MARITIME STATE AID GUIDELINES REVIEW QUALIFYING FINANCIAL INCOME
|
|
- Pamela Walker
- 5 years ago
- Views:
Transcription
1 D. 3999/12 SF EXECUTIVE SUMMARY MARITIME STATE AID GUIDELINES REVIEW QUALIFYING FINANCIAL INCOME This memrandum addresses the degree t which tnnage tax regimes shuld apply t incme derived frm financial assets, particularly interest incme. Over recent years, it has becme clear that the Eurpean Cmmissin s psitin has nt been sufficiently attuned t shipwners practices, which has harmed the cmpetitive psitin f Eurpean shipwners cmpared t many f their nn-eu cunterparts. ECSA wuld like t cnsider with the Eurpean Cmmissin hw the psitin n this aspect might be clarified. The balance sheets and funding arrangements f tnnage tax cmpanies vary enrmusly between cmpanies. At ne extreme there are large, publicly-wned multinatinal shipping cmpanies managing wrldwide fleets thrugh extensive branch structures; at the ther extreme there are single ship cmpanies in family wnership. Sme cmpanies wn ships, sme lease, sme charter, and then there are ship management cmpanies which have n prperty in their ships at all. ECSA therefre suggests that any guidance shuld be based n general principles which recgnise this diversity and nt n quantitative limits, in rder t accmmdate the circumstances f the very wide range f businesses and situatins invlved. THE ISSUE AT STAKE 1. Outline f the prblem The shipping industry has a number f characteristics that give rise t specific issues regarding the applicatin f the tnnage tax regime: First, the industry s strngly cyclical nature. Successful and prfitable years alternate with pr years, during which ften cnsiderable lsses are made. Whilst this cyclical nature is present in a number f ther industries t, the nature f the assets (ships) invlved and the perid f time between rder and delivery makes the cycles in the shipping industry mre prnunced; Secnd, investments in shipping assets are vast sums fr which substantial (dwn) payments have t be made, bth at the time f rdering a new vessel and during its cnstructin; Third, there can be strng fluctuatins in the incme derived frm freight wing t seasnal influences, even within the space f a calendar year. Examples include the pre- Christmas highs in cntainer traffic frm Asia t the US and Eurpe and t a lesser degree the transprt f bitumen fr the cnstructin f new rads. Because f these characteristics, shipwners need t have access t smetimes cnsiderable cash reserves, t act as a buffer in bad times, during seasnal dwnturns r t be able t finance fleet expansin.
2 Naturally, shipwners will try t make their depsits/reserves earn as much as they can. S far, the Eurpean Cmmissin s 2004 decisin cncerning Belgium is the guiding factr in the questin f whether and, if s, which incme derived frm cash reserves qualifies fr the tnnage tax regime 1. Apart frm the treatment f incme frm buffer reserves, there is the general questin f interest incme arising n nrmal treasury peratins, where there may be incme but n prfit, and intra-grup finance that generates interest incme but similarly invlves n prfit t the grup. In bth these instances a blanket exclusin f interest incme frm tnnage tax, when related interest csts are included within tnnage tax in ttal r in part, will give rise t a tax liability when there is n prfit. Appraches vary frm state t state and sme mre restrictive authrities are taking the view that, apart frm interest arising in cnnectin with wrking capital, the nus is n cmpanies t take whatever steps are necessary t avid the incidence f interest receivable and cnsequent tax n phantm prfits. This apprach flies in the face f nrmal treasury peratins and cmmercial arrangements. The majrity f cmpanies will have external brrwings and the mst efficient use f surplus funds will nearly always be t pay ff external lans; hwever, mst cmpanies will need t hld sme cash reserves, and part f their brrwings will be ther than shrt-term (s nt repayable at will). 2. The Eurpean Cmmissin s psitin The issue f what incme deriving frm cmpany financial assets may qualify fr tnnage tax regimes is addressed in the Cmmissin s ruling f 10 June In this, the Cmmissin states that: A. Shrt-term mnetary investment f regular cash assets is a nrmal activity, directly cnnected t a shipping cmpany s main activities (item , frm 139). This incme qualifies inasmuch as that it is in line with shipping cmpanies regular incme frm said cash assets related t activities cvered by the tnnage tax regime; B. The fllwing incme des nt qualify fr fixed rates (i.e. the tnnage tax regime): Revenue frm shipping cmpanies exceptinal liquidity; Lng-term investments; Incme derived frm activities that d nt qualify fr the tnnage tax regime. ECSA agrees with the exclusin f incme as described under the last bullet, n the basis that all qualifying incme shuld derive frm shipping activities cvered by the tnnage tax regime. Hwever, A. and the first and secnd bullets under B. need further clarificatin, in the light f the shipping industry s specific characteristics and situatin as described abve. 1 2 PB L 150 f See ft nte 1 re the number 2
3 3. The need fr further clarificatin Frm practical experience, there is a real need t clarify bth the general principles t be applied and a number f terms which the Cmmissin is treating as pivtal t the questin as t what financial incme can qualify fr tnnage tax regimes. The fllwing paragraphs ffer suggestins fr clarificatin and cncern interest incme derived frm all activities related t the business f perating tnnage tax ships. Our cmments n the Cmmissin statement f 10 June 2004 are as fllw. Paragraph A. This begs the questin f what mnetary investments f regular cash assets are cnsidered t be shrt-term and whether this categry is restricted t what is typically described as wrking capital. In all cmpanies, including shipping cmpanies, incme and expenditure related t day-tday business may shw varying patterns. Many utgings fllw a fixed pattern, like seafarers wages, interest and payments n ships mrtgages, ships mandatry technical survey fees, as well as the cntinuus csts f fuel and lubricatin il. Incme n the ther hand is less reliable and can be mre irregular and subject t seasnal influences within a year. Because f all this, shipwners need t have access t cash reserves that are tailred t their specific situatin cncerning incme and expenditure. This is ften referred t as wrking capital. Wrking capital depsits may accrue interest. In the view f ECSA and the Eurpean Cmmissin, incme derived frm said interest qualifies fr the tnnage tax regime. Beynd wrking capital depsits, there are a variety f shrt-term depsits that arise frm nrmal shipping treasury peratins, such as the depsit f funds drawn dwn n lans in advance f investment in ships. In the view f ECSA all such interest incme shuld qualify fr the tnnage regime. Paragraph B. The first bullet raises the questin f what is cnsidered t be shipping cmpanies exceptinal liquidity, and the secnd bullet f what is meant by lng-term investments. ECSA assumes that cash depsits wuld nt be categrised as lng-term investments and certainly accepts that incme frm investments in nn-shipping shares wuld fall utside the tnnage regime. During the bm perid f recent years (up t 2008) shipwners faced very lng intervals between rdering new vessels and actually taking delivery f them. Tw t three years r smetimes even mre was nt an unusual perid f time. Nevertheless, shipwners were bliged t make dwn payments and/r prvide ther cllateral. At the same time, reserves had t be maintained t make peridic payments t shipyards during ships cnstructin. Reserves are als frmed fr the repayment f lan terms. Funds derived frm the sale f ne r mre vessels are cmmnly used as capital t meet these bligatins. Buying and selling ships are part f the nrmal activities f a shipping cmpany invlved in ship peratin 3. Any prfits accrued frm this kind f transactin wuld qualify fr the tnnage tax regime. In a significant number f cmpanies, especially the smaller and medium sized cmpanies, this capital is set aside in a different accunt and 3 Cmpanies that nly trade ships and that are nt invlved in ship peratin in accrdance with the tnnage tax regime s requirements are excluded frm the categry f shipping cmpany referred t in this paragraph. Therefre they are nt entitled t the applicatin f the tnnage tax regime s regulatins pertaining t incme, as prpsed in this memrandum. 3
4 clearly earmarked fr this purpse; the accunt is then als used fr actual payments 4. In the view f ECSA this capital shuld nt be regarded as exceptinal liquidity and therefre interest incme n these depsits shuld qualify fr the tnnage tax regime. As well as reserving financial assets fr financing the acquisitin f new r existing vessels, maritime mrtgagers may have their wn requirements cncerning the financial reserves that are t be available thrughut a ship s peratinal life during the perid f the mrtgage. Banking terms and cnditins will ften require shipwners t have a separate accunt fr reserves fr financing their shipping activities. These reserves, t, may generate incme and, in ECSA s view, the same principle shuld apply and the interest incme n these shuld als qualify fr the tnnage tax regime. ECSA RECOMMENDATION ECSA suggests that as a general rule designed t accmmdate all shipwners management practices and the industry s specific characteristics the fllwing categries f interest incme shuld qualify fr tnnage tax: 1. Interest incme frm shrt-term cash depsits frming part f, r relating t, wrking capital. 2. Interest incme frm cash depsits which are nt part f, r d nt relate t, wrking capital but arise frm nrmal treasury peratins relating t the business f perating tnnage tax ships, including (1) The maintenance f cash reserves t cver cyclical r seasnal dwnturns in the shipping business (2) The maintenance f cash depsits required by prviders f lan and lease finance (3) The depsit f prceeds frm the sale f ships pending either re-investment r utilisatin fr the repayment f lans (4) The depsit f funds drawn dwn in advance f investment in ships. There shuld be suitable safeguards t ensure that the interest is nt substantially cnnected t nn-qualifying activities. Hwever, as already mentined, the needs and circumstances f different cmpanies vary greatly and there are substantial differences in the balance sheets and funding f shipping cmpanies. Clearly, the detailed prvisins will be fr determinatin by the natinal taxatin authrities in the light f the particular circumstances f their natinal tax regime. Nevertheless, if apprpriate fr a natinal regime, the fllwing sets ut a framewrk f hw specific aspects culd be defined mre clsely fr small and medium sized cmpanies: Shrt-term cash depsits culd be defined as the cash ut (such as payments fr wages, insurance, fuel, interest, lan repayments) during a perid f 12 mnths; and Cnditins culd be set fr the depsits mentined in pints 2.(2), 2.(3) and 2.(4) abve alng the fllwing lines: 4 There may be ther ways f raising capital fr ships financing, like insurance payments received. 4
5 the depsit shuld be separately identified frm inceptin frm inceptin, the depsit shuld be either (a) clearly earmarked fr future investment in cmpany tnnage tax assets/ships (newbuildings r secndhand ships); r (b) built up in accrdance with banking terms and cnditins related t the financing f shipping fr the investment depsits referred t in (3), part r all f the depsit is subsequently used fr the intended purpse incme arising n the investment depsits referred t in (3) shuld cease t qualify fr tnnage tax after a number f years frm inceptin. Such an apprach wuld preclude benefits under tnnage tax regimes attaching t interest incme under ther circumstances (e.g. frm nn-shipping shares), which wuld nt qualify
Financial Statement Analysis, (FIN-621)
Lessn-5 ACCOUNTING CYCLE/PROCESS (Cntinued) Preparing Balance Sheet frm Trial Balance: We have assumed that the first mnth i.e. July was taken up in setting up f the business and n business activity as
More informationQuick Reference Guide
Quick Reference Guide Accunting Standard Update 2016-01 "Financial Instruments Overall: Recgnitin and Measurement f Financial Assets and Financial Liabilities" Why d I need this Quick Reference Guide?
More informationConsumer Buy to Let Mortgage
Cnsumer Buy t Let Mrtgage What is it? Cnsumer buy-t-let (CBTL) mrtgages are any buy-t-let cntracts that are nt entered int by an individual whlly r predminantly fr the purpse f a business. They are usually
More informationArticle 5.2 of the Grant Agreement (GA) defines forms of costs and how they can be applied to the different budget categories.
Fact Sheet 1.1 Overview f eligible csts per budget categry This Fact Sheet shall serve the EUROfusin beneficiaries and linked third parties as a guideline. It shall neither cnstitute a legally binding
More informationADMINISTRATIVE REPORT
LATE DISTRIBUTION FOR COUNCIL JANUARY 20, 2009 RR-2 ADMINISTRATIVE REPORT Reprt Date: January 19, 2009 Cntact: Kenneth Bayne Cntact N.: 604.873.7223 RTS N.: 07877 VanRIMS N.: 08-2000-20 Meeting Date: January
More informationMichaelFarrellOnline.Wordpress.Com
MichaelFarrellOnline.Wrdpress.Cm NEW IRISH GAAP BACKGROUND Under the Cmpanies Acts, cmpany directrs must prepare accunts fr the cmpany fr each financial year using either: Cmpanies Act individual accunts
More informationEMIR Fees Disclosure
EMIR Fees Disclsure Merrill Lynch Internatinal Merrill Lynch, Pierce, Fenner & Smith Incrprated August 2014 Versin 5.0/August 2014 #37490657 Versin 5.0/August 2014 #37490657 Merrill Lynch Internatinal
More informationSupervisory Statement SS2/18 International insurers: the Prudential Regulation Authority s approach to branch authorisation and supervision
Supervisry Statement SS2/18 Internatinal insurers: the Prudential Regulatin Authrity s apprach t branch authrisatin and supervisin March 2018 Prudential Regulatin Authrity 20 Mrgate Lndn EC2R 6DA Supervisry
More informationApproval Process and Arrangements for University Consultancy Work
Apprval Prcess and Arrangements fr University Cnsultancy Wrk 1 Intrductin Cnsultancy activities can be separated int tw types: thse undertaken in City s name (University cnsultancy) and thse undertaken
More informationThe UK Register of Trusts 23 October 2017
The UK Register f Trusts 23 Octber 2017 If yu are a trustee f a UK resident trust r f a nn-resident trust which has UK assets r UK surce incme yu may need t take actin befre 5 December 2017. Backgrund
More informationThe UK Register of Trusts 21 December 2017
The UK Register f Trusts 21 December 2017 If yu are a trustee f a UK resident trust r f a nn-resident trust which has UK assets r UK surce incme yu may need t take actin befre 5 January 2018. Backgrund
More informationChurch Crookham Parish Council Treasury and Investment Policy
Church Crkham Parish Cuncil Treasury and Investment Plicy 1. Plicy Backgrund 1.1 Church Crkham Parish Cuncil s Treasury and Investment plicy and its assciated strategy are cnducted in accrdance with: i)
More informationIRDA Update: Draft Guidelines on Web Aggregators
IRDA Update: Draft Guidelines n Web Aggregatrs 17 March 2011 By way f an update, the IRDA has issued draft guidelines n web aggregatrs n 16 th March 2011. Cmments have been invited by 31 st March 2011.
More informationIndependent Director and Audit Committee
Independent Directr and Audit Cmmittee Rules summary The listed cmpany s bard f directrs is representing the sharehlders. They are respnsible fr making decisins n the cmpany s imprtant plicies and strategies.
More informationSettlement agreements (Formerly compromise agreements)
FORUM LAW FACT SHEET Settlement agreements (Frmerly cmprmise agreements) Where an emplyee has ptential claims against the emplyer under the Emplyment Rights Act 1996 r ther emplyment legislatin, r where
More informationAcademic and Administrative and Other Related Staff Annual Review
Academic and Administrative and Other Related Staff Annual Review Intrductin Heads f Cllege/Budget Centre (r nminated representative) have the pprtunity t cnsider and t make the fllwing recmmendatins fr
More informationLMA GUIDANCE: GDPR CORE USES INFORMATION NOTICE
LMA GUIDANCE: GDPR CORE USES INFORMATION NOTICE FEBRUARY 2018 NOTE: This guidance and the Lndn Market Cre Uses Infrmatin Ntice will be updated when the UK Data Prtectin Bill is enacted the Bill currently
More informationKEY PRODUCT INFORMATION DOCUMENT CONTRACT FOR DIFFERENCES (CFD) ON FX PAIRS - SPOT
KEY PRODUCT INFORMATION DOCUMENT CONTRACT FOR DIFFERENCES (CFD) ON FX PAIRS - SPOT This is nt a marketing material. This dcument prvides yu with key infrmatin abut this prduct grup. The purpse f this infrmatin
More informationDe minimis aid declaration
De minimis aid declaratin Declaratin within the scpe f the prvisin f aid as referred t in the de minimis aid Regulatin (OJ 2006, L379). It is recmmended that yu read the explanatry ntes in the annex t
More informationFarm Credit Lending Terminology
Farm Credit Lending Terminlgy Amrtized lan - A lan with a series f regularly scheduled payments that include bth interest and partial repayment f principal. Equal payments - Payments are f equal size with
More informationWhat type of Bank is best suited to do BOLI?
Bank Owned Life Insurance (BOLI) Bank Owned Life Insurance (BOLI) is defined as a cmpany wned insurance plicy n ne r mre f its key emplyees that will infrmally fund the financing f emplyee benefits prgrams.
More informationTransfer Pricing Country Summary Hungary
Page 1 f 6 Transfer Pricing Cuntry Summary Hungary February 2018 tpa-glbal.cm Page 2 f 6 Legislatin Existence f Transfer Pricing Laws/Guidelines The applicatin f the arm s length principle between related
More informationQueensland Rail's 2012 Draft Access Undertaking. New Hope Corporation submission
New Hpe Grup A Divisin f NEW HOPE CORPORATION LIMITED ABN 38 010 653 844 Cntact Direct Phne: +61 7 3418 0572 Direct Fax: +61 7 34180 372 Email: gclarke@newhpecal.cm.au Website: www.newhpecal.cm.au New
More informationFAQS ON DEBT CONSOLIDATION PLAN
1. What is Debt Cnslidatin Plan (DCP)? Debt Cnslidatin is a debt refinancing prgram which ffers a custmer the ptin t cnslidate all his unsecured credit facilities (such as credit cards and sme types f
More informationABA Staff Analysis: Interim Rule Amending Regulation Z: Summary Information Regarding Interest Rates and Payment Changes
Summary ABA Staff Analysis: Interim Rule Amending Regulatin Z: Summary Infrmatin Regarding Interest Rates and Payment Changes September 2010 The Bard published interim rule (75 FR 58469-58489) changes
More informationHow to Count Employees Determining Group Size Under the Medicare Secondary Payer Regulations
Hw t Cunt Emplyees Determining Grup Size Under the Medicare Secndary Payer Regulatins 1. Wh is an Emplyee? An emplyee is an individual wh wrks fr an emplyer r an individual wh, althugh nt actually wrking
More informationYou can get help from government organizations that are not connected with us
2011 Evidence f Cverage fr Medi-Pak Advantage MA (PFFS) Chapter 9: What t d if yu have a prblem r cmplaint (cverage decisins, appeals, cmplaints) BACKGROUND SECTION 1 Intrductin Sectin 1.1 What t d if
More informationRULES ON ELIGIBILITY OF COSTS
Annex III RULES ON ELIGIBILITY OF COSTS Eligible csts are an essential instrument fr guaranteeing cmpliance with the principle f sund financial management and ensuring that the Cmmunity grant serves t
More informationThe Intent of the policy is to broadly specify the following parameters:
Dividend Distributin Plicy f NLC India Limited (frmerly Neyveli Lignite Crpratin Limited) 1) Back Grund SEBI vide its Ntificatin dated 08.07.2016 has inserted regulatin 43A in the Securities and Exchange
More informationGuidelines and Recommendations Guidelines on periodic information to be submitted to ESMA by Credit Rating Agencies
Guidelines and Recmmendatins Guidelines n peridic infrmatin t be submitted t ESMA by Credit Rating Agencies 23 June 2015 ESMA/2015/609 Table f Cntents 1 Scpe... 3 2 Definitins... 3 3 Purpse f Guidelines...
More informationUCEA/ECU Age Discrimination Working Group Guidance. Age Discrimination Legislation Guidance Note 1: Pay and Benefits A UCEA Publication
UCEA/ECU Age Discriminatin Wrking Grup Guidance Age Discriminatin Legislatin 2006 Guidance Nte 1: Pay and Benefits A UCEA Publicatin Scpe f guidance This guidance nte addresses the implicatins f the Emplyment
More informationABA Staff Analysis: Rules Regarding Loan Originator Compensation Policies
ABA Staff Analysis: Rules Regarding Lan Originatr Cmpensatin Plicies September 2010 Final Rule Issued: August 16, 2010 On August 2010, the Federal Reserve Bard issued rules impsing restrictins regarding
More informationA company is liable to UK corporation tax on all its profits and chargeable gains, whether made in the UK or elsewhere.
launchpad January 2014 crprate tax It may be sme years befre a start-up cmpany begins t make a prfit, but unfrtunately that des nt mean it can ignre tax issues. Even if tax is nt an issue n day ne f the
More informationCEIOPS Proposals for a Definition of Cross-Border Provision of Service under the Insurance Mediation Directive ("IMD")
CEIOPS-DOC-15/07 CEIOPS Prpsals fr a Definitin f Crss-Brder Prvisin f Service under the Insurance Mediatin Directive ("IMD") Purpse T respnd t the EIOPC 1 request t present an extensive analysis f different
More informationClearing arrangements
Rules Ntice Guidance Nte Dealer Member Rules Please distribute internally t: Internal Audit Legal and Cmpliance Operatins Regulatry Accunting Senir Management Cntact: Richard J. Crner Vice President, Member
More informationEmployees can be given a route to participation in the growth in value of the share capital of a start-up company through three basic methods.
launchpad January 2014 emplyee share incentives New cmpanies with ambitins t becme successful high-grwth enterprises need t recruit and retain key individuals t build the business. High quality managerial,
More informationInvestor s Guide to Exchange Traded Funds.
Investr s Guide t Exchange Traded Funds. Investment Strategies Risk Management 1.877.622.5552 www.firsttrust.ca ETFs Exchange-Traded Funds (ETFs) prvide an efficient and simple way t invest in wrldwide
More informationIn Force Fixed Annuity Block Reinsurance
In Frce Fixed Annuity Blck Reinsurance A Strategy t Imprve Return n Capital Many insurers are experiencing lw r negative returns n in-frce fixed annuity blcks f business. In mst cases this is driven by
More informationVOLUMETRIC PRODUCTION PAYMENTS. Liz McGinley
VOLUMETRIC PRODUCTION PAYMENTS Liz McGinley What is a Vlumetric Prductin Payment ( VPP )? A nn-perating, nn-expense bearing, limited term ryalty. It entitles the hlder t a specified vlume f hydrcarbns
More informationMIFID Policy Client classification
MIFID Plicy Client classificatin Page 1 f 8 Cntents 1. Intrductin... 3 2. Purpse... 3 3. Client Classificatin... 5 a) Eligible cunterparties... 5 b) Prfessinal clients... 6 c) Retail clients... 8 d) Classificatin
More informationThe Company is a public company incorporated in Bermuda and its securities are listed on AIM.
(Incrprated in Bermuda Registratin N. 44512) POLICY FOR TRADING IN COMPANY SECURITIES The Cmpany is a public cmpany incrprated in Bermuda and its securities are listed n AIM. Schedule 1 t this Plicy cntains
More informationLANGIND E DOCNUM 2009-0311861I7 AUTHOR Zannese, Lisa DESCKEY 26 RATEKEY 2 REFDATE 100721 SUBJECT Issues par. 149(1)(c) and prpsed par.149(1)(d.5) SECTION 149(1)(c); 149(1)(d.5); 149(1.2) SECTION SECTION
More informationNote on the benefits & negatives of a Limited Liability Partnership
GPC: PRACTICAL GUIDANCE NOTE Nte n the benefits & negatives f a Limited Liability Partnership Sectin Pint Details 1 What is a Limited Liability Partnership ( LLP )? LLP s were created by the Limited Liability
More informationTrustee Benefits. 1. Expense payments
Trustee Benefits 1. Expense payments Expenses shuld be reasnable in the cntext f a charity s assets and resurces, and prperly incurred in the furtherance f a charity s activities. They are generally always
More informationseeking these funds cannot propose the use of 9% tax credits.
COMMUNITY DEVELOPMENT COMMISSION/HOUSING AUTHORITY OF THE COUNTY OF LOS ANGELES NOFA ROUND 24-A TERM SHEET On September 11, 2018, the Cmmunity Develpment Cmmissin f the Cunty f Ls Angeles (CDC) and the
More informationQUESTION WE VE BEEN ASKED
Date f issue: 23 February 2018 QUESTION WE VE BEEN ASKED QB 18/05 Incme Tax insurance persnal sickness and accident insurance taken ut by emplyer fr the benefit f an emplyee This Questin We ve Been Asked
More information2015 Withholding Tax Guidance Note
2015 Withhlding Tax Guidance Nte 1 Withhlding Tax Guidance Nte Cntents Table f Cntents 1. Intrductin... 2 2. Tax asset under Slvency II... 3 Withhlding Tax Guidance 2 1. Intrductin In Nvember 2009 the
More informationbriefing The Enterprise Investment Scheme Tax reliefs
briefing January 2016 The Enterprise Investment Scheme This nte prvides a summary f the Enterprise Investment Scheme and has been prepared based n the law up t and including the Finance (N 2) Act 2015.
More informationSerbia Takeover Guide
Serbia Takever Guide Cntact Marija Bjvic Bjvic & Partners marija.bjvic@bjvicpartners.cm Cntents Page INTRODUCTION 1 ACTING IN CONCERT 2 JOINT STOCK COMPANIES (JSC) 3 MANDATORY AND VOLUNTARY TOB 4 TOB PROCESS
More informationBest Execution & Client Order Execution Policy. October P age 1 6. BE31/10/17 v1
Best Executin & Client Order Executin Plicy Octber 2017 BE31/10/17 v1 P age 1 6 Cntents 1. Backgrund... 3 2. Order placement... 3 3. Order executin factrs... 3 4. Order executin plicy... 3 5. Order executin
More informationManitex International, Inc. (NASDAQ:MNTX)
Manitex Internatinal, Inc. (NASDAQ:MNTX) Cnference Call Secnd Quarter 2016 August 4th, 2016 Frward Lking Statements & Nn GAAP Measures Safe Harbr Statement under the U.S. Private Securities Litigatin Refrm
More informationTerms and Conditions 19 December 2018
Stck and Shares Lifetime ISA (Prperty Saver) Terms and Cnditins 19 December 2018 These Terms, tgether with the Applicatin Frm, frm a legal agreement between yu and us which sets ut hw the Lifetime ISA
More informationPerformance and affordability should be the key factors in deciding compensation payable to the executives.
Salient features f Recmmendatins f 2 nd Pay Revisin Cmmittee fr PSU Executives CPSEs be gruped int 5 Categries namely A+, A, B, C and D, based n the Ttal Incme, Size f Manpwer and Gegraphical spread f
More informationDetailed Capital Disclosures Template (APS 330 Attachment A)
1 Detailed Capital Disclsures Template (APS 330 Attachment A) The capital disclsures detailed in the template belw represents the pst 1 January 2018 Basel III cmmn disclsure requirements. Gulburn Murray
More informationPRODUCT HIGHLIGHTS SHEET
Prepared n: 03/07/18 This Prduct Highlights Sheet is an imprtant dcument. It highlights the key terms and risks f the Aberdeen Glbal Select Emerging Markets Bnd Fund (the Fund ) and cmplements the Singapre
More informationSummary of proposed section 951A GILTI regulations
Delitte Tax LLP Summary f prpsed sectin 951A GILTI regulatins The Treasury and the IRS n September 13 released prpsed regulatins addressing the new Glbal Intangible Lw-Taxed Incme (GILTI) prvisin f the
More informationRELATE ACCOUNTS PRODUCTION. Limited Liability Partnership (UK) Format
RELATE ACCOUNTS PRODUCTION Limited Liability Partnership (UK) Frmat The Limited Liability Partnership (LLP) frmat fllws the applicable regulatins: Limited Liability Partnership Act 2000 Limited Liability
More informationINTERNATIONAL MONETARY FUND
INTERNATIONAL MONETARY FUND Mnetary and Financial Statistics Manual and Cmpilatin Guide Revisin Statistics Department Experts Meeting February 22 23, 2012 Summary f Main Cnclusins (March 20, 2012) 2 Cntents
More informationSuperannuation contributions tax ruling Tax deductibility of superannuation contributions
July 2011 Technical Bulletin Superannuatin cntributins tax ruling Tax deductibility f superannuatin cntributins Wh is impacted? As a result f tax ruling 2010/1 yur clients can n lnger claim a tax deductin
More informationEBF POSITION ON IFRS 9 TRANSITION PERIOD (Proposed Article 473a of CRR2)
16 March 2017 EBF_026190 EBF POSITION ON IFRS 9 TRANSITION PERIOD (Prpsed Article 473a f CRR2) Backgrund As f 1 January 2018, Eurpean banks will have t substantially change the way they prvisin fr credit
More informationFirst-time Adoption of IFRSs
Chapter 20 First-time Adptin f IFRSs TABLE OF CONTENTS Standards Update 20-6 Overview f Key Requirements 20-8 Impact n Financial Statements 20-13 Analysis f Relevant Issues 20-14 Objective 20-14 Scpe 20-14
More informationAn Analysis of the Business Roundtable s Survey on Over-the-Counter Derivatives
An Analysis f the Business Rundtable s Survey n Over-the-Cunter Derivatives Prepared Fr: Business Rundtable Prepared Fr: Keybridge Research April 14, 2010 K E Y B R I D G E R E S E A R C H LLC 3050 K S
More informationDANAHER CORPORATION RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES. Three-Month. Three-Month Period
Adjusted Diluted Net Earnings Per Share frm Cntinuing Operatins Diluted Net Earnings Per Share frm Cntinuing Operatins (GAAP) 29, 30, 29, 30, $ 0.81 $ 0.57 $ 2.29 $ 2.01 Pretax amrtizatin f acquisitin-related
More informationImplementing ABLE: 2016
Implementing ABLE: 2016 Mderatr: Michael Mrris, Executive Directr Natinal Disability Institute (NDI) ablenrc.rg Agenda Slide 2 ABLE Basics and Cre Cmpnents Status f Federal and State Implementatin Ntice
More informationFor personal use only
Fr persnal use nly NSL Cnslidated Ltd 21 September 2016 Dawn James Australian Securities Exchange Level 8, Exchange Plaza 2 The Esplanade PERTH WA 6000 RESPONSE TO ASX PRICE VOLUME QUERY We refer t the
More informationAnnual Return Guidance
Annual Return Guidance Updated July 2018 Scttish Charity Regulatr Annual Return Guidance CONTENTS Pg 3. 1. INTRODUCTION Pg 4. 2. SECTION A Pg 8. 3. SECTION B Pg 11. 4. SECTION C 1. Intrductin What this
More informationQ1' FY16 Q1' FY17 Y/Y Chg Sales $ 4,600.8 $ 4,173.4 $ (427.4) Gross Profit $ $ $ (37.8) Gross Profit Margin 12.2 % 12.
$ in millins - except per share data Octber 1, 2016 CFO Review f Fiscal 2017 First Quarter Results Discntinued Operatins On September 19, 2016, Avnet, Inc. annunced that it had entered int an agreement
More informationEOFY tax strategies for small businesses
As we apprach the end f the financial year (EOFY), there are a number f smart strategies yu culd cnsider t help yu streamline yur finances and legitimately save n yur tax bill. Insurance premiums Sme insurance
More informationGUIDELINES FOR BIRAC-PATH (PATENTING & TECHNOLOGY TRANSFER FOR HARNESSING INNOVATIONS) AND BIRAC AS A FACILITATOR UNDER SIPP (START-UP INTELLECTUAL
GUIDELINES FOR BIRAC-PATH (PATENTING & TECHNOLOGY TRANSFER FOR HARNESSING INNOVATIONS) AND BIRAC AS A FACILITATOR UNDER SIPP (START-UP INTELLECTUAL PROPERTY PROTECTION) 1 GUIDELINES FOR BIRAC-PATH (PATENTING
More informationDetailed Capital Disclosures Template (APS 330 Attachment A)
1 Detailed Capital Disclsures Template (APS 330 Attachment A) The capital disclsures detailed in the template belw represents the pst 1 January 2018 Basel III cmmn disclsure requirements. Gulburn Murray
More informationLeaving the European Union: The impact on occupational pension schemes
Leaving the Eurpean Unin: The impact n ccupatinal pensin schemes Friday 24 June 2016 The UK has vted in favur f leaving the Eurpean Unin. Fr cmpanies and trustees wh run ccupatinal pensin schemes, this
More informationCall for KIC proposals Evaluation Criteria
27 June 2017 Call fr KIC prpsals 2018 - Evaluatin Criteria Admissibility criteria Prir t evaluatin, prpsals will be examined fr cmpliance with the fllwing admissibility criteria: the prpsal must be submitted
More informationBUSINESS FIRMS Why Do Business Firms Exist?
BUSINESS FIRMS Why D Business Firms Exist? Ecnmics Chapter 7: Business Operatins A business firm is an rganizatin that uses resurces t prduce gds and services that are sld t cnsumers, ther firms, r the
More informationPRODUCT HIGHLIGHTS SHEET
Prepared n: 03/07/18 This Prduct Highlights Sheet is an imprtant dcument. It highlights the key terms and risks f the Aberdeen Glbal Australian Dllar Incme Bnd Fund (the Fund ) and cmplements the Singapre
More informationThe VCT and EIS regimes encourage investment in unquoted trading companies by offering generous tax reliefs to investors.
briefing January 2017 VCT and EIS Qualifying Investments Is yur cmpany lking t raise investment frm venture capital trusts (VCTs) r frm individuals seeking tax relief under the enterprise investment scheme
More informationDEPARTMENTAL STAFF: LEAVE GUIDELINES
510C:1 DEPARTMENTAL STAFF: LEAVE GUIDELINES The Department f Athletics, in cncurrence with University plicy, prvides staff members with varius types f leave. The University requires the Directr f Athletics
More informationALERT. The SEC s Final Crowdfunding Rules: Still May Not Be a Crowd Pleaser. Author: Issuer and Investor Eligibility.
ALERT Nvember 4, 2015 The SEC s Final Crwdfunding Rules: Still May Nt Be a Crwd Pleaser Authr: Dnna L. Brks (860) 251-5917 dbrks@gdwin.cm On Octber 30, 2015, the Securities and Exchange Cmmissin (the SEC
More informationInformation on capital adequacy. of Bank Polska Kasa Opieki S.A. Group. as at 31 December 2008
Infrmatin n capital adequacy f Bank Plska Kasa Opieki S.A. Grup Warsaw. May 2009 The scpe and principles f publishing infrmatin specified in Reslutin N. 6/2007 f the Cmmissin fr Banking Supervisin (KNB)
More informationA Civil Society Agenda for the OECD
A Civil Sciety Agenda fr the OECD Fr the CFA-DAC and Glbal Frum n Develpment meetings, January 2010 A Civil Sciety Agenda fr the OECD Page 2 Backgrund In 2010, the wrld s gvernments will review prgress
More informationItalian TP Documentation
TP DOCUMENTATION 64 Italian TP Dcumentatin TP Dcumentatin cnsists f a: Master File that cntains general infrmatin regarding the MNE grup; Cuntry File that cntains specific infrmatin regarding the single
More informationACCT2101 FINAL REVISION
ACCT2101 FINAL REVISION Tpic 5: Current Assets Cntingent asset A pssible asset that arises frm past events (uncertain, nt in cntrl f the entity) Nt recgnised in financial statements - cntinually assessed
More informationFlexible Working Policy
Our HR Plicies Flexible Wrking Plicy Aim f the plicy The Kelda Grup is cmmitted t prmting flexibility in the wrkplace and believes that this flexibility can increase mtivatin, prmte wrk-life balance, wellbeing
More informationUnderstanding Loan Product Advisor s Determination of Total Monthly Debt for Conventional Loans
Understanding Lan Prduct Advisr s Determinatin f Ttal Mnthly As indicated in Freddie Mac s Single-Family Seller/Servicer Guide (Guide) Sectin 5401.2, the Brrwer's liabilities must be reflected n the Mrtgage
More informationSEC Adopts Rules to Enhance Order Handling Information Available to Investors
Alert SEC Adpts Rules t Enhance Order Handling Infrmatin Available t Investrs December 14, 2018 On Nv. 2, 2018, the U.S. Securities and Exchange Cmmissin adpted amendments ( Amendments ) t Rule 606 f the
More informationAutomotive Diversification Programme Round 3
Autmtive Diversificatin Prgramme Rund 3 Versin July 2015 Cntents Purpse f this Guide... 3 Eligibility Test... 3 Eligible Perid... 4 Capital Equipment Items... 4 Recnfiguratin... 4 Activities Undertaken
More informationAn Analysis of the Coalition for Derivatives End- Users Survey on Over-the-Counter Derivatives
An Analysis f the Calitin fr Derivatives End- Users Survey n Over-the-Cunter Derivatives Prepared Fr: Calitin fr Derivatives End-Users Prepared By: Keybridge Research February 11, 2011 K E Y B R I D G
More information2017 PERFORMANCE SHARE AND STOCK OPTION PLANS
INFORMATION 2017 PERFORMANCE SHARE AND STOCK OPTION PLANS The Bard f Directrs f L Air Liquide at its meeting n September 20, 2017 adpted the 2017 perfrmance share and stck ptin plans which are aimed, abve
More informationFEDERAL CORPORATE TAX PROFESSOR STEVEN BANK UNIVERSITY OF CALIFORNIA LOS ANGELES SCHOOL OF LAW
FEDERAL CORPORATE TAX PROFESSOR STEVEN BANK UNIVERSITY OF CALIFORNIA LOS ANGELES SCHOOL OF LAW CHAPTER 1: DOUBLE TAXATION, DEBT VS. EQUITY A crpratin is treated as a taxable entity. This results in taxatin:
More informationRISK INFORMATION CHURCHES CHURCH RISK MANAGEMENT
The infrmatin prvided in this paper is intended t assist church staff in develpment f suitable Risk Management prcesses. Intrductin t Risk Management Risk is the expsure t the pssibility f such things
More information3. What do you need to do to take holiday or carry forward holiday prevented by sickness absence? 6. Appendix 1 Annual Leave Entitlement 7
Hliday Plicy 1 Cntents HOLIDAY POLICY 1. What des this plicy cver? 3 2. When des this plicy apply? 3 2.1 What annual hliday are yu entitled t? 3 2.2 Hw is annual leave apprved? 3 2.3 What Public Hlidays
More informationHOW SHOULD A CREDITOR RESPOND TO A CONSUMER PROPOSAL?
HOW SHOULD A CREDITOR RESPOND TO A CONSUMER PROPOSAL? Michael S. Myers Papazian Heisey Myers Divisin II - Cnsumer Prpsals are gverned by sectins 66.11 66.4 f the Bankruptcy and Inslvency Act (the BIA ).
More informationMiFID Supervisory Briefing Suitability
MiFID Supervisry Briefing Suitability 19 December 2012 ESMA/2012/850 Date: 19 December 2012 ESMA/2012/850 I. Backgrund 1. ESMA is required t play an active rle in building a cmmn supervisry culture by
More informationUnited Bank for Africa Plc Audited Results for the Year Ended December 31, 2017
United Bank fr Africa Plc Audited Results fr the Year Ended December 31, 2017 Africa's Glbal Bank UBA SUSTAINS STRONG PERFORMANCE GROWING COTRIBUTION AND MARKET SHARE FROM PAN AFRICAN NETWORK This Earnings
More informationClient Advisory. Pension Changes Proposed: Federal Funding and Investment Rules. Proposed Funding Rules. Summary
Client Advisry Pensin Changes Prpsed: Federal Funding and Investment Rules May 7, 2010 Summary On May 3, 2010, the Federal Minister f Finance (Finance) released Regulatins Amending Certain Regulatins Made
More informationBOTSWANA UNIFIED REVENUE SERVICE
BOTSWANA UNIFIED REVENUE SERVICE DEPARTMENTAL GUIDANCE NOTE ON CHARITABLE, RELIGIOUS OR EDUCATIONAL INSTITUTIONS, TRUSTS ESTABLISHED FOR PUBLIC PURPOSES AND SOCIAL AND SPORTING ASSOCIATIONS. 1. Intrductin
More informationCHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF PLURALSIGHT, INC. Adopted May 3, 2018
CHARTER OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF PLURALSIGHT, INC. Adpted May 3, 2018 PURPOSE The purpse f the Cmpensatin Cmmittee (the Cmpensatin Cmmittee ) f the Bard f Directrs (the
More informationThe Exemplar 5 Step Financial Planning Process
The Exemplar 5 Step Financial Planning Prcess Step 1: N Obligatin Meeting Step 2: Data Take Meeting Step 3: Plan Delivery Meeting Step 4: Implementatin Meeting Step 5: Annual Review Meeting Step 1: Cnducting
More informationFinancial reporting update. Client Updates, May 2018
Financial reprting update Client Updates, May 2018 Agenda Accunting standard changes fr 2018 Future changes Accunting Standard Changes fr 2018 Changes t standards applying fr March/June 2018 reprting Amended
More informationAUDIT and ASSURANCE COMMITTEE TERMS OF REFERENCE
AUDIT and ASSURANCE COMMITTEE TERMS OF REFERENCE P U R P O S E The Cmmittee is an perating Cmmittee f the Grup Bard and is charged with the respnsibility f gaining assurance fr the Grup Bard that the rganisatin
More informationTERMS AND CONDITIONS FOR APPOINTMENT OF INDEPENDENT DIRECTOR
TERMS AND CONDITIONS FOR APPOINTMENT OF INDEPENDENT DIRECTOR 1 PRIVATE & CONFIDENTIAL Date: T, Independent Directrs, Subject: Appintment as an Independent Directr InfBeans Technlgies Limited Dear Sir/Madam,
More information