An Important Decision: Employee's Right to Royalties in a "Service Invention"
Glusman Shem-Tov Chowers Broid & Co., Tel Aviv
by Miriam Hackmey and Kobie Refaeli
On February 3, 2010, an important ruling was rendered affecting the employee-employer relationship with respect to patents in which the employees are inventors (hereinafter: the "Ruling"). The Ruling refers to patents that are considered “Service Inventions”, which is defined in Section 132 of the Israeli Patent Law - 1967 (hereinafter: the "Law"). The Ruling was rendered by the Committee on Compensation and Royalties established by Section 109 of the Law (hereinafter: the "Committee").
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New Company Law in the Dominican Republic
Mejía-Armenteros & Abreu, S.A.
by Mr Santiago Mejía Ortiz
Executive Summary
The new Commercial Societies and Individual Enterprises of Limited Responsibilities General Law (Law No. 479-08), substitutes and derogates the Third Title in the Commercial Code that is in effect, that includes the articles 18 to the 64 regarding the Commercial Societies.
This new Law recognizes and maintains in effect the different types of societies known from the Commercial Code. Nevertheless, institutes two new classes of societies: the Societies of Limited Responsibilities (SLR ) and the Individual Enterprises of Limited Responsibilities (IELR ).
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Why Choose India as Destination For FDI
Singhania & Company
by Krrishan Singhania and S.N. Verma
India is emerging as one of the most attractive business Destinations all over the Globe. No country aspiring to be global leader in business can afford to miss an opportunity of investing in India. To-day, while almost the entire world has fallen prey to the worst ever Global recession and finding it difficult to get out of its trap, Indian economy continues to grow at the rate of 7-9% per annum. The whole world is keen on knowing as to what is that SECRET about India that has helped it in maintaining such a position on the global map in the present era and wants to follow India’s foot prints in the global economy.
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What Can We Expect in Social Security If We Work in Another European Union Member State or Employ a Citizen of Another Member State After 1 May 2010?
PETERKA & PARTNERS v.o.s., Prague
by Magdalena Vyskovska
In addition to other formalities, all employers in the European Union who post their employees to other member states or employ citizens of other member states or the EEA are already used to dealing with the issue of which member state they must pay social security and health insurance contributions in on their behalf. Also, the self-employed must deal with this problem when they decide to do business in one or more EU member states. Nevertheless, the correct interpretation of the relevant coordination regulation sometimes seems problematic for employers and the self-employed, and the incorrect application of the regulation or lack of information on the applicable legislation may result in many sanctions.
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Ecuador - The Impact of the Tax Reform of Late 2009
Ortega Moreira & Ortega Trujillo, Abogados, Guayaquil
by Gustavo Ortega Illingworth
During the last two years, the Ecuadorian tax system has suffered substantial changes intended to increase revenue and decrease evasion. There is no doubt about the legitimate intent behind the reforms. Notwithstanding, the content of the amendments go beyond expected by introducing or eliminating provisions that violate principles of equivalence and proportionality recognized in the Constitution and the Tax Code. The tax reform of 2008, for example, introduced the need to issue a collateral to secure the fiscal interest of the lnternal Revenue Service as a condition to litigate a tax liability compromising the right of tax payers to a defense and eliminated the concept of the positive silence in administrative proceedings. The changes introduced in 2009 are no exception. In the following lines, we will discuss their impact and mechanisms to minimize it.
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Further Departure From Bank Secrecy in Latvia
Grunte & Cers / TLS Alliance,Riga
by Inese Hazenfusa
The Latvian Credit Institutions Law similarly like in many other countries establishes the principle of bank secrecy, which relates to clients, their accounts, deposits and their transactions, setting out that such information subject to bank secrecy may be disclosed to the individuals themselves or the legal or authorised representatives of the legal persons.
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Bankruptcy Taxation in the U.S.
Arnstein & Lehr LLP, Chicago
by Robert E. McKenzie
1. CREATION OF THE BANKRUPTCY ESTATE
1.10 A separate taxable bankruptcy estate is created when an individual debtor files either a Chapter 7 or Chapter 11 Petition. [IRC 1398(a)]. In all other bankruptcy proceedings, including Chapter 7 or Chapter 11 bankruptcy cases dismissed by the Bankruptcy Court, the debtor continues to file income tax returns as though there were no bankruptcy and there were no separate taxable bankruptcy estate. When a separate taxable bankruptcy estate is created, the estate inherits and takes into account the following income attributes of the debtor [IRC 1398(g)]:
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