The Council of Ministers has issued its decision No.
31/16/2/35099 on 18 August 2016 approving that all customs
exemptions awarded to fixed assets, which were granted pursuant to
Jordanian legislation and decisions issued thereto, be deemed
settled provided five years have lapsed from the date of issuing an
invoice or the date of issuing a customs declaration in relation to
such fixtures. Such decision shall apply on all transactions
currently being reviewed by Jordanian Customs.
The resolution reads as follows:
The Council of Ministers has reviewed the Investment Commission
letter No. 3/a/legal/8785 dated 10/4/2016, and the letter
issued by the Finance Minister/Customs No. 107/1116/33814 dated
10/7/2016, and the letter issued by the Chairman of the Legislation
and Opinion Bureau No. dt1/1/a/204 dated 9/8/2016, and in light of
the provisions of Article 8(a) of the Investment Law No. 30 of
2014, the Council of Ministers, during its session held on
17/8/2016, has decided – pursuant to the recommendation of
the Economic Development Committee as issued during its session
dated 19/7/2016 – to confirm the Investment Commission
Resolution No. 1/2/2016 dated 31/3/2016 deeming customs exemptions
awarded to fixed assets – which were granted exemptions by
virtue of any of the laws, regulations and decisions, (including,
but not limited to, the Temporary Investment Promotion Law and the
Law regarding Development Zones and Free Zones) – settled
after the lapse of five years from the date of its respective
invoice or the date of issuance of its customs declaration, ; such
decision to be enforced on all transactions with similar subjects
as raised before the Customs Department.
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The AMIC (Moroccan Association of Capital Investors) federates, represents and promotes the Capital Investment sector to institutional investors, entrepreneurs and public bodies in Morocco and globally. It is one of the major business associations in the country and stands out as a prominent promoter of entrepreneurship in Morocco.
Patrick Larrivé will introduce the latest legal and tax issues of the past year then moderate the Capital Investment panel. Jean-Luc Bédos will later intervene on a panel entitled African issues and deals.
The conference features the presence of key African players, including former Benin Prime Minister Lionel Zinsou and representatives of law firms, investment funds and public bodies.
For decades, multinational corporations have been organizing their corporate structures to minimize their aggregate tax liabilities around the world. They achieved this by booking their income in low tax regimes, and they arbitraged differences in tax rules in different jurisdictions to minimize their tax liabilities in all jurisdictions.
In recent years, governments around the world, not only in the OECD but also in Asia, have increasingly been taking steps to curb such tax planning. In some cases, foreign authorities have also focused on the role that Singapore plays in such tax planning.
The discussion, moderated by the Chicago Bar Foundation (CBF), will feature Allstate GC Susie Lees, Dentons Pro Bono Partner Ben Weinberg, and Allstate/Dentons Criminal Records Fellow Nikki Donnelly from Cabrini Green Legal Aid. The panel, part of the CBF's ongoing Leadership Circle program, will focus on the ongoing Allstate/Dentons Pro Bono clemency project and best practices that can be applied by in-house departments and law firms to address serious needs in the community.
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