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Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Legal Developments Worldwide

Articles contributed by Attorneys at law Borenius Ltd

View the listing for Attorneys at law Borenius Ltd

Court ruling on the Finnish CFC legislation

May 2011 - Corporate & Commercial. Legal Developments by Attorneys at law Borenius Ltd.

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The Finnish CFC legislation implies that a Finnish company may be subject to income tax for its share of the profit of a CFC regardless of whether these profits are distributed by the CFC to its shareholders or not. A CFC is defined as a foreign corporation owned and controlled by a Finnish tax resident that pays income tax in its domicile at a rate less than 60% of the Finnish corporate income tax rate.

Cross-border merger case to ECJ

May 2011 - Tax & Private Client. Legal Developments by Attorneys at law Borenius Ltd.

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The Finnish Supreme Administrative Court decided on 7 March 2011 (KHO 2011:21) to request for a preliminary ruling from the Court of Justice of the European Union (ECJ) concerning the question whether a Finnish parent company may deduct the final tax losses of its Swedish subsidiary after a cross-border merger.

The European Commission proposes a system of common consolidated corporate tax base

May 2011 - Tax & Private Client. Legal Developments by Attorneys at law Borenius Ltd.

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The European Commission presented on 16 March 2011 a proposal that calls for
a common system for calculating the tax base of business operating in the EU.
At the moment, a company active within the whole EU can be forced to comply
with up to 27 different national tax systems. The new Common Consolidated
Corporate Tax Base (CCCTB) seeks to reduce the administrative burden,
compliance costs and legal uncertainties by creating a "one-stop-shop" system
where the profits and losses across the EU could be consolidated.

Owner's obligations at acceptance inspection clarified by the Helsinki Appellate Court

May 2011 - Real Estate & Property. Legal Developments by Attorneys at law Borenius Ltd.

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By its decision 18 February 2011 (S09/3055) the Helsinki Appellate Court confirmed that an owner is entitled to rely on the quality assurance of a well-known construction company at an acceptance inspection. The court held that the owner is entitled to demand rectification of construction defects and to claim damages for deficiencies discovered during the guarantee period.

Tax-neutral exchange of shares case to ECJ

May 2011 - Tax & Private Client. Legal Developments by Attorneys at law Borenius Ltd.

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The Finnish Supreme Administrative Court (SAC) decided on 31 January 2011 (KHO:2011:10) to ask for a preliminary ruling from the Court of Justice of the European Union (ECJ) concerning the question whether a tax-neutral share exchange can be completed between a company residing in an EU country and a company residing in the European Economic Area (EEA) (such as Norway, Iceland and Liechtenstein).

ENVIRONMENTAL PERMIT GUARANTEES MAY ALSO BE GRANTED BY FOREIGN EUBASED FINANCIAL INSTITUTIONS

February 2011 - Projects, Energy & Natural Resources . Legal Developments by Attorneys at law Borenius Ltd.

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In a unanimous yearbook decision the Finnish Supreme Administrative Court ruled that guarantee insurance is an adequate environmental permit security. Further, the Court, by referring to the free movement of financial services within the EU, stated that a party in an arrangement for security regarding adequate and proper security may be a financial institution based in another EU-country.

CHANGE OF GENERATION – MINOR CONTINUING THE BUSINESS

February 2011 - Tax & Private Client. Legal Developments by Attorneys at law Borenius Ltd.

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The Supreme Administrative Court has issued on 5 January 2011 a ruling concerning the change of generation relief of gift taxation (KHO 2011:1). In its ruling the SAC stated that the preconditions for the tax relief were not fulfilled since the donee was a minor and thus could not act as a board member in the company’s board of directors as provided for in Chapter 6 Section 10 of the Finnish Companies Act.

Public Procurement 2011

February 2011 - EU & Competition. Legal Developments by Attorneys at law Borenius Ltd.

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A practical cross-border insight into public procurement

Legal Alert - Finland adopts legislation on e-procurement and introduces new procedures

November 2010 - Litigation & Dispute Resolution. Legal Developments by Attorneys at law Borenius Ltd.

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A new legislative package on e-procurement is coming into force in Finland from the beginning of 2011. The draft of proposed laws includes a new act on electronic auctions and dynamic purchasing systems and also amendments to the current public procurement act to create the provisions on the suspension of the procurement procedure.

Partners cautious of Orrick’s PEP posturing

July 2010 - Finance. Legal Developments by Attorneys at law Borenius Ltd.

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San Francisco-based Orrick Herrington & Sutcliffe has never shied away from hitting the headlines, but its recent announcement that the firm would no longer report its average profits per equity partner (PEP) figure rates high in the league table of brash moves.

Legal Alert - New legislative package aims to streamline the public procurement procedures

July 2010 - Litigation & Dispute Resolution. Legal Developments by Attorneys at law Borenius Ltd.

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Amendments to the Finnish public procurement legislation came into force on 1 June 2010. The new legislative package includes doubling of the national thresholds values that determine the applicability of the Finnish Act on Public Contracts and also the transposition of the Remedies Directive 2007/66/EC into national legislation. In addition, several national adjustments to the Act were enacted.

Legal Alert - Finnish company's tax losses could be offset against Swedish parent's income

June 2010 - Corporate & Commercial. Legal Developments by Attorneys at law Borenius Ltd.

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In Sweden new rules on cross-border group consolidation allow Swedish parent companies to deduct a loss from a foreign subsidiary under certain strict conditions. The new rules are coming into force on July 1st 2010.

European Commission taking steps to removing tax obstacles to cross-border venture capital investmen

June 2010 - EU & Competition. Legal Developments by Attorneys at law Borenius Ltd.

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Legal Alert - European Commission taking steps to removing tax obstacles to cross-border venture capital investments

Legal Alert - Intermediate report of the taxation development working group

June 2010 - Tax & Private Client. Legal Developments by Attorneys at law Borenius Ltd.

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The taxation working group, appointed by the Ministry of Finance and led by Mr. Hetemäki, has in its intermediate report (35/2010) proposed key changes to taxation. The main themes of the intermediate report are widening the tax base, lightening the taxation of work and shift of focus from direct taxes to consumption taxes. The focus of income tax is proposed to be slightly shifted from taxation of corporate earnings to taxation of personal capital income. The key points of the working group report are presented in brief in the following.

Legal Alert - On product liability in Germany

March 2010 - Corporate & Commercial. Legal Developments by Attorneys at law Borenius Ltd.

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Based on the provisions on product liability, the manufacturer (or the importer) is liable for any harmful properties of a product towards consumers and any parties related thereto. Personal and material damages are considered as recoverable damages.

Supreme Administrative Court issues rulings concerning taxation of cross-border dividends

March 2010 - Tax & Private Client. Legal Developments by Attorneys at law Borenius Ltd.

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On 12 March 2010 the Finnish Supreme Administrative Court issued two rulings concerning taxation of cross-border dividends. Based on the rulings both Finnish investors and foreign investment funds may be entitled to tax refunds.

Supreme Administrative Court ruling concerning private equity activities and liquidation loss

March 2010 - Corporate & Commercial. Legal Developments by Attorneys at law Borenius Ltd.

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On 26 February 2010, the Finnish Supreme Administrative Court issued and published an advance ruling (KHO:2010:12) concerning interpretation of private equity activities of a holding company and the right of the holding company in question to deduct possible liquidation losses incurred in connection with a liquidation of operative subsidiary companies.

Public Procurement 2010

February 2010 - Corporate & Commercial. Legal Developments by Attorneys at law Borenius Ltd.

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A practical insight to cross-border Public Procurement

CARRY FORWARD OF CAPITAL LOSSES EXTENDED FROM THREE TO FIVE YEARS

January 2010 - Tax & Private Client. Legal Developments by Attorneys at law Borenius Ltd.

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According to current regulations in the Income Tax Act, capital losses derived from the sale of assets are deductible from capital gains in the year when the loss is incurred and during three following fiscal years. These provisions are applicable to capital losses incurred by individuals and by corporate entities, if the capital loss is incurred in other than the company’s business or agricultural activities (e.g. in certain rental activities).

FINNISH TONNAGE TAX REFORM TO THE PARLIAMENT

November 2009 - Tax & Private Client. Legal Developments by Attorneys at law Borenius Ltd.

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On 6 November 2009 the Finnish Government issued a bill proposing amendments to the Finnish tonnage tax regime. The proposed amendments aim to promote the international competitiveness of the Finnish shipping industry and the employment of the branch in question. The new tonnage tax regime offers tax incentives to Finnish shipowners and encourages shipowners to new investments and to bring ships under the Finnish flag. The tax consultants of Attorneys at law Borenius & Kemppinen Ltd are willing to assist the Finnish shipowners in taking advantage of the reform, in the implementation of the tonnage taxation regime and in the tax restructuring of shipowners’ group structure.

A NEW UPTURN FOLLOWS THE ECONOMIC DOWNSWING - A VIEW ON EMPLOYEE INCENTIVE PROGRAMS

November 2009 - Employment . Legal Developments by Attorneys at law Borenius Ltd.

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Even though many industries have pulled out of the current economic situation even with moderate personnel reductions, major redundancies and layoffs could have been avoided completely or at least it could have been possible to decrease the number of persons being made redundant in several companies, if the income-based incentive programmes had been prepared at the time to cover also the demands, large-scale savings objectives and improvement of the profitability set by the prospective recession. As a result of the avoidance of the large scale redundancies, employees’ degree of satisfaction, motivation and confidence in the future, and, with this in mind, the profitability of the company could be better at the present moment.

Legal Alert - Finnish tonnage tax reform to the Parliament

November 2009 - Tax & Private Client. Legal Developments by Attorneys at law Borenius Ltd.

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On 6 November 2009 the Finnish Government issued a bill proposing amendments to the Finnish tonnage tax regime. The proposed amendments aim to promote the international competitiveness of the Finnish shipping industry and the employment of the branch in question. The new tonnage tax regime offers tax incentives to Finnish shipowners and encourages shipowners to new investments and to bring ships under the Finnish flag.

Legal Alert - A new upturn follows the economic downswing - a view on employee incentive programs

November 2009 - Corporate & Commercial. Legal Developments by Attorneys at law Borenius Ltd.

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Now is the time to start preparing for the next economic upturn and to secure better profitability of the company in the next prospective recession. Now it is the most favourable time for the employer to ensure that it may introduce in time an incentive programme that will better take into account the downswings and improvement of profitability, but at the same time, enabling a competitive process of hiring new employees when the new upturn begins.

New Issue of Customer Magazine iDEAL

November 2009 - Corporate & Commercial. Legal Developments by Attorneys at law Borenius Ltd.

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Borenius Group published new issue of its customer magazine iDEAL.

iDEAL BORENIUS GROUP MAGAZINE

October 2009 - Corporate & Commercial. Legal Developments by Attorneys at law Borenius Ltd.

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Worth is created not by the things you can see, but by the things you cannot - Linnar Viik, Internet guru and associate professor at the Estonian IT College, comments on IP rights.

INTERNATIONAL MOBILITY: REVISED SOCIAL SECURITY RULES ENTER INTO FORCE IN 2010

October 2009 - Corporate & Commercial. Legal Developments by Attorneys at law Borenius Ltd.

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The European Council and the Parliament have adopted a legislative package that includes the entry into force of EC Regulation 883/2004, which modifies the rules governing social security coverage in international mobility situations in Europe. The new rules are expected to enter into force in the first half of 2010.

FINLAND’S BUDGET FOR 2010: PROPOSED CHANGES IN TAXATION

October 2009 - Tax & Private Client. Legal Developments by Attorneys at law Borenius Ltd.

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The Finnish Government has published the outlines for the country’s 2010 budget, which include some changes in taxation. The following is a brief description of the planned actions. The proposed budget will be presented to the Parliament in September 2009.

NEW TAX ACCOUNT REGIME EFFECTIVE AS OF 1 JANUARY 2010

October 2009 - Tax & Private Client. Legal Developments by Attorneys at law Borenius Ltd.

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The Finnish tax system has been amended regarding the payment of most of the unprompted taxes. These include the value added tax, the income tax deducted at source, the employers’ social security contribution, the withholding tax, the insurance premium tax, and the lottery tax.

The impact of the current financial crisis on litigation in Finland / Markus Kokko

October 2009 - Finance. Legal Developments by Attorneys at law Borenius Ltd.

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The global financial crisis, which started in the United States, spread to Europe during summer and autumn 2008 and finally to Finland in the late autumn.

Legal Alert - New tax treaty between Finland and Poland amends taxation of hiring out of labour

September 2009 - Tax & Private Client. Legal Developments by Attorneys at law Borenius Ltd.

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The Governments of Finland and Poland have signed a new income tax treaty on June 8, 2009. The tax treaty will enter into force and replace the current tax treaty once it has been ratified by both countries. This is expected in 2010.

Legal alert 2009: TO DOUBLE THE DEPRECIATION ALLOWANCES OF THE PRODUCTION INVESTMENTS FOR TWO YEARS.

June 2009 - Corporate & Commercial. Legal Developments by Attorneys at law Borenius Ltd.

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The Government has introduced a bill to double the maximum amount of the depreciation allowances concerning the acquisition costs for fiscal years 2009 and 2010 arising from the introduction of new buildings, devices and equipment on production activities in 2009 and 2010.

Restructuring and Insolvency 2009: Finland

June 2009 - Finance. Legal Developments by Attorneys at law Borenius Ltd.

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For bankruptcies the main legislation consists of Bankruptcy Act and Enforcement Act (705/2007), with some special legislation also found in Recovery to an Estate in Bankruptcy (758/1991), Act on the Ranking of Claims (1578/1992) and Act on the Supervision of the Administration of Bankrupt Estates (109/1995). Reorganisations and debt adjustments are governed respectively by Restructuring of Enterprises Act (47/1993) and the Act on the Adjustment of the Debts of a Private Individual (57/1993).

The evolving IP management landscape

June 2009 - Intellectual Property. Legal Developments by Attorneys at law Borenius Ltd.

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Finland is a substantially greater source of innovation than the small size of its population might indicate. Finnish companies and research and development (R&D) centres are actively involved in top R&D in several fields. According to the Organisation for Economic Cooperation and Development Science, Technology and Industry Scoreboard 2007, Finland has one of the highest R&D spends as a percentage of gross domestic product. As a direct result, the number of patent applications and patents granted is among the highest in the world per capita (see Figure 1). Furthermore, according to several recent studies Finland is among the top countries in the world in the field of patenting activity.

M&A Activity in Finland 2008

February 2009 - Finance. Legal Developments by Attorneys at law Borenius Ltd.

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In Finland, the first half of the year 2008 was relatively active within the M&A field. However, according to the weekly magazine, Talouselämä, during the second half of the year 2008, the number of the published deals was decreased by 18 % compared to the year 2007. Also KPMG Finland stated that the entire year underwent substantial calming as during January - September 2008, only 444 deals were made which equals 12 % drop compared to 2007. Thus the decrease in volumes was noticeable from the year 2007 as the effects of the current financial turbulence were beginning to emerge.

New Corporate Governance Code in Finland

February 2009 - Intellectual Property. Legal Developments by Attorneys at law Borenius Ltd.

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The Finnish Corporate Governance Recommendation (the “CGR 2003”), initially issued in the year 1997, underwent last considerable revision in the year 2003. Although it has proven to be well-functioning and of an internationally high standard, new regulations and recent international developments made an update necessary. Thus, the board of the Securities Market Association established a Corporate Governance working group on 26 December 2006. The main task of the working group was to evaluate the updating needs of the then-existing code and to develop the code further. As a result, the working group decided to propose a new Corporate Governance Code for Listed Companies (the “Code”), which was first published on 20 October 2008 and approved by the Board of the Finnish Securities Market Association on the same day. The Code shall become effective on 1 January 2009  and, apart from certain exceptions, replace the currently existing Corporate Governance Recommendation for Listed Companies issued in 2003.

Pricing Policies

February 2009 - Tax & Private Client. Legal Developments by Attorneys at law Borenius Ltd.

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The map of pricing and reimbursement systems in Europe is a complex one. Each member state employs its own regime and governments continue to search for the ideal system, that can achieve cost savings while ensuring a fair rate of return to pharmaceutical manufacturers. The European pharmaceutical pricing systems are either free-pricing systems or price-regulated systems. The majority of European countries have implemented price-regulated systems, typically in the form of reference pricing systems.

IP Value 2009 Finland

November 2008 - Intellectual Property. Legal Developments by Attorneys at law Borenius Ltd.

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Finland is a substantially greater source of innovation than the small size of its population might indicate. Finnish companies and research and development (R&D) centres are actively involved in top R&D in several fields. According to the Organisation for Economic Cooperation and Development Science, Technology and Industry Scoreboard 2007, Finland has one of the highest R&D spends as a percentage of gross domestic product. As a direct result, the number of patent applications and patents granted is among the highest in the world per capita (see Figure 1). Furthermore, according to several recent studies Finland is among the top countries in the world in the field of patenting activity.

The Reform of Finnish Corporate Taxation

October 2007 - Tax & Private Client. Legal Developments by Attorneys at law Borenius Ltd.

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A bill aimed at reforming Finnish corporate taxation is forthcoming in October 2007.