United States: Tax Injunction Act Does Not Bar Suit By Online Retailers Trade Association, But May Not Be The Last Word On Taxation Of Online Sales

The U.S. Supreme Court unanimously held on March 3 that the Tax Injunction Act does not bar a lawsuit brought by the Direct Marketing Association, a trade association of retailers, challenging the enforcement of a Colorado law that imposes notice and reporting obligations on out-of-state retailers whose Colorado customers have made purchases online. Direct Marketing Ass’n v. Brohl, No. 13-032. In a concurring opinion, Justice Kennedy invites reconsideration of the long-standing physical presence requirement […]

By |March 10th, 2015|

United States: Congressional Proposals For Nonprofit Tax Breaks And Extenders

In February, the House of Representatives passed several tax bills and the Senate Finance Committee approved several tax bills that, if ultimately enacted, would impact tax-exempt organizations. The House bills would reduce the excise tax on the net investment income of private foundations. They also would extend and make permanent the temporary provisions applicable to IRA charitable distributions, conservation easements and contributions of food inventory, as well as the basis rules for stockholders of […]

By |March 9th, 2015|

South Africa: Securities Lending Collateral – A Light At The End Of The Tunnel

The securities lending industry is crucial for maintaining liquidity in South African financial markets. For the last few years the securities lending industry has grappled with difficulties surrounding the provision of bonds and equity securities as collateral for securities loans.

Traditional South African pledges have proven to be impractical due to, amongst other things, intraday changes in exposure and the inability of a secured party to take possession of the securities that are pledged.

Outright transfers […]

By |March 9th, 2015|