1. The Law on Solidarity Fund for the Republic of Srpska s Recovery

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "1. The Law on Solidarity Fund for the Republic of Srpska s Recovery"

Transcription

1 The Government has introduced a set of ten laws which provide solutions for dealing with this difficult situation caused by the floods. The Laws define the forms of assistance for the recovery from all kind of damages. 1. The Law on Solidarity Fund for the Republic of Srpska s Recovery The necessity emerged for establishing a Solidarity Fund, which can serve as a good foundation for the recovery of the Republic of Srpska from the floods. This Law establishes the Solidarity Fund whose founder is the Republic of Srpska. The competence of the Fund is to form a Register of Damage, as well as to govern and distribute the funds aimed at the recovery of the Republic of Srpska. The Law specifies the definition of damage, while the Register of Damage provides the list of all damages. Taking into consideration the extent of the damages caused by the floods in May 2014, the city of Doboj and the Municipality of Samac shall be considered areas of special concern that may be subjected to special conditions, methods and forms of recovery. The Steering Board of the Solidarity Fund shall consist of 11 members. The members include six Government members, three mayors or local community leaders, one representative of the employed people in the Republic of Srpska and one representative of international financial institutions, namely, donors. The means of the Fund shall be provided from: 1) Special contribution to solidarity 2) Portion of the tax on the use and possession of assets 3) Domestic and foreign donations 4) Domestic and foreign assistance 5) Loans of the Republic of Srpska 6) Loans of the units of local governments 7) Budgetary funds of the Republic of Srpska and the units of local governments 8) Means acquired through the sales of the property gained by committing a criminal offence. 9) Other means

2 The above listed means will be paid into the Fund, and the Law prescribes that these means shall be used for the repair of the damages caused by the floods in May The damages include the damages to: a) Residential facilities b) Business facilities c) Energy facilities d) Agricultural structures, equipment, machinery, crops and plants e) Livestock f) Transport infrastructure g) Water supply and sanitation facilities h) Water protection and irrigation facilities, and i) Public institution buildings The Law stipulates the allocation of the 5, 000 BAM payment cards for the reconstruction of residential facilities. Upon the request of the Steering Board, the Government is obliged to introduce more bylaws for the implementation of this Law. With a view to reaching full transparency, the official website of the Government shall publish a monthly report on the incomes and expenditure of the Fund. Moreover, the Fund will submit a report on its work to the Government which will forward it to the National Assembly of the Republic of Srpska. Likewise, a Special working body of the National Assembly shall conduct the supervision of the means and their allocation. A Member of Parliament from the biggest opposition party would preside over the Special Committee. Given the fact that we are all aware of the extent of the damages and the necessity for a long-term recovery, this law is envisaged to be in force for seven and a half years, that is, until 31 December The Law on Special Contribution to Solidarity The first form of providing funds for the Solidarity Fund is a special contribution to solidarity, which is stipulated by this law. The Government had detailed and thorough discussions with the social partners about finding appropriate measures for financial burdens. Trade unions and employers, as well as pensioners, as the third category, expressed a high level of solidarity, hence the result of proposing this law.

3 Namely, this special contribution to solidarity is a form of special means, obtained from the personal net income, pension payments and from the means of the payers of the income (employers). This special contribution is not paid when personal income is legally exempted from paying income tax (social taxes, transportation and food expenses up to certain amount, etc). This does not apply to pensions. A special contribution to solidarity will be obtained from 3% of personal net income of the natural persons who earn income from any source, whereby 50% of that amount, i.e 1.5% presents the financial burden on the workers salaries, and 50% or 1.5% is the financial burden on the employer. Pensioners pay special contribution to the Solidarity depending on the amount of their pensions: 1) 1 BAM - pensions up to 331 BAM, 2) 2 BAM - pensions from 331 KM to 500 BAM 3) 3 BAM- pensions from 500 BAM to 700 BAM 4) 4 BAM - pensions from 700 BAM to 1,000 BAM 5) 5 BAM - pensions over 1,000 BAM. In relation to the aforementioned, remuneration for the membership in the steering and supervisory boards, audit committees, councils and commissions is additionally liable to financial burden, and it is the amount of 20% of the personal net income, and it is entirely a burden on the individual who receives this income. Personal net income within the meaning of paragraph 1 of this Article presents the amount of income, after income taxes and mandatory liabilities were paid) (This law shall remain in force one year, that is, until 31 May 2015 (since the retroactive statements and contribution payments are foreseen by 1 June 2014) 3. The Law on Fees for Using Natural Resources for the Purpose of Electricity Generation So far, this Law has had two amendments, and since there is a need for its further amendments, the processor started with the preparation of the additional content of this Law. The difference between the existing and the new content of the Law lies in the fact that the fees for the usage of natural resources with a view to generating electricity should be paid into the Solidarity Fund for the recovery of the Republic of Srpska and into the budget of the units of local

4 governments on whose territory the hydroelectric facilities are built. The means obtained from these fees will be allocated in the proportion 50:50. Due to different allocation of these means, fees for using hydroelectric facilities have been increased from 0,005 BAM to 0,010 BAM, as well as fees for the use of non-renewable natural resources from 0,003 BAM to 0,006 BAM. 4. The Law on the Amendments to the Law on the Taxes on the Use and Possession of Assets The amendments to the Law establish an increase of the taxes on motor vehicles and taxes on the possession of firearms and ammunition. The funds obtained from this increase shall be an income of the Fund for the Republic of Srpska s Recovery. By this Law, the amount of the taxes on motor vehicles is increased in the range of 25% to 50%, while the tax on motorcycles decreases ranging from 17% to 40% compared to the previous tax amounts. Moreover, the tax on the possession of firearms and ammunition for personal safety has been increased by 50% compared to the previous tax amounts. Means obtained from the tax on motor vehicles are divided between the budgets of the Republic Srpska and the Solidarity Fund for the Republic of Srpska s Recovery in the proportion 70:30, respectively, and the tax on firearms and ammunition in the proportion 75:25, respectively. 5. The Proposal of the Law Amending the Law on Special Taxes of the Republic of Srpska The taxpayers affected by the floods shall be exempted from paying a special tax for In case the entrepreneur paid the special tax, the amount paid will be taken as subscription. 6. The Proposal of the Law amending the Law on special procedures for tax debt settlement The adoption of this law has the similar purpose as the previous ones, which is to mitigate the consequences of the floods and to facilitate the position of the

5 taxpayers who are not able to settle regularly their liabilities due to being affected by the floods. This means that a taxpayer can settle debt in 60 equal monthly installments, with a grace period of one year, excluding the interest rate on the deferred debt, and the due tax debt is the one due for payment by 30 June Therefore, rescheduling has been introduced for the taxpayers who suffered direct material damage during the floods. They are provided with the possibility to reschedule their taxes due for payment by 30 June 2014 with one-year interest-free grace period and without the need for submitting the collateral. Furthermore, the deadline for all taxpayers to write off the interest rate shall be prolonged in case the entire tax debt is settled by 31 December 2014 (prolongation for six months) 7. The Proposal of the Law on the Amendments to the Law on Property Tax Serving the same purpose, the proposed law allows the units of local government to stipulate tax exemption on property for a specified period for all those taxpayers who suffered material damages caused by the floods in May Amendments include some terminological adjustments of technical character. (These adjustments did not have to go on an expedited basis, but the opportunity was used to harmonize the terms with the basic Law). 8. The Proposal of the Law Amending the Law on the Budget System of the Republic of Srpska The purpose of introducing this law is the need of its compliance with the amendments of several laws from the financial domain which are related to the distribution of the proceeds between the budget of the Republic of Srpska, the budget of the cities and municipalities and the Solidarity Fund for the Republic of Srpska s Recovery.

6 The allocation of the tax on self employment and personal income is foreseen to be in the proportion 50:50, between the budget of the Republic of Srpska and the areas of special concern of the Republic of Srpska (the City of Doboj, the Municipality of Samac), whereas for other situations, the ratio of 75:25 shall apply. The allocation of the tax on the motor vehicles shall be in the proportion 70:30 between the budget of the Republic of Srpska and the Solidarity Fund for the Republic of Srpska s Recovery, and the allocation of the tax on the possession of firearms and ammunition in the proportion 75:25, between the budget of the Republic of Srpska and the Solidarity Fund for the Republic of Srpska s Recovery. The Law stipulates the allocation of the fees for the use of natural resources for the production of electricity between the budget of the municipalities and cities and the Solidarity Fund the Republic of Srpska s Recovery. This fee is doubled and all incomes on the basis of this increase shall be paid into the Solidarity Fund the Republic of Srpska s Recovery. 9. The Proposal of the Law Amending the Law on Indebtedness, Debt and Guarantees of the Republic of Srpska The purpose of introducing this law lies in the need for additional indebtedness of the Republic of Srpska and the units of local governments in order to mitigate the consequences of the flooding in May This law prescribes that when calculating total and public debt of the Republic of Srpska, the debt arising from loans for financing the recovery according to the Register of Damage should be taken into account, too. The Ministry of Finance may give its approval to the units of local governments for indebtedness in case where the amount of legal indebtedness is exceeded, provided that the indebtedness is directed towards the recovery from the floods according to the aforementioned Register of Damage. 10. The Proposal of the Law Amending the Law on Preventing the Conflict of Interest in the Authorities of the Republic of Srpska.

7 The Law specifies that the conflict of interest and incompatibility of office for elected officials, executive officeholders and advisors does not apply to foundations or funds established for the recovery from the damages caused by natural or other disaster. More specifically, this law eliminates the obstacle for establishing the Solidarity Fund for the Republic of Srpska s Recovery. ACTIVITES AIMED AT MITIGATING THE CONSEQUENCES OF THE FLOODS IN MAY 2014 The Law on the Solidarity Fund the Republic of Srpska s Recovery and the Law on Special Contribution to Solidarity - The Register of Damage has been established containing the list of individual damages to residential facilities, business buildings, energy facilities, agricultural buildings, equipment, machinery, crops and orchards, livestock, transport infrastructure, water protection and irrigation facilities public institution buildings, as well as an overview of the approved funds. The Register establishes and governs the Fund. - The Fund is governed by the Steering Board consisting of 11 members (5 members from the Government, with the Prime Minister being the Chairperson of the Steering Board, three mayors or local community leaders and one representative of the persons employed in the Republic of Srpska maybe one from the media, one representative of the employers and one international donor. The sources of the Fund incomes are the following: 1) special contribution to solidarity, which is paid on monthly basis by the employees from their personal income and employers, and by pensioners. (the financial burden on the personal net income(salaries, fees for the service contracts, temporary and part-time jobs, etc.) is 1.5% of personal net income, and the financial burden of employers is also 1, 5% of personal net income). Therefore, the amount of 3% of personal net income is evenly distributed among the employees and employers. Remuneration for being a member of boards, supervisory and audit committees and commissions will be paid in the amount of 20% of the net income. Pensioners pay special contribution to the Solidarity depending on the amount of their pensions:

8 1) 1 BAM - pensions up to 331 BAM, 2) 2 BAM - pensions from 331 KM to 500 BAM 3) 3 BAM- pensions from 500 BAM to 700 BAM 4) 4 BAM - pensions from 700 BAM to 1,000 BAM 5) 5 BAM - pensions over 1,000 BAM This contribution is to be paid in the period from 01 July 2014 until 31 May The overall effect of the implementation of the Law on special contribution for solidarity is as follows: -around 32, 5 million BAM on the burden of natural persons -around 32, 5 million BAM on the burden of employers -around 4, 4 million BAM from the pensions Total: 69, 4 million BAM (per annum) 2) tax on the use, possession of assets, (Tax on cars and vans increases in the amount of 25-50% of the amount in the current year to be paid for registration, and the tax on possession of firearms and ammunition increases in the amount of 50%. The revenues from the increase of taxes shall present the incomes of the Fund. 3) Fees for the use of natural resources for the electricity generation (the fees are doubled, and the revenues shall be paid into the Fund) 4) Domestic and foreign donations 5) Domestic and foreign assistance 6) Loans of the Republic of Srpska 7) Loans of the units of local government 8) The budgetary means of the Republic of Srpska and the units of local governments 9) Means acquired through the sales of the property gained by committing a criminal offence. Other means

9 The above listed means will be paid into the Fund, and will be used for the recovery from the damages caused by the flooding in May The damages include the damages to: a)residential facilities a) Business facilities b) Energy facilities c) Agricultural structures, equipment, machinery, crops and plants d) Livestock e) Transport infrastructure f) Water supply and sanitation facilities g) Water protection and irrigation facilities, and h) Public institution buildings The conditions, methods, procedures and the scope of using the means for the recovery according to the above-mentioned division shall be regulated by the Regulations of the Government of the Republic of Srpska everything shall be precisely determined by bylaws. The Law on Solidarity Fund for the Republic of Srpska s Recovery will be effective until 31 December The Law on Special Procedures for Tax Debt Settlement This law introduces rescheduling for the taxpayers who suffered direct material damage during the floods. They are provided with the possibility to reschedule their taxes due for payment by 30 June 2014 with one-year interestfree grace period and without the need for submitting the collateral. Furthermore, the deadline for all taxpayers to write off the interest rate shall be prolonged in case the entire tax debt is settled by 31 December 2014 (prolongation for six months) 3. The Law on the Taxes on the Use and Possession of Assets By this Law, the amount of the taxes on motor vehicles is increased in the range of 25% to 50% while the tax on motorcycles decreases ranging from 17% to 40% compared to the previous tax amounts. Moreover, the tax on possessing firearms and ammunition for personal safety has been increased by 50% compared to the previous tax amounts

10 The total increase of the tax on motor vehicles is 4, 1 million BAM, while the increase of the tax on the possession of firearms and ammunition is around 200,000 BAM. The total amount of these increases shall be the revenue of the Solidarity Fund for the Republic of Srpska s Recovery. 4. The Law on Property Tax The decisions of the units of local governments allow for exempting all those taxpayers who suffered material damages caused by the floods in May 2014 from paying tax on the property for a specified period. This amendment applies to the floods that occurred in the Republic of Srpska in May 2014, as well as for all similar situations in the future. The responsibility to exempt taxpayers from paying taxes on property is given to the units of local governments since the tax is their revenue. 5. The Law Amending the Law on Special Taxes of the Republic of Srpska Taxpayers affected by the floods in May 2014 shall be exempted from paying special tax of the Republic of Srpska (this applies both for legal entities and entrepreneurs) According to this law, the Republic of Srpska disclaims the budgetary funds in the amount of 2, 2 million BAM for the benefit of the business entities and entrepreneurs affected by the floods. 6. The Law Amending the Law on Indebtedness, Debt and Guarantees of the Republic of Srpska This law allows for a higher level of indebtedness (over 18% of domestic revenue) of the local communities for the recovery from the damages caused by the floods in the Republic of Srpska in May The Law Amending the Law on the Budget System of the Republic of Srpska The allocation of the tax on self employment and personal income is foreseen to be in the proportion 50:50, between the budget of the Republic of Srpska and the areas of special concern of the Republic of Srpska (the City of Doboj, the Municipality of Samac), whereas for other situations, the ratio of 75:25 shall apply.

11 The allocation of the tax on the motor vehicles shall be in the proportion 70:30 between the budget of the Republic of Srpska and the Solidarity Fund for the Republic of Srpska s Recover, and the allocation of the tax on the possession of firearms and ammunition in the proportion 75:25, between the budget of the Republic of Srpska and the Solidarity Fund for the Republic of Srpska s Recovery. The Law stipulates the allocation of the fees for the use of natural resources for the production of electricity between the budget of the municipalities and cities and the Solidarity Fund. By this amendment, on the basis of the income tax, the City of Doboj shall receive financial support in the amount of 2,9 million BAM, and the Municipality of Samac shall receive 460, 000 BAM. The financial burdens of the above-mentioned amendments for the benefit of the Solidarity the Republic of Srpska s Recovery shall be paid on the annual basis. 1) Revenues from the special contribution to solidarity around 32, 5 million BAM on the burden of natural persons -around 32, 5 million BAM on the burden of employers -around 4, 4 million BAM from the pensions 1. Revenues from the tax on the use and possession of assets 4, 1 million BAM 2. Revenues from the fees for using natural resources for the electricity generation around 20 million BAM Donations and aid (and loans) excluded, the annual income of the Solidarity Fund is expected to be 93, 5 million BAM. Aside from that, 3. By amending the law on the budget system, the Republic of Srpska disclaims the income tax for the benefit of: -the City of Doboj 2,9 million BAM - the Municipality of Samac 460,000 BAM 4. Amending the Law on special taxes of the Republic of Srpska, the Republic of Srpska disclaims 2,2 million BAM in favor of the business entities affected by the floods.

12

BUDGET SYSTEM LAW. I. GENERAL PROVISIONS Subject of the Law

BUDGET SYSTEM LAW. I. GENERAL PROVISIONS Subject of the Law BUDGET SYSTEM LAW I. GENERAL PROVISIONS Subject of the Law Article 1 This Law shall regulate: planning, preparation, adoption and execution of the budget of the Republic of Serbia; planning, preparation,

More information

7. LAW ON LOCAL SELF-GOVERNMENT FINANCING. Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro, I hereby issue the

7. LAW ON LOCAL SELF-GOVERNMENT FINANCING. Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro, I hereby issue the Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro, I hereby issue the Decree Promulgating the Law on Local Self-Government Financing (Official Gazette of the Republic of Montenegro

More information

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS LAW ON FOREIGN CURRENCY TRANSACTIONS ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) The present Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers

More information

L A W ОN FOREIGN EXCHANGE OPERATIONS

L A W ОN FOREIGN EXCHANGE OPERATIONS L A W ОN FOREIGN EXCHANGE OPERATIONS This Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers between residents and nonresidents in foreign means of payment and dinars;

More information

REPUBLIC OF SLOVENIA THE LAW ON THE FINANCING OF MUNICIPALITIES

REPUBLIC OF SLOVENIA THE LAW ON THE FINANCING OF MUNICIPALITIES REPUBLIC OF SLOVENIA THE LAW ON THE FINANCING OF MUNICIPALITIES THE LAW ON THE FINANCING OF MUNICIPALITIES (Official Gazette of the Republic of Slovenia, no. 80/94, 56/98, Decisions of the Constitutional

More information

Official English translation of the investment law. In the Name of God, Most Gracious, Most Merciful. In the Name of the People

Official English translation of the investment law. In the Name of God, Most Gracious, Most Merciful. In the Name of the People Official English translation of the investment law In the Name of God, Most Gracious, Most Merciful In the Name of the People President s Office - Kurdistan Region - Iraq Pursuant to legislation by the

More information

I N S T R U C T I O N On Application of the Rules for Providing Loans Under Credit Lines and Loans to Unemployed Demobilized Soldiers

I N S T R U C T I O N On Application of the Rules for Providing Loans Under Credit Lines and Loans to Unemployed Demobilized Soldiers I N S T R U C T I O N On Application of the Rules for Providing Loans Under Credit Lines and Loans to Unemployed Demobilized Soldiers I. GENERAL PROVISION Article 1 The Instruction on Application of the

More information

LAW ON MANDATORY SOCIAL SECURITY INSURANCE CONTRIBUTIONS

LAW ON MANDATORY SOCIAL SECURITY INSURANCE CONTRIBUTIONS LAW ON MANDATORY SOCIAL SECURITY INSURANCE CONTRIBUTIONS (the Official Gazette no. 84/04, 61/05, 62/06 and 5 / 09) Revised text ended with the Amendments from the Official Gazette of the Republic of Serbia

More information

DECISION ON TEMPORARY MEASURES FOR RESCHEDULING LOAN OBLIGATIONS OF PHYSICAL AND LEGAL PERSONS BY BANKS. Article 1

DECISION ON TEMPORARY MEASURES FOR RESCHEDULING LOAN OBLIGATIONS OF PHYSICAL AND LEGAL PERSONS BY BANKS. Article 1 Based on Article 4, 10, and 25 of the Law on Banking Agency of Republika Srpska Revised Text (Official Gazette of Republika Srpska No. 67/07) and Article 86 of the Law on Banks of Republika Srpska ( Official

More information

THE CONTRACT FOR SINO-FOREIGN EQUITY JOINT VENTURE

THE CONTRACT FOR SINO-FOREIGN EQUITY JOINT VENTURE THE CONTRACT FOR SINO-FOREIGN EQUITY JOINT VENTURE Chapter 1 General Provisions In accordance with the Law of the People s Republic of China on Joint Ventures Using Chinese and Foreign Investment (the

More information

CALL FOR SUBMISSION OF PROJECTS WITHIN THE OPEI DEVELOPMENT

CALL FOR SUBMISSION OF PROJECTS WITHIN THE OPEI DEVELOPMENT Ministry of Industry and Trade of the Czech Republic Structural Funds Division Managing Authority for the OPEI CALL FOR SUBMISSION OF PROJECTS WITHIN THE OPEI DEVELOPMENT Call identification Programme

More information

OF THE REPUBLIC OF ARMENIA ON LIMITED LIABILITY COMPANIES

OF THE REPUBLIC OF ARMENIA ON LIMITED LIABILITY COMPANIES LAW OF THE REPUBLIC OF ARMENIA Adopted on October 24, 2001 CHAPTER 1. GENERAL PROVISIONS Article 1. Scope of the Law This law regulates the legal relationships arising from establishment, activity, reorganization

More information

THE LAW ON SPECIAL MODALITIES FOR TAX DEBT SERVICING 1

THE LAW ON SPECIAL MODALITIES FOR TAX DEBT SERVICING 1 THE LAW ON SPECIAL MODALITIES FOR TAX DEBT SERVICING 1 Article 1 This Law shall govern special modalities and procedure for tax debt servicing. Article 2 This Law aims to alleviate the financial position

More information

Law. on the Government Debt. Chapter One General Provisions. Chapter Two Government Debt. Law on the Government Debt

Law. on the Government Debt. Chapter One General Provisions. Chapter Two Government Debt. Law on the Government Debt Law on the Government Debt 1 Law on the Government Debt (Issued by the 39th National Assembly on 17 September 2002; published in the Darjaven Vestnik, issue 93 of 1 October 2002; amended, issue 34 of 2005;

More information

CONSULTATION PAPER Ministry of Law: LAW 06/011/016 MAS: P009-2006 August 2006. Unsecured Credit Rules

CONSULTATION PAPER Ministry of Law: LAW 06/011/016 MAS: P009-2006 August 2006. Unsecured Credit Rules CONSULTATION PAPER : LAW 06/011/016 MAS: P009-2006 August 2006 Unsecured Credit Rules TABLE OF CONTENTS 1. Introduction 4 2. Proposed amendments to unsecured credit rules for financial institutions 2.1

More information

Guide to Japanese Taxes

Guide to Japanese Taxes Guide to Japanese Taxes CONTENTS 1. Introduction --------------------------------------------------------------------------------------------- 1 (1) Principle of Taxation under the Law (2) Self-Assessment

More information

LAW ON FOREIGN EXCHANGE OPERATIONS

LAW ON FOREIGN EXCHANGE OPERATIONS LAW ON FOREIGN EXCHANGE OPERATIONS This Law shall govern: (Consolidated) 1 I. BASIC PROVISIONS Article 1 1) payments, collections and transfers between residents and non-residents in foreign means of payment

More information

/ Insurance. Regional Highlights * Bosnia and Herzegovina. karanovic/nikolic. /March 2015/

/ Insurance. Regional Highlights * Bosnia and Herzegovina. karanovic/nikolic. /March 2015/ / Insurance Regional Highlights * /March 2015/ The insurance sector in South Eastern Europe has undergone considerable change in recent years, marked by Croatia s accession to the EU, amendments to legislation

More information

Bills Digest No. 56 2001 02

Bills Digest No. 56 2001 02 Department of the Parliamentary Library I NFORMATION AND R ESEARCH S ERVICES Bills Digest No. 56 2001 02 Health and Other Services (Compensation) Legislation Amendment Bill 2001 ISSN 1328-8091 Copyright

More information

5 YEAR FINANCIAL PLAN (2013-2017)

5 YEAR FINANCIAL PLAN (2013-2017) CITY OF RICHMOND 5 YEAR FINANCIAL PLAN (2013-2017) BYLAW NO. 8990 EFFECTIVE DATE February 25, 2013 - 2 - Bylaw 8990 5 Year Financial Plan (2013-2017) The Council of the City of Richmond enacts as follows:

More information

Lawyers of LF «Dmitrieva & Partners» have prepared the list of top news in the field of taxation for the last two weeks

Lawyers of LF «Dmitrieva & Partners» have prepared the list of top news in the field of taxation for the last two weeks REVIEW OF THE MAIN EVENTS IN THE SPHERE OF TAXATION Lawyers of LF «Dmitrieva & Partners» have prepared the list of top news in the field of taxation for the last two weeks The State Fiscal Service of Ukraine

More information

Fundamentals Level Skills Module, Paper F6 (ZWE)

Fundamentals Level Skills Module, Paper F6 (ZWE) Answers Fundamentals Level Skills Module, Paper F6 (ZWE) Taxation (Zimbabwe) December 2015 Answers and Marking Scheme Section A 1 D Prescribed rate of interest 1 5% + 5% = 6 5% Relevant loan $6 000 Taxable

More information

LAW ON FOREIGN EXCHANGE OPERATIONS OF FEDERATION OF BOSNIA AND HERZEGOVINA

LAW ON FOREIGN EXCHANGE OPERATIONS OF FEDERATION OF BOSNIA AND HERZEGOVINA The translation of BiH legislation has no legal force and should be used solely for informational purposes. Only legislation published in the Official Gazettes in BiH is legally binding. LAW ON FOREIGN

More information

TAXATION OF FINANCIAL INSTRUMENTS

TAXATION OF FINANCIAL INSTRUMENTS 2 Ing. Katarína Vavrová Faculty of Business Management University of Economics in Bratislava Investment in securities is influenced not only by the relation between the intrinsic value and market price

More information

Law On State Funded Pensions

Law On State Funded Pensions Disclaimer: The English language text below is provided by the Translation and Terminology Centre for information only; it confers no rights and imposes no obligations separate from those conferred or

More information

Lawyers of LF «Dmitrieva & Partners» have prepared the list of top news in the field of taxation for the last two weeks.

Lawyers of LF «Dmitrieva & Partners» have prepared the list of top news in the field of taxation for the last two weeks. REVIEW OF THE MAIN EVENTS IN THE SPHERE OF TAXATION Lawyers of LF «Dmitrieva & Partners» have prepared the list of top news in the field of taxation for the last two weeks. The amount of daily business

More information

Greece New Tax Laws Aim to Raise More Revenue. Law No. 4110. In This Issue: March 4, 2013 2013-041

Greece New Tax Laws Aim to Raise More Revenue. Law No. 4110. In This Issue: March 4, 2013 2013-041 flash International Executive Alert A Publication for Global Mobility and Tax Professionals by KPMG s International Executive Services Practice Greece New Tax Laws Aim to Raise More Revenue by Georgia

More information

L A W ON AMENDMENTS TO THE LAW ON PENSION AND DISABILITY INSURANCE. Article 1

L A W ON AMENDMENTS TO THE LAW ON PENSION AND DISABILITY INSURANCE. Article 1 L A W ON AMENDMENTS TO THE LAW ON PENSION AND DISABILITY INSURANCE Article 1 In the Law on Pension and Disability Insurance (RS Official Gazette, nos. 34/03, 64/04 and 84/04), in Article 9, the words:

More information

EMPLOYER S SOCIAL CONTRIBUTIONS AND EMPLOYEE SOCIAL, MEDICAL AND PENSION BENEFIT IN RUSSIA

EMPLOYER S SOCIAL CONTRIBUTIONS AND EMPLOYEE SOCIAL, MEDICAL AND PENSION BENEFIT IN RUSSIA Authors: Jon Hellevig, Anton Kabakov, and Artem Usov. Jon Hellevig, Managing partner of Awara Group LinkedIn: http://www.linkedin.com/in/jonhellevig Facebook: http://www.facebook.com/jonhellevig E-mail:

More information

LAW ON FOREIGN EXCHANGE OPERATIONS

LAW ON FOREIGN EXCHANGE OPERATIONS LAW ON FOREIGN EXCHANGE OPERATIONS This Law shall govern: (CONSOLIDATED) 1 I. BASIC PROVISIONS Article 1 1) payments, collections and transfers between residents and non-residents in foreign means of payment

More information

GOVERNMENT GAZETTE OF THE REPUBLIC OF NAMIBIA. N$4.80 WINDHOEK - 30 December 2015 No. 5912

GOVERNMENT GAZETTE OF THE REPUBLIC OF NAMIBIA. N$4.80 WINDHOEK - 30 December 2015 No. 5912 GOVERNMENT GAZETTE OF THE REPUBLIC OF NAMIBIA N$4.80 WINDHOEK - 30 December 2015 No. 5912 CONTENTS Page GOVERNMENT NOTICE No. 311 Promulgation of Income Tax Amendment Act, 2015 (Act No. 13 of 2015), of

More information

Law of the Republic of Azerbaijan on Non-Banking Credit Institutions

Law of the Republic of Azerbaijan on Non-Banking Credit Institutions Law of the Republic of Azerbaijan on Non-Banking Credit Institutions This Law regulates establishment, management and activities of non-bank credit institutions with purpose of more thoroughly meeting

More information

TAX OFFENCES AND ENFORCEMENT MEASURES IN RUSSIA

TAX OFFENCES AND ENFORCEMENT MEASURES IN RUSSIA Authors: Jon Hellevig, Anton Kabakov, and Artem Usov. Jon Hellevig, Managing partner of Awara Group LinkedIn: http://www.linkedin.com/in/jonhellevig Facebook: http://www.facebook.com/jonhellevig E-mail:

More information

The Crown Corporations Act, 1993

The Crown Corporations Act, 1993 1 The Crown Corporations Act, 1993 being Chapter C-50.101* of the Statutes of Saskatchewan, 1993 (effective January 1, 1994) as amended by the Statutes of Saskatchewan, 1994, c.37; 1996, c.e-6.01 and 42;

More information

PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999

PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999 PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999 as amended by Public Finance Management Amendment Act, No. 29 of 1999 ACT To regulate financial management in the national government and provincial governments;

More information

Chapter 1 Legislative Background and Tax Reform

Chapter 1 Legislative Background and Tax Reform Chapter 1 Legislative Background and Tax Reform The Chinese tax system has recently developed closely to the economic growth of the country. The entry of China into the World Trade Organization (WTO) and

More information

LAW ON PUBLIC DEBT MANAGEMENT

LAW ON PUBLIC DEBT MANAGEMENT LAW ON PUBLIC DEBT MANAGEMENT THE NATIONAL ASSEMBLY - SOCIALIST REPUBLIC OF VIET NAM Independence Freedom Happiness - No. 29/2009/QH12 Hanoi, June 17, 2009 LAW ON PUBLIC DEBT MANAGEMENT Pursuant to the

More information

ACT. on Statutory Auditors, Their Self-Governing Organisation, Entities Authorised to Audit Financial Statements and on Public Oversight 1)

ACT. on Statutory Auditors, Their Self-Governing Organisation, Entities Authorised to Audit Financial Statements and on Public Oversight 1) Dz.U.09.77.649 ACT on Statutory Auditors, Their Self-Governing Organisation, Entities Authorised to Audit Financial Statements and on Public Oversight 1) of May 7, 2009 (Dz.U. of May 22, 2009) Chapter

More information

Global Mobility Services: Taxation of International Assignees - Botswana

Global Mobility Services: Taxation of International Assignees - Botswana http://www.pwc.com/bw/en/index.jhtml Global Mobility Services: Taxation of International Assignees - Botswana Taxation issues & related matters for employers & employees 2015/16 Last Updated: June 2016

More information

HOW TO ESTABLISH A BUSINESS IN BOSNIA AND HERZEGOVINA

HOW TO ESTABLISH A BUSINESS IN BOSNIA AND HERZEGOVINA HOW TO ESTABLISH A BUSINESS IN BOSNIA AND HERZEGOVINA TABLE OF CONTENTS STARTING BUSINESS IN BOSNIA AND HERZEGOVINA...5 ESTABLISHEMENT OF BUSINES ENTITIES...5 Registration of business entity...5 Establishment

More information

Law on the Deposit Insurance Agency (Official Gazette of the Republic of Serbia, No. 14/2015) (Unofficial Translation)

Law on the Deposit Insurance Agency (Official Gazette of the Republic of Serbia, No. 14/2015) (Unofficial Translation) Law on the Deposit Insurance Agency (Official Gazette of the Republic of Serbia, No. 14/2015) (Unofficial Translation) I. GENERAL PROVISIONS Article 1 This Law governs the status, organization, powers

More information

Public Finance Balance Act. IB Express Service Slovenija 06/2012

Public Finance Balance Act. IB Express Service Slovenija 06/2012 Public Finance Balance Act IB Express Service Slovenija 06/2012 In the end of May, the Act on the Balance of Public Finances was passed (Official Gazette RS, no. 40/2012; ZUJF), it affects as many as 39

More information

Law on Non-Governmental Organizations

Law on Non-Governmental Organizations Law on Non-Governmental Organizations Contents Chapter One Chapter Two Chapter Three Chapter Four Chapter Five Chapter Six Chapter Seven General Provisions Establishment Criteria & Registration Procedures

More information

The Law of the City of Moscow. No. 30 dated the 30 th of June 2010. On the Chamber of Control and Accounts of Moscow

The Law of the City of Moscow. No. 30 dated the 30 th of June 2010. On the Chamber of Control and Accounts of Moscow The Law of the City of Moscow No. 30 dated the 30 th of June 2010 On the Chamber of Control and Accounts of Moscow In accordance with the federal legislation and the Moscow City Charter, this Law shall

More information

International Accounting Standard 12 Income Taxes. Objective. Scope. Definitions IAS 12

International Accounting Standard 12 Income Taxes. Objective. Scope. Definitions IAS 12 International Accounting Standard 12 Income Taxes Objective The objective of this Standard is to prescribe the accounting treatment for income taxes. The principal issue in accounting for income taxes

More information

Part 1 National Treasury

Part 1 National Treasury PUBLIC FINANCE MANAGEMENT ACT 1 OF 1999 [ASSENTED TO 2 MARCH 1999] [DATE OF COMMENCEMENT: 1 APRIL 2000] (Unless otherwise indicated) (English text signed by the President) as amended by Public Finance

More information

THE CORPORATION OF THE CITY OF PORT COQUITLAM BYLAW NO. 3899

THE CORPORATION OF THE CITY OF PORT COQUITLAM BYLAW NO. 3899 THE CORPORATION OF THE CITY OF PORT COQUITLAM BYLAW NO. A Bylaw to adopt the 2015 to 2019 Financial Plan Whereas the Community Charter, Section 165, directs that a Five Year Financial Plan may be amended

More information

LAW. No. 8788, dated May 7, 2001 ON NON-PROFIT ORGANIZATIONS

LAW. No. 8788, dated May 7, 2001 ON NON-PROFIT ORGANIZATIONS LAW No. 8788, dated May 7, 2001 ON NON-PROFIT ORGANIZATIONS In reliance on articles 78 and 83 point 1 of the Constitution, on the proposal of Council of the Ministers, THE ASSEMBLY OF THE REPUBLIC OF ALBANIA

More information

Guide to Metropolitan Taxes for 2014

Guide to Metropolitan Taxes for 2014 Guide to Metropolitan Taxes for 2014 Metropolitan Taxes, Special Ward Taxes and National Taxes Month Metropolitan Taxes Special Ward Taxes National Taxes April May Automobile tax, mine tax Light motor

More information

Income Taxes STATUTORY BOARD SB-FRS 12 FINANCIAL REPORTING STANDARD

Income Taxes STATUTORY BOARD SB-FRS 12 FINANCIAL REPORTING STANDARD STATUTORY BOARD SB-FRS 12 FINANCIAL REPORTING STANDARD Income Taxes This version of the Statutory Board Financial Reporting Standard does not include amendments that are effective for annual periods beginning

More information

PRESIDENT'S OFFICE. No. 1901. 27 November 1996 NO. 102 OF 1996: NATIONAL SMALL BUSINESS ACT, 1996.

PRESIDENT'S OFFICE. No. 1901. 27 November 1996 NO. 102 OF 1996: NATIONAL SMALL BUSINESS ACT, 1996. PRESIDENT'S OFFICE No. 1901. 27 November 1996 NO. 102 OF 1996: NATIONAL SMALL BUSINESS ACT, 1996. It is hereby notified that the President has assented to the following Act which is hereby published for

More information

Chart of Accounts for Banks

Chart of Accounts for Banks Chart of Accounts for Banks ASSETS Cash and Cash Equivalents 1 0 0 1 Cash in vault 1 0 0 2 Cash in ATM 1 0 0 3 Cash in transit 1 0 0 4 Damaged notes 1 0 0 5 Travellers cheques 1 0 0 6 Items for collection:

More information

REPUBLIC OF TRINIDAD AND TOBAGO. Act No. 16 of 2004

REPUBLIC OF TRINIDAD AND TOBAGO. Act No. 16 of 2004 Legal Supplement Part A to the Trinidad and Tobago Gazette, Vol. 43, No. 102, 17th June, 2004 Legal Supplement Part A to the Trinidad and Tobago Second Session Eighth Parliament Republic of Trinidad and

More information

Vol. 6, Issue, 7, pp , July, 2015 RESEARCH ARTICLE

Vol. 6, Issue, 7, pp , July, 2015 RESEARCH ARTICLE ISSN: 0976-3031 Available Online at http://www.recentscientific.com International Journal of Recent Scientific Research Vol. 6, Issue, 7, pp.5093-5097, July, 2015 RESEARCH ARTICLE DRAFT AMENDMENT TO THE

More information

PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999

PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999 PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999 [ASSENTED TO 2 MARCH, 1999] [DATE OF COMMENCEMENT: 1 APRIL, 2000] (Unless otherwise indicated) (English text signed by the President) NATIONAL TREASURY This

More information

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11)

Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE (189347.11) Ministry of Labour and Social Policy LAW ON VOLUNTARY FULLY FUNDED PENSION INSURANCE 1 Table of Contents CHAPTER 1 GENERAL PROVISIONS... 3 CHAPTER 2 VOLUNTARY PENSION FUNDS... 7 CHAPTER 3 PENSION COMPANIES

More information

In practice, foreigners usually establish LLCs. Partnerships and joint stock companies are only established in exceptional cases.

In practice, foreigners usually establish LLCs. Partnerships and joint stock companies are only established in exceptional cases. Company Laws The Companies Law is the principal body of legislation governing companies. Saudi company law recognizes eight forms of companies. The most common forms are limited liability companies (LLC),

More information

DETERMINING THE BUSINESS ENTITY BEST FOR YOUR BUSINESS

DETERMINING THE BUSINESS ENTITY BEST FOR YOUR BUSINESS DETERMINING THE BUSINESS ENTITY BEST FOR YOUR BUSINESS 2015 Keith J. Kanouse One Boca Place, Suite 324 Atrium 2255 Glades Road Boca Raton, Florida 33431 Telephone: (561) 451-8090 Fax: (561) 451-8089 E-mail:

More information

GOVERNMENT GAZETTE STAATSKOERANT

GOVERNMENT GAZETTE STAATSKOERANT REPUBLIC OF SOUTH AFRICA GOVERNMENT GAZETTE STAATSKOERANT VAN DIE VAN No. 19017 ACT To provide for the promotion of research, both basic and applied, and the extension and transfer of knowledge in the

More information

Government Debt Act. Chapter One GENERAL PROVISIONS. Chapter Two GOVERNMENT DEBT

Government Debt Act. Chapter One GENERAL PROVISIONS. Chapter Two GOVERNMENT DEBT Government Debt Act Promulgated, State Gazette No. 93/1.10.2002, amended SG No. 34/19.04.2005, effective 1.06.2005, amended and supplemented, SG No. 52/29.06.2007, effective 1.11.2007, SG No. 23/27.03.2009,

More information

SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness ---------------- Law No. 21/2012/QH13 Hanoi, November 20, 2012 LAW

SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness ---------------- Law No. 21/2012/QH13 Hanoi, November 20, 2012 LAW THE NATIONAL ASSEMBLY -------- SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness ---------------- Law No. 21/2012/QH13 Hanoi, November 20, 2012 LAW AMENDING AND SUPPLEMENTING A NUMBER OF

More information

NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES

NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES CONTENTS Paragraphs OBJECTIVE SCOPE 1-4 DEFINITIONS 5-11 Tax Base 7-11 RECOGNITION OF CURRENT TAX LIABILITIES AND CURRENT TAX ASSETS 12-14 RECOGNITION

More information

17. Land and Property Taxes in Russia 1

17. Land and Property Taxes in Russia 1 17. Land and Property Taxes in Russia 1 Federal legislation 2 prescribes a closed list of taxes that can be levied in the Russian Federation. This list is comprised of three groups: federal taxes, regional

More information

Financial Statement Guide. A Guide to Local Government Financial Statements

Financial Statement Guide. A Guide to Local Government Financial Statements Financial Statement Guide A Guide to Local Government Financial Statements January, 2012 Ministry of Community, Sport and 1 Financial Statement Guide Table of Contents Introduction Legislative Requirements

More information

Preuzeto iz elektronske pravne baze Paragraf Lex

Preuzeto iz elektronske pravne baze Paragraf Lex www.paragraf.rs Preuzeto iz elektronske pravne baze Paragraf Lex Ukoliko ovaj propis niste preuzeli sa Paragrafovog sajta ili niste sigurni da li je u pitanju važeća verzija propisa, poslednju verziju

More information

English Translation of Finance Companies Control Law

English Translation of Finance Companies Control Law English Translation of Finance Companies Control Law Article 1 Introductory Chapter Definitions The following terms and phrases wherever mentioned in this Law shall have the meanings assigned thereto unless

More information

The CAO s Experience in Auditing Public Debt

The CAO s Experience in Auditing Public Debt The CAO s Experience in Auditing Public Debt Introduction :- The state general budget comprises of : administrative body budget, public service entity budget and local administration units budget. This

More information

International Accounting Standard 12 Income Taxes

International Accounting Standard 12 Income Taxes EC staff consolidated version as of 21 June 2012, EN IAS 12 FOR INFORMATION PURPOSES ONLY International Accounting Standard 12 Income Taxes Objective The objective of this Standard is to prescribe the

More information

Living and Working in Austria. 1 l Income tax in Austria 2 l Social Security in Austria 3 l Residence And Work Permits in Austria

Living and Working in Austria. 1 l Income tax in Austria 2 l Social Security in Austria 3 l Residence And Work Permits in Austria Tax l Accounting l Audit l Advisory Living and Working in Austria 1 l Income tax in Austria 2 l Social Security in Austria 3 l Residence And Work Permits in Austria We are pleased to present you in our

More information

Law on Bankruptcy and Liquidation of Banks and Insurance Companies (Official Gazette of the Republic of Serbia, No. 14/2015)

Law on Bankruptcy and Liquidation of Banks and Insurance Companies (Official Gazette of the Republic of Serbia, No. 14/2015) Law on Bankruptcy and Liquidation of Banks and Insurance Companies (Official Gazette of the Republic of Serbia, No. 14/2015) (Unofficial Translation) I. BASIC PROVISIONS Article 1 This Law governs the

More information

Small Company Limited. Report and Accounts. 31 December 2007

Small Company Limited. Report and Accounts. 31 December 2007 Registered number 123456 Small Company Limited Report and Accounts 31 December 2007 Report and accounts Contents Page Company information 1 Directors' report 2 Accountants' report 3 Profit and loss account

More information

Public Finance and Expenditure Management Law

Public Finance and Expenditure Management Law Public Finance and Expenditure Management Law Chapter one General provisions Article one. The basis This law has been enacted in consideration of Article 75, paragraph 4 of the Constitution of Afghanistan

More information

REFORMS IN PUBLIC SECTOR ACCOUNTING PAKISTAN PERSPECTIVE

REFORMS IN PUBLIC SECTOR ACCOUNTING PAKISTAN PERSPECTIVE REFORMS IN PUBLIC SECTOR ACCOUNTING PAKISTAN PERSPECTIVE Background of Public Sector Accounting System in Pakistan Pakistan inherited an accounting system devised by the British. This system had been basically

More information

CHAPTER 1. GENERAL PROVISIONS

CHAPTER 1. GENERAL PROVISIONS UNOFFICIAL TRANSLATION Adopted on 22.12.2010 LAW OF THE REPUBLIC OF ARMENIA ON FUNDED PENSIONS CHAPTER 1. GENERAL PROVISIONS The purpose of this Law is to establish opportunities for receiving pension

More information

BPT Return INSURANCE COMPANIES

BPT Return INSURANCE COMPANIES BPT Return INSURANCE COMPANIES MIRA 0 Version. BPT TIN (Taxpayer Identification Number) Taxpayer Name Your TIN as it appears on your Notification of Registration Your name as it appears on your Notification

More information

Company Car Tax and Related Certain Personal Income Tax Issues 2015.

Company Car Tax and Related Certain Personal Income Tax Issues 2015. Company Car Tax and Related Certain Personal Income Tax Issues 2015. The tax liability relating to company cars is regulated in Chapter IV of Act LXXXII of 1991 on the Motor Vehicle Tax (hereinafter: Motor

More information

Indian Accounting Standard (Ind AS) 12. Income Taxes

Indian Accounting Standard (Ind AS) 12. Income Taxes Indian Accounting Standard (Ind AS) 12 Contents Income Taxes Paragraphs Objective Scope 1 4 Definitions 5 11 Tax base 7 11 Recognition of current tax liabilities and current tax assets 12 14 Recognition

More information

UNOFFICIAL TRANSLATION. Explanatory Memorandum

UNOFFICIAL TRANSLATION. Explanatory Memorandum UNOFFICIAL TRANSLATION Explanatory Memorandum Article 1, paragraphs 491 to 500, of Law No 228 of 24 December 2012, hereinafter referred to the Law, has introduced a tax on financial transactions applying

More information

MAINE BAR ASSOCIATION SOLO AND SMALL FIRM SYMPOSIUM QUICK TIPS PANEL A. INTEREST ON LAWYERS TRUST ACCOUNTS (IOLTA) PROGRAM

MAINE BAR ASSOCIATION SOLO AND SMALL FIRM SYMPOSIUM QUICK TIPS PANEL A. INTEREST ON LAWYERS TRUST ACCOUNTS (IOLTA) PROGRAM A. INTEREST ON LAWYERS TRUST ACCOUNTS (IOLTA) PROGRAM 1. According to Maine Bar Rule 3.6(e), when an attorney receives money from a client that is designated as client funds (in contrast to amounts paid

More information

MEXICAN TAX BILL FOR 2016

MEXICAN TAX BILL FOR 2016 MEXICAN TAX BILL FOR 2016 On September 8, 2015, the President sent to Congress the Tax Bill where some proposals are made to change current Mexican tax legislation. The main proposals are the following:

More information

BOARD OF THE CENTRAL BANK OF THE REPUBLIC OF ARMENIA RESOLUTION

BOARD OF THE CENTRAL BANK OF THE REPUBLIC OF ARMENIA RESOLUTION BOARD OF THE CENTRAL BANK OF THE REPUBLIC OF ARMENIA RESOLUTION On Amending the Order on Classification of Loans and Accounts Receivable, and Loan Loss Provisioning in Banks Operating in the Territory

More information

LEGISLATIVE AMENDMENTS

LEGISLATIVE AMENDMENTS 111 1 Ukraine Ratified the WTO Agreement on Simplification on Customs Procedures 2 Law on Prevention of Corruption in Sports in Effect 10 December 2015 3 Law on Additional Guarantees to Persons Employed

More information

Law on Deposit Insurance. ( Official Gazette of the RoS, Nos. 61/2005, 116/2008 and 91/2010) I BASIC PROVISIONS. Article 1

Law on Deposit Insurance. ( Official Gazette of the RoS, Nos. 61/2005, 116/2008 and 91/2010) I BASIC PROVISIONS. Article 1 Law on Deposit Insurance ( Official Gazette of the RoS, Nos. 61/2005, 116/2008 and 91/2010) I BASIC PROVISIONS Article 1 This Law regulates the statutory insurance of Deposits of natural persons, Entrepreneurs

More information

Sri Lanka Accounting Standard LKAS 12. Income Taxes

Sri Lanka Accounting Standard LKAS 12. Income Taxes Sri Lanka Accounting Standard LKAS 12 Income Taxes CONTENTS paragraphs SRI LANKA ACCOUNTING STANDARD-LKAS 12 INCOME TAXES OBJECTIVE SCOPE 1 4 DEFINITIONS 5 11 Tax base 7 11 RECOGNITION OF CURRENT TAX LIABILITIES

More information

MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA COPY REGULATION OF THE MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA NUMBER 159/PMK.

MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA COPY REGULATION OF THE MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA NUMBER 159/PMK. COPY REGULATION OF THE MINISTER OF FINANCE NUMBER 159/PMK.010/2015 REGARDING GRANTING OF CORPORATE INCOME TAX REDUCTION FACILITY BY THE GRACE OF GOD ALMIGHTY THE MINISTER OF FINANCE, Considering : a. whereas

More information

NATIONAL PAYMENT SYSTEM ACT

NATIONAL PAYMENT SYSTEM ACT (official gazette Narodne novine, No. 117/2001) NATIONAL PAYMENT SYSTEM ACT I GENERAL PROVISIONS Article 1 This Act shall regulate the functioning of the national payment system. Article 2 "Payment system"

More information

2 BUSINESS ACCOUNTING STANDARD BALANCE SHEET I. GENERAL PROVISIONS II. KEY DEFINITIONS

2 BUSINESS ACCOUNTING STANDARD BALANCE SHEET I. GENERAL PROVISIONS II. KEY DEFINITIONS APPROVED by Resolution No. 1 of 18 December 2003 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 2 BUSINESS ACCOUNTING STANDARD BALANCE SHEET

More information

ASSESSMENT OF THE BILL ON THE 2015 BUDGET OF THE REPUBLIC OF SERBIA. Executive Summary

ASSESSMENT OF THE BILL ON THE 2015 BUDGET OF THE REPUBLIC OF SERBIA. Executive Summary Republic of Serbia FISCAL COUNCIL ASSESSMENT OF THE BILL ON THE 2015 BUDGET OF THE REPUBLIC OF SERBIA Executive Summary The 2015 Budget Bill envisages a deficit at the central government level in the amount

More information

ENVIRONMENTAL INVESTMENT FUND OF NAMIBIA ACT 13 OF 2001 [ASSENTED TO 6 DECEMBER 2001] [DATE OF COMMENCEMENT: TO BE PROCLAIMED]

ENVIRONMENTAL INVESTMENT FUND OF NAMIBIA ACT 13 OF 2001 [ASSENTED TO 6 DECEMBER 2001] [DATE OF COMMENCEMENT: TO BE PROCLAIMED] ENVIRONMENTAL INVESTMENT FUND OF NAMIBIA ACT 13 OF 2001 [ASSENTED TO 6 DECEMBER 2001] [DATE OF COMMENCEMENT: TO BE PROCLAIMED] (Signed by the President) ACT To provide for the establishment of an Environmental

More information

LAW ON TAX PROCEDURE OF REPUBLIC OF SRPSKA

LAW ON TAX PROCEDURE OF REPUBLIC OF SRPSKA LAW ON TAX PROCEDURE OF REPUBLIC OF SRPSKA Published in the Official Gazette of Republic of Srpska, no. 102/11 of 17 October 2011; corrections published in the Official Gazette of Republic of Srpska, no.

More information

NATIONAL BANK OF THE REPUBLIC OF MACEDONIA

NATIONAL BANK OF THE REPUBLIC OF MACEDONIA NATIONAL BANK OF THE REPUBLIC OF MACEDONIA Pursuant to Article 41-a and Article 64, paragraph 1, item 22 of the Law on the National Bank of the Republic of Macedonia ("Official Gazette of the Republic

More information

Belgium in international tax planning

Belgium in international tax planning Belgium in international tax planning Presented by Bernard Peeters and Mieke Van Zandweghe, tax division at Tiberghien Belgium has improved its tax climate considerably in recent years. This may be illustrated

More information

CHAPTER I I. Formation of a limited liability company CHAPTER I. GENERAL PROVISIONS

CHAPTER I I. Formation of a limited liability company CHAPTER I. GENERAL PROVISIONS Law of the Republic of Kazakhstan dated April 22, 1998 220-I On limited liability companies and additional liability companies (with alterations and amendments as of 29.12.2014) CHAPTER I. General provisions

More information

ACCReDITATION COuNCIL OF TRINIDAD AND TOBAGO ACT

ACCReDITATION COuNCIL OF TRINIDAD AND TOBAGO ACT ACCReDITATION COuNCIL OF TRINIDAD AND TOBAGO ACT ChAPTeR 39:06 Act 16 of 2004 Amended by 16 of 2007 10 of 2008 Current Authorised Pages Pages Authorised (inclusive) by 1 8.. 9 16.. 17 19.. 2 Chap. 39:06

More information

LAW ON BANKRUPTCY AND LIQUIDATION OF BANKS AND INSURANCE COMPANIES ( Official Gazette of the RoS, nos. 61/2005, 116/2008 and 91/2010)

LAW ON BANKRUPTCY AND LIQUIDATION OF BANKS AND INSURANCE COMPANIES ( Official Gazette of the RoS, nos. 61/2005, 116/2008 and 91/2010) LAW ON BANKRUPTCY AND LIQUIDATION OF BANKS AND INSURANCE COMPANIES ( Official Gazette of the RoS, nos. 61/2005, 116/2008 and 91/2010) I. GENERAL PROVISIONS Article 1 This Law defines the terms and proceedings

More information

Structure of the Standard

Structure of the Standard INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD: FINANCIAL REPORTING UNDER THE CASH BASIS OF ACCOUNTING Structure of the Standard This Standard comprises two parts: Part 1 is mandatory. It sets out the

More information

GENERAL OVERVIEW OF TAXES, LEVIED IN UKRAINE

GENERAL OVERVIEW OF TAXES, LEVIED IN UKRAINE GENERAL OVERVIEW OF TAXES, LEVIED IN UKRAINE General information on the tax system of Ukraine For the purposes of further discussion we feel it appropriate to provide first brief overview of the tax system

More information

Chapter 13: Finance CHAPTER 13. General Financial Matters

Chapter 13: Finance CHAPTER 13. General Financial Matters CHAPTER 13 FINANCE General Financial Matters National Revenue Fund 213. (1) There is a National Revenue Fund into which all money received by the national government must be paid, except money reasonably

More information

2. Definitions of Terms

2. Definitions of Terms PUBLIC DEBT LAW I. GENERAL PROVISIONS 1. Subject of the Law Article 1 This Law regulates conditions, manner and procedure under which the Republic of Serbia (hereinafter referred to as: the Republic) may

More information

CONRAD GREBEL UNIVERSITY COLLEGE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2016

CONRAD GREBEL UNIVERSITY COLLEGE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2016 CONRAD GREBEL UNIVERSITY COLLEGE FINANCIAL STATEMENTS APRIL 30, 2016 CONTENTS Management Responsibility for Financial Reporting 1 Independent Auditors' Report 2 Financial Statements Statement of Financial

More information