Latest Briefings

Voluntary disclosures program update – The new normal

The Canada Revenue Agency voluntary disclosures program (VDP) has been around for decades. While the VDP has changed periodically, perhaps the most significant change occurred when the new Information Circular IC00-1R6, initially published on December 15, 2017, became effective on 1 March 2018.

Section 160 liability – Damis Properties Inc. v. The Queen

In Damis Properties Inc. v. The Queen, the Tax Court of Canada (TCC) found subsection 160(1) of the Income Tax Act inapplicable because the appellants and their former subsidiaries were dealing at arm’s length at the time of the transfer of the subject property. The TCC further concluded that, even if subsection 160(1) applied, the liability of the appellants under paragraph 160(1)(e) was nil because they gave fair market value consideration.

Private wealth – the potential for impact

“It is good to have money and the things money can buy, but its good too to check up once in a while and make sure you haven’t lost the things money can’t buy.” – George Lorimer

Nitrate neutrality

Developments on hold, trips to the High Court, nutrient credit schemes… Ever since a European Court of Justice ruling in November 2018, being nitrate neutral has caused headaches and blockages for developers and planners.

Bermuda: Three-day registration for special purpose insurers issuing bonds

Bermuda has always provided an efficient process for insurance submissions of all classes, with applications being approved in under two weeks. On 20 August 2021, the Bermuda Monetary Authority issued a notice announcing that enhancements have been made to allow further streamlining of the registration process for Restricted Special Purpose Insurers (“R-SPI”). Now, the licensing and registration processes of R-SPI registrants whose business model is to issue bonds (e.g. catastrophe bonds and mortgage bonds) will be consolidated and registrants can be fully registered within three business days.

Recommended

Frankfurt

Slaughters Italian best friend BonelliErede launches in Frankfurt

Italian firm BonelliErede has become the latest firm to open up in the German financial centre of Frankfurt with a hub in the offices of its German best friend Hengeler Mueller. BonelliErede banking partner Giuseppe Rumi will head up the new office. Rumi also coordinates the best friends European financial institutions group, which includes Slaughter […]

telecoms

Italian and French firms lead as Vivendi becomes Telecom Italia’s largest shareholder

Darrois Villey Maillot Brochier, Cabinet Bompoint and Gianni Origoni Grippo Cappelli & Partners have taken lead roles as multinational media company Vivendi spends around €1bn to increase its stake in Telecom Italia to 14.9 per cent.  Darrois Villey Maillot Brochier advised Vivendi, with a team including Paris partner Marcus Billam and associates Jean-Baptiste de Martigny […]

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