard 18. It defines related parties, outlines the types of transactions covered by the Act, and describes the materiality thresholds and processes for determining if a transaction is conducted on an arm's length basis.
Related Party Transactions by Dipti Mehta Partner Mehta & Mehta Company Secretary
Both under the 2013 Act , requirements concerning related party transactions may be divided into four key parts, viz., identification of related parties, related party transactions, approval process and disclosure requirements. It is clear from discussion below that in most cases, The definition of ‘related party’ under RC49 is likely to result in identification of significantly higher number of related party. Unlike the 2013 Act, RC49 does not exempt related party transactions from special resolution of disinterested shareholders based on criteria, viz., (i) transaction is in the ordinary course of business and at arm’s length, or (ii) prescribed threshold regarding transaction value and share capital are not breached.
Disclaimer: Disclaimer: This presentation is based on my internal research. It is notified that the presenter and any other person related to him shall be responsible for any damage or loss of any action taken based on this presentation. It is suggested to seek professional advice before initiating any action.
This document summarizes some of the key tax considerations when winding up a company. From the company's perspective, any assets sold will generate capital gains or losses, while distributions to shareholders are treated as proceeds for capital gains tax purposes. Shareholders must consider capital gains tax on distributions and may claim losses on shares. Entrepreneurs' relief may apply to shareholders if certain conditions are met. The timing of expenses, treatment of losses, loan interest relief, and pension contributions are also important factors to consider when winding up a company.
LLP is the modern business entity in current business scenario. LLP law has been recently enacted in India. Finance Bill 2009 lays the way how LLP would be taxed in India. Article which has been published in The Chmaber of Tax Consultants "IT Review" analyses taxation of LLP in India.
This document discusses various corporate restructuring strategies and regulatory frameworks for listed companies in India. It describes types of restructuring like merger and demerger under the Companies Act and Income Tax Act. It also discusses stock exchange requirements and norms for approvals of restructuring schemes, including minimum capital and lock-in requirements. Various strategic moves for restructuring are proposed, such as direct listing, increasing promoters' holding beyond 55%, acquiring a listed company to avoid takeover code, and increasing resources without raising capital. A case study of Reliance Industries' unique demerger scheme is also presented.
Related Party Transactions - An Audit PerspectiveJRA & Associates
Related Parties could be any KMP (Key Managerial Personnel), stockholder or a related corporation. The existence of a large number of family owned business houses in India has also contributed to the natural occurrence of related party transactions. At their very outset, contracts or agreements with related parties are viewed sceptically, the reason being preconceived notion of being entered into on account of non-commercial considerations. After all, relationships do play an influential role in businesses as well.
Further, transactions with related parties are taken as one of the most common tool of 'tax management'. At times, the Company’s funds get diverted for personal gains of the directors & other related persons. Few cases such as Enron, Satyam and WorldCom have clearly highlighted the potential conflict of interests between the Company and its stakeholders as a result of undisclosed RPTs.
Though effective laws and regulations have now been implemented to ensure better transparency, but keeping a closer check over such transactions still remains the need of hour.Most of the provisions under the dealing Section 188 of the Companies Act 2013 are quite similar to the ones laid down under Sections 297 and 314 of the Companies Act, 1956. Some of the key changes envisaged in the Act 2013 include a broader ambit of transactions such as leasing of property of any kind, appointment of any agent for purchase and sale of goods, services or property. Compulsory disclosure requirements have now been laid down under the new Act, failing which, stricter provisions of penalty & imprisonment would be applicable.
Let us try to understand the audit perspective of identifying the checks & reporting of related party transactions under various Indian laws - Companies Act 2013, Accounting Standard 18, SEBI’s Corporate Governance norms and the Income Tax Act, 1961.
General anti-avoidance-rules-suggestionsSandeep Gupta
Did you know about these General anti-avoidance rules? If not, read on a comprehensive report on the General anti-avoidance rules suggestions by Dewan P.N. Chopra & Co.
Grant Thornton - A roadmap to success - Convenience store on the fast trackGrant Thornton
C-stores are susceptible to theft and fraud due to their high-traffic locations and low-wage employees. Careful analysis of transaction data can reveal shrinkage as well as other losses such as short deliveries. Security cameras and employee training can help minimize theft, while comparing store performance can identify variances that may indicate fraud. Thorough background checks for new hires can prevent hiring individuals likely to commit fraud.
This white paper focuses on four key areas for cleantech companies to succeed: the impact of global government policies, global opportunities for operations and funding, managing talent and corporate structure, and the need to stay focused. It provides perspectives from Grant Thornton specialists around the world on these topics. While governments express commitment to supporting cleantech, the gap between policies and practical applications is vast with many unknowns. Ultimately, cleantech company leaders must develop solutions with an awareness of policies but not an undue reliance on government support or funding to achieve success in this dynamic global industry.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise stimulates the production of endorphins in the brain which elevate mood and reduce stress levels.
This document summarizes Mexico's merger control legislation and procedures. Key points include:
- Merger control laws have been in force since 1993 and were recently amended in 2011.
- Transactions must be notified to the FCC if they meet thresholds based on transaction value or market share.
- Parties are generally prohibited from closing transactions pre-approval if a "freeze order" is issued.
- Review timelines range from 5-8 weeks for non-complex deals to 2-8 months for complex cases with competitive concerns.
- Recent enforcement actions blocked or imposed conditions on deals in industries like chemicals and telecommunications.
This document provides an overview of various tax planning strategies and deadlines for the current financial year, including:
1) Capital gains tax rates are changing in April 2008, so some may see reductions while others like business owners may see increases. Pension contribution limits and rules have also changed.
2) Key deadlines this financial year include the end of the CGT annual exemption period on April 5th and ISA contribution limits also increase on this date.
3) Estate planning is recommended to take advantage of increased inheritance tax thresholds, which may allow most estates to be passed tax-free. Careful consideration of income and assets is advised.
The document discusses various proposals and issues related to the Direct Tax Code (DTC) in India. Some key points discussed include:
1) Minimum Alternate Tax (MAT) was proposed to be levied on gross assets but this faced issues for loss making companies, so it was revised to align with the current regime of levying MAT on book profits.
2) The residence criteria for foreign companies was lowered but then revised to a "place of effective management" test. Controlled Foreign Corporation rules were also proposed.
3) Capital gains were proposed to remove distinctions between short and long term and remove indexation but this faced issues, so it was revised to allow deductions or indexation for long term
Taxation Article - The Painless Way Of SplittingMartin Verrall
P Ltd wanted to sell its non-core franchise business without incurring tax charges. Recent law changes made this easier by exempting degrouping charges from tax under the substantial shareholding exemption. However, two issues needed addressing: 1) Whether the franchise goodwill was old or new, as new goodwill degrouping charges are still taxed. It was determined the goodwill was old based on the franchise start date. 2) The law requires the transferor to have been in a group, but P Ltd was a sole trader. While a group of one can mathematically be a group, HMRC guidance says the law cannot apply to sole traders.
This article analyzes Section 177EA of the Income Tax Assessment Act 1936, which allows the Commissioner to deny imputation benefits from franked distributions if they result from a scheme. Recently, the Commissioner has broadly interpreted this section to attack aspects of dividend imputation. The article argues the Commissioner's view is too broad based on the legislative intent. It presents a basic scenario of an investor buying shares cum-dividend and asks if this constitutes a scheme under s. 177EA. The authors conclude the section was aimed at dividend streaming and franking credit trading, not ordinary share trading.
This document summarizes a presentation on recent federal income tax incentives targeted at small businesses. It discusses policy considerations for supporting small businesses and reviews choices of business entities such as sole proprietorships, partnerships, S-corporations and C-corporations. It also summarizes tax incentives for small business investments including qualified small business stock gains exclusion and ordinary loss treatment for small business stock. The document concludes by reviewing employment related tax incentives such as the federal unemployment tax rate reduction and the deduction for health insurance costs for self-employed individuals.
Pavan Kumar Vijay\'s Article Published in Chartered Secretary June 2010Pavan Kumar Vijay
The document summarizes key recommendations from the Takeover Regulations Advisory Committee (TRAC) report on amending the SEBI Takeover Regulations. Some of the major recommendations include:
1. Increasing the threshold for mandatory open offers from 15% to 25% of shareholding.
2. Requiring open offers to be for 100% of the remaining shares not held by the acquirer, up from the previous 20%.
3. Introducing the concept of voluntary open offers that can be for a minimum of 10% of shares.
4. Providing for automatic delisting of companies if acquirers cross the 90% shareholding threshold after a open offer.
The recommendations aim
Article re Announcement of New UAE Companies Law Ahmed Ibrahim _CLEAN_150507Ahmed Ibrahim
The new UAE Commercial Companies Law makes some modest changes but does not enact major reforms. It retains the 49% limit on foreign ownership of UAE companies. It aims to encourage more listings on local financial markets by lowering the free float requirement to 30% and allowing founders to sell shares during IPOs. The law also modernizes some provisions but does not address issues like liberalizing foreign investment rules or accommodating the needs of family businesses. Overall, the changes under the new law are more evolutionary than revolutionary.
The document provides a financial and operational update for El Paso Corporation for the third quarter of 2007. Some key points include:
- EPS from continuing operations was up 33% compared to the same period last year.
- Operational results were ahead of target for the quarter.
- The company completed its acquisition of Peoples and had significant exploration success in Brazil.
- The company remains on track for an IPO of El Paso Pipeline Partners, a master limited partnership, in the fourth quarter.
Unlocking The Value Through Corporate Restructuring Gvalior Seminar Corp Re...Pavan Kumar Vijay
This presentation enumerates the practical aspects of merger, demerger and reduction of capital and the strategies involved therein. It also highlights certain key issues involved in corporate restructuring.
Presentation on related party transactions Ameet Roy
This document provides information about Vinod Kothari & Company, an organization that provides consulting services related to corporate law. It is based in Kolkata, Mumbai, and Delhi, India, and has over 25 years of experience. The document then discusses related party transactions (RPTs) under the Indian Companies Act of 2013 and Accounting Standard 18. It defines related parties, outlines the types of transactions covered by the Act, and describes the materiality thresholds and processes for determining if a transaction is conducted on an arm's length basis.
Related Party Transactions by Dipti Mehta Partner Mehta & Mehta Company Secretary
Both under the 2013 Act , requirements concerning related party transactions may be divided into four key parts, viz., identification of related parties, related party transactions, approval process and disclosure requirements. It is clear from discussion below that in most cases, The definition of ‘related party’ under RC49 is likely to result in identification of significantly higher number of related party. Unlike the 2013 Act, RC49 does not exempt related party transactions from special resolution of disinterested shareholders based on criteria, viz., (i) transaction is in the ordinary course of business and at arm’s length, or (ii) prescribed threshold regarding transaction value and share capital are not breached.
Disclaimer: Disclaimer: This presentation is based on my internal research. It is notified that the presenter and any other person related to him shall be responsible for any damage or loss of any action taken based on this presentation. It is suggested to seek professional advice before initiating any action.
This document summarizes some of the key tax considerations when winding up a company. From the company's perspective, any assets sold will generate capital gains or losses, while distributions to shareholders are treated as proceeds for capital gains tax purposes. Shareholders must consider capital gains tax on distributions and may claim losses on shares. Entrepreneurs' relief may apply to shareholders if certain conditions are met. The timing of expenses, treatment of losses, loan interest relief, and pension contributions are also important factors to consider when winding up a company.
LLP is the modern business entity in current business scenario. LLP law has been recently enacted in India. Finance Bill 2009 lays the way how LLP would be taxed in India. Article which has been published in The Chmaber of Tax Consultants "IT Review" analyses taxation of LLP in India.
This document discusses various corporate restructuring strategies and regulatory frameworks for listed companies in India. It describes types of restructuring like merger and demerger under the Companies Act and Income Tax Act. It also discusses stock exchange requirements and norms for approvals of restructuring schemes, including minimum capital and lock-in requirements. Various strategic moves for restructuring are proposed, such as direct listing, increasing promoters' holding beyond 55%, acquiring a listed company to avoid takeover code, and increasing resources without raising capital. A case study of Reliance Industries' unique demerger scheme is also presented.
Related Party Transactions - An Audit PerspectiveJRA & Associates
Related Parties could be any KMP (Key Managerial Personnel), stockholder or a related corporation. The existence of a large number of family owned business houses in India has also contributed to the natural occurrence of related party transactions. At their very outset, contracts or agreements with related parties are viewed sceptically, the reason being preconceived notion of being entered into on account of non-commercial considerations. After all, relationships do play an influential role in businesses as well.
Further, transactions with related parties are taken as one of the most common tool of 'tax management'. At times, the Company’s funds get diverted for personal gains of the directors & other related persons. Few cases such as Enron, Satyam and WorldCom have clearly highlighted the potential conflict of interests between the Company and its stakeholders as a result of undisclosed RPTs.
Though effective laws and regulations have now been implemented to ensure better transparency, but keeping a closer check over such transactions still remains the need of hour.Most of the provisions under the dealing Section 188 of the Companies Act 2013 are quite similar to the ones laid down under Sections 297 and 314 of the Companies Act, 1956. Some of the key changes envisaged in the Act 2013 include a broader ambit of transactions such as leasing of property of any kind, appointment of any agent for purchase and sale of goods, services or property. Compulsory disclosure requirements have now been laid down under the new Act, failing which, stricter provisions of penalty & imprisonment would be applicable.
Let us try to understand the audit perspective of identifying the checks & reporting of related party transactions under various Indian laws - Companies Act 2013, Accounting Standard 18, SEBI’s Corporate Governance norms and the Income Tax Act, 1961.
General anti-avoidance-rules-suggestionsSandeep Gupta
Did you know about these General anti-avoidance rules? If not, read on a comprehensive report on the General anti-avoidance rules suggestions by Dewan P.N. Chopra & Co.
Grant Thornton - A roadmap to success - Convenience store on the fast trackGrant Thornton
C-stores are susceptible to theft and fraud due to their high-traffic locations and low-wage employees. Careful analysis of transaction data can reveal shrinkage as well as other losses such as short deliveries. Security cameras and employee training can help minimize theft, while comparing store performance can identify variances that may indicate fraud. Thorough background checks for new hires can prevent hiring individuals likely to commit fraud.
This white paper focuses on four key areas for cleantech companies to succeed: the impact of global government policies, global opportunities for operations and funding, managing talent and corporate structure, and the need to stay focused. It provides perspectives from Grant Thornton specialists around the world on these topics. While governments express commitment to supporting cleantech, the gap between policies and practical applications is vast with many unknowns. Ultimately, cleantech company leaders must develop solutions with an awareness of policies but not an undue reliance on government support or funding to achieve success in this dynamic global industry.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise stimulates the production of endorphins in the brain which elevate mood and reduce stress levels.
This document discusses key findings from Food Processing's 2012 Manufacturing Trends Survey. Some of the main points include:
- Food safety and cost control remained the top two manufacturing priorities for food and beverage processors in 2012. Food safety garnered 53% of first place votes.
- Processors remain cautiously optimistic about 2012 prospects despite economic uncertainty and challenges like rising costs. 45% said their companies were growing in 2012.
- The article then discusses three trends that will redefine the food and beverage industry over the next decade: a focus on sustainability from both consumers and manufacturers, the growing impact of technology on food purchases, and changing demographics and the new expectations that come with them.
IBR 2012 - Women in senior management – still not enoughGrant Thornton
Women remain underrepresented in senior management positions globally. The report found that women hold only 21% of senior management roles, similar to the 19% level in 2004. Regions with the highest representation of women in senior management are Russia (46%), Botswana, Thailand and the Philippines (all 39%), while Germany, India and Japan have the lowest levels (13%, 14%, and 5% respectively). While a growing body of research indicates that greater gender diversity in leadership can benefit business performance, women continue to face barriers to advancing to the highest levels of organizations.
Grant Thornton - UK Local Government Governance Review 2012Grant Thornton
This document summarizes the key findings of a review of local government governance in the UK. It highlights that while councils have strengthened governance processes around risk management and audit committees, more focus is needed on emerging risks and improving effectiveness given funding constraints. It also finds that councils should rethink their investment in training and developing staff and leaders to ensure robust governance. Specifically, it notes that while women's representation on cabinet positions is nearly 30%, more can be done to increase representation of women in top council leadership roles beyond the current 12%. The review provides recommendations on areas for councils to improve transparency, accountability, scrutiny functions, and partnership working.
Emerging trends in Real estate sector- India 2012Grant Thornton
The document discusses emerging trends in the Indian real estate sector in 2012. It notes that the sector is in a phase of consolidation as developers adapt to challenging economic conditions. The regulatory environment is evolving constantly to promote this consolidation. Risk management has become important for long-term sustainability. Technology is key to driving efficiency, while green practices are emerging as necessary for growth. The survey included perspectives from industry executives, government officials, architects and academics on these trends shaping the future of real estate in India.
SEC proposes streamlining disclosure requirements for certain registered debt...Azhar Qureshi
The SEC proposed amendments to simplify financial disclosure requirements for companies conducting registered debt offerings involving subsidiaries. The proposals would expand exceptions to separate financial statement requirements, replace condensed financial information with summarized data, and reduce the periods of disclosure. The SEC aims to encourage more registered debt offerings and reduce costs of capital through more streamlined rules.
This briefing note summarizes key changes to UK company law taking effect on October 1, 2008. It outlines new duties for company directors to avoid conflicts of interest and not accept third party benefits. Minimum age requirements for directors are increased to 16. Trading disclosures must include a company's full registered name. Out-of-court procedures are introduced for reducing share capital of private companies. Financial assistance prohibitions are removed for private companies.
The budget document summarizes key changes for salaried individuals, taxation of long term capital gains (LTCG), business income, international taxation, and miscellaneous items. For salaried taxpayers, deduction limits for medical expenses and interest income were increased. LTCG will now be taxed at 10% for gains over Rs. 1 lakh. Business income rules were expanded and tax rates increased for large companies. International tax provisions now include a broader definition of permanent establishment and taxing digital businesses based on economic presence in India. Various deductions and exemptions were also introduced or modified.
Exemptions to private companies under companies act 2013 impact analysisFCS BHAVIK GALA
The document discusses exemptions provided to private companies under the Companies Act 2013 that reduce compliance burdens. Key exemptions summarized are:
1) Private companies are exempt from filing board resolutions with the Registrar of Companies, reducing a significant compliance burden.
2) Private companies can purchase their own shares without a reduction in capital, subject to certain conditions like no other corporate investment and borrowing limits.
3) Private companies have flexibility in issuing shares with differential voting rights if allowed by memorandum and articles of association.
4) The definition of related party transactions excludes holding, subsidiary and associate companies for private companies, simplifying approval requirements.
10 key takeaways from companies amendment bill 2016Taxmann
Companies Amendment Bill, 2016 (the bill) was introduced in Lok Sabha on 16th March, 2016. Most of the amendments proposed in bill are broadly aimed at addressing difficulties in implementation of provisions of Companies Act, 2013.
How to set up an investment advisor and arranger in the ukCummings
An investment advisor and arranger in the UK can generally be set up as a limited company or limited liability partnership. It is important to seek tax advice on the appropriate structure. If the firm will conduct regulated activities, authorization from the Financial Services Authority is required. The application process takes 4-6 months and requires demonstrating adequate resources, appropriate systems and controls, approved individuals, and necessary qualifications. Setting up involves incorporation costs, preparing founding documents, the application fee, introducing compliance systems, and obtaining legal and tax advice. Ongoing costs include maintaining regulatory capital and making quarterly financial reports.
This document discusses various aspects of corporate restructuring under Indian law. It covers types of restructuring like merger, demerger, reduction of capital. It discusses the relevant legal provisions and procedures for undertaking these restructures, including approvals required from regulatory authorities like the stock exchanges and courts. Various strategies that companies can adopt for restructuring are also outlined, such as listing through merger or raising promoters' shareholding above 55%.
Treasury notice creates need for caution for companies contemplating inversionsGrant Thornton LLP
Treasury notice creates need for caution.
The Treasury Department’s recent rules try to make tax inversions less financially attractive, so companies need to analyze whether the deals are still worth pursuing. Read more about inversions: http://gt-us.co/1oH7qCg
The document discusses taxation issues related to the conversion of a limited liability company to a limited liability partnership (LLP) in India. It outlines some key conditions under Section 47(xiiib) of the Income Tax Act of 1961 that must be satisfied for the asset transfer during conversion to be exempt from taxation. One such condition is that the total sales of the company in the previous three years cannot exceed Rs. 60 lakhs. However, this is becoming an impediment for larger companies seeking to benefit from converting to an LLP. The document then discusses three potential views on taxation if this Rs. 60 lakh condition is breached.
IASB finalises exemption from consolidation for investment entities
This investment company technical release is designed to give our clients and contacts in the sector short, topical updates.
Company law 2013 merger and amalgamationMohith Sanjay
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Giving shares can be a great incentive but be aware that they can be difficult to buy back! For further information and advice, please contact ana.gresapico@ocsolicitors.com, or 0207 067 4300.
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Grant Thornton UK - Investment company technical release 2012
1. Investment company
technical release
March 2012
Revised tax regime for investment trust companies
Introduction
HMRC’s regulations on the modernisation of the tax rules company the benefit of the results of the management of
for Investment Trust Companies (ITCs) were approved by its funds.
Parliament in December 2011 and the new regime is effective Condition B – that the company’s ordinary shares must be
for all accounting periods commencing on or after admitted to trading on a regulated market.
1 January 2012. Condition C – that the company is not a Venture Capital
As an increasing number of investment companies have Trust or a UK Real Estate Investment Trust.
chosen to establish themselves offshore in recent years, These new eligibility conditions largely do away with the
HMRC hopes that a more principles based regime with 15% holdings test and the 70% income test and potentially
improved flexibility, together with the changes in taxation expand the range of assets that can be held by the company.
of overseas dividends resulting in the majority of ITCs not Prima facie, Condition A will give closed-ended investment
paying UK tax, will help to remove some of the barriers to companies the opportunity to execute a wider range of
setting up ITCs in the UK. Historically, compliance with investment remits without worrying about breaching
s1158 Corporation Tax Act (CTA) 2010 (and prior to that, prescribed limits. Although the wording is not identical,
s842 ICTA 1988) harboured significant risk to ITCs as the risk spreading concept is similar to that contained in
clearance was given retrospectively and annually and, due to the definition of a closed – ended investment fund used
prescriptive tests, it suffered from a precipice problem. If a in Chapter 15 of the Listing Rules. The listing condition
company failed a test, even by a very small margin, it would (Condition B) now uses the EU definition of a regulated
be denied investment trust status and all gains that year market, which is wider than the existing requirement for
would be taxable, with no opportunity for rectification. shares to be admitted to the official UK list.
The revised regime has three main features: Both conditions A and B are subject to further detailed
• a more principles based definition of ‘investment trust’ for conditions which are set out in regulations.
tax purposes
• the conditions in s1158 -1162 of CTA 2010 are
substantially shortened, with revised criteria set out in
regulations
• revised operational rules, covering application procedures
and inadvertent breaches.
Definition of an investment trust – s1158 CTA 2010
Section 1158 CTA 2010 requires that an investment trust
must meet three conditions:
Condition A – that the business of the company consists
of investing in shares, land or other assets with the aim
of spreading investment risk and giving members of the
2. Detailed conditions set out in regulations • include an undertaking to meet the conditions for
The requirements which must continue to be met by an subsequent periods
approved investment trust include the following: • include a copy of the company’s published
investment policy
The close company test
• contain evidence that ordinary shares are admitted to
The close company test will continue to operate in its trading on a regulated market.
current form as set out in s439 CTA 2010. Contrary to
what was proposed in the original consultation, the quoted Breaches
company exemption is to be maintained - an ITC would Once investment trust status is granted, it will continue
not be a close company if 35% of the voting shares are held to apply subject to compliance with certain breaching
by the public and have been listed and dealt on a recognised conditions. The regulations introduce the concept of minor
stock exchange. and serious breaches, in a similar way to the reporting fund
The 15% income retention test regulations applying to offshore funds.
The original consultation had proposed to reduce the Minor inadvertent breaches for which there is a reasonable
maximum retention to 10%. In the final regulations, this excuse and which are remedied as soon as reasonably
remains at 15%, but it is calculated as 15% of all income, practicable will not cause a loss of investment trust status.
rather than on income from shares and securities. The Serious breaches on the other hand cause loss of approval
amount of income permitted to be retained is however and could arise for example where, in a ten year period, there
reduced if the company has reportable income from offshore have been three minor breaches of the same condition, or
funds which has been accounted for as capital in accordance four minor breaches of more than one condition. Failure to
with the SORP. From HMRC’s perspective this mechanism comply with the close company test at any time, significant
ensures that reported income is distributed to investors, over-retention of income (defined as over 5%) or failure to
and in practice it will be a key point to be alert to when comply with eligibility conditions A to C in s1158 CTA 2010
determining the amount of any distribution. would also constitute serious breaches.
The required distribution must be made before the filing Particular care, as now, needs to be taken with the close
date of the company’s tax return – ie 12 months following the company test, but also the published investment policy needs
end of the accounting period. to be considered carefully to ensure that the ITC does not
There is also a helpful development for investment trusts risk breaching the eligibility conditions.
with low levels of income whereby the minimum level below
which a distribution is not required has been increased from Distribution of capital profits and changes to
£10,000 to £30,000. Companies Act 2006
Historically, obtaining approval as an investment trust
Investment policy has required an ITC to have a clause in its memorandum
Any changes in the company’s published investment policy or articles of association which prohibit the distribution
must be notified to HMRC. as dividend of surpluses arising from the realisation of
investments. This prohibition is removed in the
Breaches
new regulations.
Any breaches of the regulations or the eligibility conditions
In order to align company law with the tax regulations, a
must be notified to HMRC, along with details of any
similar amendment is expected to be made to the investment
action taken.
company rules in the Companies Act (CA)2006. At present
a CA 2006 s833 investment company is prohibited from
All ITCs are required to make an up-front application
distributing capital profits (other than by way of share
The existing system of retrospective confirmation of ITC
buyback). This prohibition is also to be removed, although
status is replaced with a requirement to make an up-front
the legislation to give effect to this will not be effective
application for approval. The deadline for this application is
until April.
90 days after the end of the first applicable accounting period.
This represents a significant potential change in the
HMRC will then respond or request further information
investment trust legal framework. The ability to distribute
within 28 days before making a final decision. Boards will
capital gains is not something which will necessarily appeal
need to review the Company’s proposed compliance with the
to all companies but having the flexibility to re-evaluate
revised requirements and make appropriate arrangements for
distribution policies is something which is likely to have a
transition to the new regime.
significant impact in some cases.
Applications for approval require to be made in writing
The Companies Act is also to be amended to align the
and must:
other conditions for investment companies with the revised
• specify the date from which approval is sought (this will
tax regulations, in particular to reflect the removal of the 15%
be the first day of an accounting period)
holding condition and the revised listing condition.
• include a statement that the company meets (or will meet)
the conditions