August 28, 2015
The new Hungarian Civil Code (Act No. V of 2013) came into effect on 15th of March 2014. The Civil Code regulates the fiduciary asset management contract, a very similar legal institution to the Anglo-Saxon trust. The concept of the Hungarian trust was drawn up on the basis of the model of the trust in…
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November 30, 2014
Many online service providers are well aware that Microsoft’s Services Provider License Agreement (SPLA) entails a licensing framework that can be difficult to manage. SPLA may be a great model for businesses seeking to “float” their license expenditures from month to month based on usage. However, what Microsoft considers “usage” and what most companies and…
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November 30, 2014
Law Firms and Accountancy Practices using Discretionary Trusts In September 2014 the Tax Commissioner released a document headed “Assessing the risk: allocation of profits within professional firms.” In broad terms, the Commissioner is very unhappy that professional firms can use trusts and other structures so that less tax is paid than if the relevant profits…
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November 30, 2014
With the requirements of the Public Sector Accounting Board’s “Accounting Standard on Liability for Contaminated Sites” (PS 3260) applying to the 2014-2015 fiscal year, public sector entities (federal, provincial and municipal governments, universities, schools and hospitals) may find themselves scrambling to meet their obligations to identify, report and account for long forgotten buried liabilities. Under…
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November 6, 2014
Britain’s biggest retailer faces a crisis situation two weeks after announcing that it overstated its first-half profit expectations by some £250-million. Tesco PLC, the multinational grocery and retail giant headquartered in England, reported on September 22, 2014 that its August 29 profit warning should have forecasted trading profit totalling £850-million, rather than the £1.1-billion that the…
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