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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Canada | Publication | August 2019
On May 17, 2019, in Information Bulletin 2019-5, the Quebec Ministry of Finance announced that it would now be mandatory to disclose to Revenu Québec nominee agreements that have tax consequences by filing an information return. The Bulletin provided that for nominee agreements concluded prior to May 17, 2019, the return must be filed no later than September 16, 2019 and that for those concluded on or after May 17, 2019, the return must be filed no later than 90 days following the conclusion of the nominee agreement.
On August 22, 2019, Revenu Québec announced that the deadline for filing information returns would be extended to the 90th day following the day the bill introducing the new measures receives assent. No bill has yet been introduced to this effect and, as a result, it will be several months before the new obligation comes into force.
The May 17, 2019 Bulletin raised many comments within the tax community, particularly regarding the fact that failure to introduce a bill made it difficult to understand this obligation’s precise scope of application.
The August 22 announcement helps to clarify these uncertainties for it is extending the filing deadline until the scope of this new obligation is more precisely defined.
You will be sent an update once the legislation referred to in the Ministry of Finance’s Information Bulletin is adopted.
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Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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On February 2, 2024, the Belgian Presidency of the Council of the European Union confirmed that the Committee of Permanent Representatives had signed the Artificial Intelligence (AI) Regulation, referred to as the AI Act. Approval by the EU Parliament followed on 13 March 2024, and the AI Act is likely to appear in the EU’s Official Journal around May 2024. The AI Act aims to establish a stringent legal framework governing the development, marketing, and utilisation of artificial intelligence within the region, thereby marking a significant advancement in the regulation of this burgeoning domain.
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The EU’s Artificial Intelligence Regulation, commonly referred to as the AI Act, is expected to come into force during the summer of 2024 (the AI Act). The AI Act will be the first comprehensive legal framework for the use and development of artificial intelligence (AI), and is intended to ensure that AI systems developed and used in the EU are safe, transparent, traceable, non-discriminatory and environmentally friendly.
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