Unlike traditional assets which are generally traceable using documents, the main challenge in the process of inheriting cryptocurrency is accessing the deceased’s digital wallet. If the deceased did not leave behind a clue on how to access the digital wallet, then the cryptocurrency will be lost forever.
On 13 June 2019, the Parliament of Tanzania passed the Finance Act 2019 (the Act) which came into force on 1 July 2019. The Act amended the Tax Administration Act, Cap. 438 to establish an office known as Tax Ombudsman Service. This Office is established within the Ministry of Finance and Planning under section 28A of the Act.
At an awareness session on the Settlement Procedure conducted by the Financial Services Commission (the “Commission”) on 12 April 2022, the Chief Executive of the Commission stressed that the Settlement Committee is not a ‘whitewashing’ instance and that settlement discussions might take place in parallel with any investigation, inquiry or referral to the Enforcement Committee which have already started.
The Finance Bill, 2022 was published and gazetted on 8 April 2022. The Bill proposes to make amendments to a raft of tax-related laws in Kenya, including the Income Tax Act (Chapter 470, Laws of Kenya), the Value Added Tax Act, 2013, the Tax Procedures Act, 2015, the Miscellaneous Fees and Levies Act, 2016 and the Excise Duty Act, 2015, among others. Additionally, the Bill proposes changes to other statutes such as the Capital Markets Act, the Insurance Act, the Unclaimed Financial Assets Act, the Statutory Instruments Act and the Evidence Act.
In March 2022, legislation was rushed through the UK Parliament to introduce the Register of Overseas Entities owning UK land (ROE). The new measures are intended to increase transparency and the effect is wide ranging.
This legal alert addresses the issue of whether or not it is possible for an employer to mandate its employees to undergo mandatory COVID-19 vaccinations and whether such an action can be legally supported.
On 29 October 2021, Zambia’s Honourable Minister of Finance and National Planning, Dr Situmbeko Musokotwane, MP presented Zambia’s national budget for the 2022 fiscal year to the National Assembly. In doing so, the Minister proposed to widen the tax base by introducing property transfer tax (PTT) on the transfer of “mineral processing licenses” (i.e. a license which enables the holder to process minerals and cut, polish and manufacture jewellery) or “an interest in a mineral processing license”.
When shareholder disputes arise, minority shareholders sometimes face the risk of dilution of shareholding or removal from board representation by hostile majority shareholders. In such cases, absent a shareholder agreement prescribing the manner in which disputes are resolved, minority shareholders are at the mercy of the provisions of the company’s articles of association and the protections provided in the law.
The Dubai International Arbitration Centre (DIAC) has revised its 2007 arbitration rules and announced the publication of the much-anticipated new DIAC Arbitration Rules 2022 (2022 Rules). The new 2022 Rules, which came into force on 21 March 2022, are the result of Decree No. 34 of 2021 (Decree No. 34) which came into effect on 20 September 2021. The 2022 Rules will govern all new requests for arbitration and exceptional procedures submitted after 21 March 2022.
A recent Court of Appeal decision in the UK highlights the increasing obligations on banks to not only verify who is giving them instructions in respect to a particular account, but also review the nature of those instructions. Banks may not be able to defend their actions by simply saying they acted on the authority of the signatories of the account.
