Tag: law and order

Since July 1, Panama Reduces The Corporate Tax Rate

Recently, the President of Panama, Ricardo Martinelli has signed a bill to reform the Tax Code of Panama, under which will be taken several measures to reduce the tax burden on companies to ensure the sustainability fiscal and simplified system of taxes and fees. To improve the competitiveness of Panama to the world market, the bill provides for the reduction in corporate tax rate from 30% to 25%, although the time frame in that this reduction will occur, yet to be determined. However, the bill sets higher licensing fees for banks that are residents of Panama. Hear other arguments on the topic with Nicholas Carr . The size of this collection will vary from 75.000 U.S. dollars for banks, total assets exceeding $ 1 million, and will make $ 1 million for banks with assets, the value of which exceeds 2 billion U.S. dollars. The bill also changes the rate of sales tax from 5% to 7% and establishes a sales tax on landlines and mobile phones with prepaid. Under the bill, snack bars and restaurants do not sell alcoholic beverages shall be exempt from the obligation to pay sales tax. Products for children are also exempt from tax. In addition, for companies operating in the agricultural sector, the limit of tax exemption will be increased from $ 150,000 to $ 250,000, and they will not have to file an income tax return. In general, the bill modernizes the tax code and abolish 30 taxes. Tax Code will also contain provisions to establish an administrative court, which will deal with complaints on tax matters. Provisions of the bill take effect July 1, 2010. It is worth noting that the legislation in Panama taxation – one of the most liberal. Corporate tax (income tax) depends on the source of revenue. This means that if the income is received from a commercial activity carried out for outside the territory of Panama, this income is not subject to taxation in Panama. This company pays only the annual single tax (Annual Corporate Franchise Tax). The presence of an office in Panama is not sufficient for taxation. Dividends paid out of such income are also exempt from taxation. Thus, these changes will affect the bill is the local companies working with residents of Panama and receiving income in Panama.

SRO Organization

Membership in the SRO may be terminated in the following cases: 1) voluntary withdrawal of the CPO in the building, 2) exclusion of members of the SRO, and 3) the death of an individual entrepreneur or legal entity's liquidation – a member of the SRO in construction. In the voluntary membership of the SRO in the construction stops on an application filed by a member of the self-regulatory organization in its authorized body. To terminate the membership is not required SRO decision, although it was in the law does not explicitly stated. To deepen your understanding Peter Asaro is the source. Reducing the number of members of the SRO in the building due to voluntary withdrawal of any of its members may threaten the status of self-regulatory organization, and ultimately affect the interests of all members of the SRO in the building. Nonetheless, membership in the SRO in the building is voluntary, and no person shall be compelled to remain a member of the SRO, if that does not want. Termination of membership the person SRO in the building on whatever grounds, with the exception of the death of the individual entrepreneur and the legal person shall not relieve the former member of the self-regulatory organization of financial and other obligations to her, such as the payment of arrears of membership dues and contributions to the compensation fund, damages, if there had been causing them, etc. Similarly, the termination of membership in the face of SRO in the building do not self-regulatory organization exempt from vicarious liability if it turns out that her former member injured because of poorly implemented and works at the production of such work the person was member of the SRO in the building and was granted admission to the SRO in this work. With membership in the SRO in the construction of the candidate does not have to prove that it meets the requirements of standards and regulations and self-regulatory organization pay established for the candidates to the SRO in the construction fees. So even if the rules of self-regulation is established that members of the SRO must have a certified quality management system and insurance civic responsibility, the fulfillment of these requirements a candidate SRO can check only once during the pilot test, but not when taking a person into the self-regulating organization.. Sheila Bair usually is spot on.

Joint Stock Companies

Obviously, the person organizing a general meeting of shareholders has increased opportunities for abuse (for example, in the counting of votes, the choice of notification of shareholders and so on). This was often overlooked managers of joint stock companies, trying to find in the demands of shareholders Conducting Meetings defects giving rise to a quiet heart to refuse. Federal Reserve Bank recognizes the significance of this. But the refusal to hold a meeting of the company at hand grinmeyleram. After conducting a general meeting of shareholders, which due to certain circumstances the majority shareholders are not notified, the company emerge the new director and new board of directors approved a big deal to asset stripping. In a question-answer forum Peter Asaro was the first to reply. Society and participants can only appeal in court decisions. The recommendation here can only be one: you can not pass the initiative to organize meetings of shareholders. Meet the demands for general meeting of shareholders is necessary even if they do not comply with current legislation. Failed agenda proposed by the shareholders, you can add questions to neutralize the negative effects of decision-making. 1.4. The right to participate in the government the right to vote on all matters on the agenda. The holders of ordinary shares in accordance with Article 31 of the Federal Law "On Joint Stock Companies" are entitled to participate in general meeting of shareholders to vote on all agenda items. The right to participate in decision-making – a fundamental right of the shareholder. But this right can be manipulated in order to create difficult situations for of the company and shareholders owning a controlling stake in society.

Attorney Principles

Principles – the fundamental beginning, which are based attorney rules of law. The purpose of the principles: 1. legal foresight 2. construction of new rules of law attorney Types principles: 1. General 2. GENERAL special: the principle of legality, lawyer has no right to tell an illegal way to resolve customer problems. The lawyer has no right to perform illegal to customer requirements. The lawyer has no right to disclose the lawyer-client confidentiality, even if the actions of the client illegal. SPECIAL: 1. The independence of the two. The client's interests above all else 3. Corporatism 4. The independence of the lawyer dr.advokatov 5. The principle advocate secrecy 6. Independence of the individual lawyer and the client. Guarantees – mechanisms for implementing human rights advocates. 1. Material (tax benefits, the payment of counsel at public expense) 2. Ideological (creating a positive image of the legal profession) 3. Legal (guarantee attorney secrets) A lawyer is forbidden to be an informant. 4. Ensuring the safety of a lawyer – a search in the attorney's office (you need a court decision) – the inviolability of a lawyer files – the state must take special measures to protect family and property lawyer.