IBLS Monthly Newsletter January 2004 Volume 3 No. 1
In This Issue:
IBLS' Board of Editors announces the Distinguished Legal Writing Award for 2003 IBLS is excited to announce the 2003 award for the best legal summary submitted by our Charter Partners. With so many submissions coming in from our Charter Partners throughout the world, it was difficult to select a winner. However, on January 5, 2004 the IBLS' Board of Editors announced the Distinguished Legal Writing Award for the best legal summary submitted by our Charter Partners. For the year 2003, IBLS is glad to announce that this award will go to Giorgio Corno of Studio Corno Avvocati, Milan, Italy. As a result, Mr. Corno will receive 500 stock options in IBLS.
Studio Corno Avvocati offers general and special consulting on corporate, administrative, fiscal and legal matters in the domestic and international spheres. Furthermore, in step with the technological evolution of business, an IT and Web service was recently developed to generate e-business and e- commerce projects such as information system analysis, strategic decision-making support, creation of websites and portals, assistance in the management of on-line business activities, etc. In this respect, one of Studio Corno Avvocati's innovative services is on-line tax consulting, provided in conjunction with Corriere Della Sera.
Mr. Corno's award-winning summary is entitled "Implementation of the Directive N2000/31/CE Concerning Electronic Commerce under Italian Law" This award-winning summary is featured on IBLS' front section, to read the summary in full please click here.
IBLS wants to thank Mr. Corno and all the staff at Studio Corno Avvocati for their continuous support and contribution. Also, IBLS would like to take this opportunity to thank all the Charter Partners for the excellent law summaries that are now a part of IBLS database.
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Successful launch of IBLS Global Internet Forum at UN Summit in Geneva During the United Nations World Summit on the Information Society held last month in Geneva, Switzerland, IBLS launched its Global Internet Forum as a part of the IBLS Global E-Commerce Council (GECC).
The purpose of this Forum is to take on a role in the information society landscape as an enabler of open exchanges of information for furthering global E-Business. As a result of this initiative and a demonstration of its timeliness IBLS has received numerous e-mails and phone calls from participants around the world expressing their support and commitment to participate in GECC activities.
Currently IBLS is working on several publications concerning E-Commerce Law, E-Tax, and other fields that touch on doing business over the Internet. GECC will announce this and other activities to its members soon. In the interim, IBLS encourages its Global E-Commerce Council members to submit their original articles, newsletters, book reviews, presentations, editorials, or other documents on Internet and E-Commerce Law for possible publication on the IBLS site and international distribution within the IBLS monthly newsletter.
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Royal Society of Fellows 4th Annual Conference IBLS is pleased to announce the Royal Society of Fellows (RSOF) 4th Annual Conference "Global Financial Strategies Summit" which will be held in Miami, Florida, March 25-26, 2004.
RSOF and IBLS share the goal to pursue the excellence in academic and business practice through creating standards and setting benchmarks that our industry, professions and practitioners should always strive to achieve.
RSOF educates trains and certifies professionals in international tax, compliance, anti-money laundering and corporate and computer security. The leadership of the RSOF consists of a distinguished specialist faculty.
The Global Summit entitled "Serving the Client Protecting Yourself" is open to bankers, compliance officers, attorneys, government agents, tax planners, accountants, trust officers and other professionals. The conference will feature presentations from top government officials, regulators, bankers and attorneys. The complete list of speakers and the conference program are available at www.royalfellows.org
The Summit will examine current changes in the banking and tax planning industries and allow delegates to learn about the latest examiner and regulator expectations.
World-class speakers will focus on numerous areas such as:
- The New Patriot Act Regulations
- Anti-Money Laundering and Terrorist Financing
- Investing in International Financial Centers
- Cyber-Crime, Cyber-Discovery and Cyber-Evidence
- Global Estate Planning Techniques
- 2004 Update on International Financial Centers
For Program Brochure, Registration Details and Special Rates contact
Conference Manager, Barb Crompton RSOF@rogers.com 905-836-7812
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Quarterly Theme - Taxation of Offshore E-Commerce Continuing with this month's newsletter, IBLS is presenting a quarterly theme on the most important aspects of Internet and E-Commerce Law. A selected theme is covered in a special summary from the IBLS database. This month’s summary focuses on corporate/income tax and how offshore e-commerce poses some serious challenges to governments worldwide regarding taxation of profits.
Some countries tax companies based on their place of incorporation (legal establishment), but more usually, corporation tax applies to a "permanent establishment." A country will normally attempt to tax a company's worldwide income once it has demonstrated permanent establishment. However, the concept of permanent establishment is not easy to define in the context of e-commerce.
That is why governments are very concerned about the future of Internet taxation. How can a Government collect tax on profits resulting from transactions that it can’t see or measure, carried out by a company that doesn't exist physically on its soil? While the search for a fair way to tax Internet transactions continues, there are still multiple, completely legal ways for companies to take advantage of the confusion in order to reduce their tax bills.
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