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The new French regulation applying to national insurance contributions for managers and shareholders
French insurance contributions on executive and shareholder remuneration (pay + dividends) have been substantially increased by the National Insurance Funding for 2013 Act, No. 2012-1404, of 17th December 2012. Until 31st December 2012, all dividends were subject to national insurance contributions on unearned income but henceforth, under Article L136-3 of the National Insurance Code, amended by Act No. 2012-1404, certain dividends are considered as pay received by executives and shareholders and are therefore subject to the national insurance contributions on pay. The Act also abolished the ceiling on health insurance contributions payable by the self-employed and all this means that businesses must rethink the way that they have been structured until now.
The People's Republic of China has initiated an overhaul of its social security system, reformed the personal taxation regime and has extended the scope of these laws to foreigners residing in China.
The Kingdom of Morocco is supporting the ambition of becoming the leading financial place for Africa. In this context, a wave of draft laws is to be passed and implemented within the following months, amongst which, the Law No. 53.08, setting up a new financial authority, and the Law No. 54.08, reforming public offering rules, are of paramount importance to Moroccan and foreign issuers, and financial institutions.
The opportunities offered to foreign investors by the Chinese mergers and acquisitions market are increasing every year: in 2010, transactions involving foreign companies came to 60.1 billion euros, an increase of 21.2% compared with 2009. Seen from the West, where markets are declining, all sectors of the Chinese economy seem to be undergoing promising development and the statistics indicate that the Middle Empire will be a lasting springboard for growth.
L’article 1er de la loi de financement rectificative de la Sécurité sociale pour 2011 oblige les sociétés commerciales de 50 salariés et plus, dont les dividendes par part sociale ou par action sont en augmentation par rapport à la moyenne des deux années précédentes, à verser une prime à l’ensemble de leurs salariés
Bonus Profit Sharing
Article 1 of the supplementary budget for Social Security in 2011 requires commercial companies of 50 or more employees, including dividends per share or per share are
Types of investors
The private equity (PE) funds that are active in Bulgaria are not raised or registered in the country. Some Bulgarian PE funds were raised recently, but there are no statistics as to the sources of their funding, their number, the funds that were accumulated, etc.
THE PROCEDURE IS CLARIFIED, BUT MAY COMMITMENTS APPLY WITHOUT LIMIT?
In most competition laws, the commitment procedure now plays a very significant role. Inspired by US consent decrees, it allows undertakings to solve the competition concerns contained in the preliminary assessment of the Competition Authority (the “Authority) and to propose commitments in order for them to avoid being sentenced for restrictive agreement or abuse of dominance.
cartel case closed after discovery that leniency application was largely based on forgeries and rejection of collective dominant position objection.
The second supplementary budget published in the Official Gazette September 19, 2011 provides for two key measures that affect the deferral of tax losses and taxation of capital gains realized on the sale of equity securities.
Loi de Finances Rectificatives 2012
La deuxième loi de finances rectificative publiée au Journal Officiel le 19 septembre 2011 prévoit deux mesures principales qui affectent le report des déficits fiscaux et le régime d’imposition des plus values réalisées lors de la cession de titres de participation.
Au delà des mesures applicables à l’ensemble des contribuables (telles que la limitation du report des déficits ou la réforme du mode de calcul des plus values sur cessions de participations),le plan de réduction des déficits annoncé le 24 août dernier par le gouvernement comprend des mesures qui intéressent spécifiquement les acteurs du secteur financier.
Current tax legislation
Beyond the measures applicable to all taxpayers (such as limiting the deferral of losses or reform the method of calculating capital gains on sales of investments), the deficit reduction plan announced on August 24 by the government includes measures specifically relevant to financial sector players.