On March 5 2015 Austria's agriculture, forestry, environment and water economics minister presented a draft law to amend the Chemicals Act and the Biocidal Products Act. The proposed amendments are the last steps towards the final standardisation of the classification, labelling and packaging of substances and mixtures in accordance with EU Regulation 1272/2008 (the 'CPL Regulation'). The amendments simplify the term 'toxin' and shift the existing toxin purchase permit system to a simplified system of toxin purchase certificates.
The new consumers protection act (" Act ") which came into force on 25
December 2014 changed the obligations that traders (entrepreneurs) have with
regard to the execution of sales contracts with consumers (relating to both
goods and services) and warranty rules relating to the provided goods. read more...
Significant changes to the tax regulations in the Republic of Srpska (“RS”) are expected in the coming months. On March 6, the National Assembly of RS passed amendments to the Law on Fiscal Cash Registries. In addition, Parliament approved the Government’s proposals on amendments to several important tax laws, including corporate income tax, personal income tax, social security contributions and property tax. Proposed changes to the laws governing accounting and financial audits have also been approved. These changes are intended to clarify and strengthen existing tax rules, widen the tax base and introduce more discipline in the payment of tax, but also to reduce the tax burden for businesses in order to stimulate economic growth.
The Regulation About Installment Sales ( "The Regulation" ) entered into force by being published in the Official Gazette on 14 th January 2015. Although the title is 'installment sales'; the main subject of the Regulation is financial leasing agreements. It is important to be careful not to confuse the installment sales with the prepaid sales. In prepaid sales the buyer have the possession of the sold movable property after completing the payment. However in installment sales the buyer gets the property immediately and then makes the payment. Moreover the sales made by credit cards are not the subject of this Regulation.
Synergies and increase in the assets of the merging companies are aimed
at mergers. However, a merger may at the same time result in the increase of
the liabilities of the merging companies. Further, in some cases the financial standing
of the absorbed company in a merger may not even show positive figures thus
such a merger may present a potential risk on the creditors of especially the
surviving company. Due to the fact that creditors of the merging entities do
not have a veto right against a merger, there arises the need for a specific
protection tool for the creditors. A merger may also negatively affect the employees
of the merging entities, again especially the ones of the absorbed company. On
the other hand, "over-protection" may defeat the purpose of the merger concept
so a fairly balanced protection mechanics is essential. This article focuses on
the means of protection of creditors and employees, and personal liabilities of
shareholders in mergers, as regulated by the Turkish Commercial Code ("TCC").
Since the end of the Cold War, the Black Sea region has gained even greater political and economic importance and has become the subject of a dominance battle between world powers including the United States of America, Russia and the most influential member states of the European Union. While these world powers battle for dominance, local players such as Turkey and Ukraine have also gained importance and have used their geopolitical position to promote themselves as key international policy players.