bombay chartered accountants’ society · 8 bcas: seminar on finance act 2016 july 2016 new...

BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY

Seminar on Finance Act, 2016

Praful Poladia

1 July 2016

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2 July 2016BCAS: Seminar on Finance Act 2016

CONTENTS

► Presumptive taxation scheme and related provisions

► Buyback of shares

► Income Declaration Scheme


Provisions relating to presumptive taxation scheme


Increase in threshold limit for tax audit (s.44AB)

► Tax audit limit for professionals enhanced from Rs. 25 Lakhs to Rs. 50 Lakhs

► Exemption for taxpayers covered by new presumptive tax scheme u/s 44ADA

► There is no change in limit of turnover for a taxpayer in business which is currently

Rs. 1 Cr

► This will conflict with presumptive scheme covered by s.44AD and business having

turnover > Rs 1 Cr (but < 2 Cr)

► In case of notified profession covered by s.44ADA, tax audit is applicable in the

following circumstance:

► Even if gross receipts in profession do not exceed Rs. 50L, but professional reports

income which is <50% of gross receipts

► Similar to the provision as existing for presumptive scheme u/s.44AD


Increase in threshold limit for tax audit (s.44AB)

► CBDT Press release dt. 20 June 2016 clarified that person opting for presumptive

tax scheme u/s 44AD does not trigger tax audit obligation if turnover < Rs. 2 Cr

► Press release resolves overlapping of s.44AB and s.44AD in cases where turnover of

taxpayer is more than Rs.1Cr but less than Rs. 2Cr

► Independent of Press release, if taxpayer does not opt for presumptive tax u/s

44AD, he in any case is liable for tax audit even if turnover < Rs. 1 Cr

Tax Audit Limit Existing limit of TO Revised limit of TO

For taxpayer in business 1 Cr 1 Cr

For taxpayer covered by presumptive

tax scheme for business u/s 44AD

1 Cr 2 Cr

(Refer recent CBDT

press release dt 20 June

2016)

For professionals (exemption for

taxpayers covered by new presumptive

scheme u/s 44ADA

25 lakhs 50 lakhs


Presumptive taxation scheme for persons having business income (s.44AD)

► Threshold of total turnover or gross receipts enhanced from Rs. 1crs to Rs. 2crs in

order to be eligible for presumptive taxation

► Refer CBDT Press release dt 20 June 2016 (discussed in previous slide)

► Taxpayer firm not eligible to claim deduction of expenditure in the nature of salary,

remuneration, interest paid to the partner as per S.40(b) out of presumptive income

► Beware to modify the partnership deed for terms on remuneration and interest to avoid

double whammy

► Taxpayers can pay advance tax in entirety before 15th March of the relevant FY

instead of periodical installment payments

Risky to limit tax payment to minimum amount if actual income is higher:

Likelihood of inability to explain sources of investment which are detected


Presumptive taxation scheme for persons having business income (s.44AD)

► Eligibility for presumptive taxation would not be available for 5 FYs subsequent to

FY in which the Taxpayer voluntarily does not offer his income to tax under s.44AD

► Non applicability of S.44AD on account of turnover exceeding threshold limit in any year

will not be considered as default so as to exclude taxpayer from benefit of presumptive

taxation in later year, if applicable

► Applicable from AY 2017-18 and onwards

► Illustration explaining the 5 year disallowance from offering tax under the

presumptive scheme

Offers income under presumptive taxation scheme

× voluntarily opts out of presumptive taxation scheme

Assessment Year Situation 1 Situation 2

2017-18

2018-19 ×

2019-20 ×

Presumptive deduction not available for AY 2019-2020 to 2023-24 2020-21 to 2024-25


New presumptive tax scheme for professionals –[S. 44ADA] [w.e.f. 1 April 2017]

► A presumptive tax scheme for professionals introduced to reduce the compliance

burden of small taxpayers

► Scheme is along the lines of presumptive tax scheme for specified businesses

► Applicable to all professional taxpayers including firm/ LLP whose total gross

receipts do not exceed Rs. 50 lakhs

► Explanatory Memorandum indicates that the benefit is not available to LLP

► Professional to have same meaning as defined for the purposes of s.44AA

► Covers profession of Law, Medicine, Engineering, Architectural profession, Profession of

accountancy or technical consultancy or interior decoration or any other profession as

notified by CBDT

► Will not apply to other services such as commission and brokerage activities of insurance

agents and others, etc.

Taxpayer is presumed to be covered, unless opted out


New presumptive tax scheme for professionals –[S. 44ADA] [w.e.f. 1 April 2017]

► Eligibility criteria – Total gross receipts of do not exceed INR 50 Lakhs* on account of

profession

► Income from profession to be presumed at 50% of total gross receipts or in case a

higher sum earned by the professional, such higher some

► No deduction u/s 30 – 38; WDV of assets deemed to be reworked with depreciation

allowance

► Not entitled to deduction of interest/remuneration paid to partners in absence of specific

provisions

► Beware to modify terms of remuneration/interest in partnership deed to avoid double whammy

► Unlike s.44AD, there is no bar of 5 years in s.44ADA excluding the professionals for

presumptive scheme if there is opt out from scheme for any year

► Unlike s.44AD, facility to pay advance tax in single instalment at year end is not

extended to professionals covered by s.44ADA

*Introduction of this scheme was also recommended by the income tax simplification committee headed by Justice R.V.Easwer. However, the threshold proposed there in was INR 1 Crore with a presumptive income of 33.33%


Presumptive taxation : Professionals

Particulars Firm Partner < Rs.50 L

Where firm revenue is

more than Rs.50 L

Is not part of

presumptive taxation

Can claim expenditure

on interest and

remuneration

Covered by s. 44AA and

s.44AB

Will pay tax on interest

and remuneration

deducted by the firm

Can A.O. consider SOP

as part of gross receipt

and levy tax?

Can partner claim

concession on

remuneration and

interest?

Where firm revenue is <

Rs. 50 L.

Presumptive taxation

Interest and

remuneration not

deductible

No tax audit

Fully exempt income

(SOP)

A.O. cannot consider

this as separate gross

receipt


Presumptive tax scheme for professionals –Maintenance of books of accounts(s.44AA)

► Once opted for presumptive assessment, professional taxpayer exonerated from

maintaining books of accounts and tax audit

No specific exclusion, but s. 44AA(1) meant for computing taxable income

Supported by obligation created in a case where lower profits are declared

If taxpayer claims that his income is less than 50% of total receipts and his income

exceeds the maximum exemption limit, then mandatory to maintain books and get them

audited


Case Study 1 – Computation of Gross Receipts

► Mr. A, a notified professional, is a

proprietor of A & Co as well as a partner of

ABC firm

► For the financial year 2016-17, Mr. A had

following receipts:

Issue:

► Is Mr. A covered by presumptive tax

scheme u/s 44ADA?

Mr. A

(Professional)

ABC

Firm

A & Co

Proprietary

business

Partner ProprietorParticulars Rs. (lakhs)

Receipts from proprietary

business

40

Share of profit 20

Interest on capital 20

Remuneration from ABC firm 20


Case Study 2 – Interplay between s.44ADA & s.40(a)(ia)

► ABC, a partnership firm, is covered by

presumptive tax provisions u/s 44ADA

► During the year, ABC had availed a loan

from XYZ Co of Rs. 10 lakhs @ 10%

► While making payment of interest, ABC

failed to deduct and deposit TDS

► S.40(a)(ia) and s.44ADA both are non-

obstante provisions

Issue:

► While computing presumptive income @

50% of gross receipts, can tax authority

disallow payment of interest u/s 40(a)(ia)

and make addition to income determined

on presumptive basis?

XYZ Co

ABC firm

Term loan

Payment of interest, without TDS


Buy-back Tax (BBT)


Buy-back Tax (s.115QA): An Overview

► Buy-back tax (BBT) introduced with effect from 1 June 2013

► Explanation (i) to s.115QA defines ‘buyback’ as purchase by a company of its own

shares in accordance with s.77A of the Cos Act 1956

► BBT @ 23.07% designated as income tax by domestic company on distributed

income

► Distributed income, chargeable to BBT is:

► BBT attracted even if company not liable to income-tax

Consideration paid by the

company on buy-back of

unlisted shares

Amount received by the

company for issue of shares

bought back

(Minus)


Pre-amendment situation

► A Co, B Co and C Co are Indian companies

► Step 1:

► Merger of B Co to C Co at fair value

► C Co to issue shares to shareholder of B Co viz. A

Co

► Step 2:

► C Co to buy back shares

► Includes shares issued to A Co on merger

► Position/ issue pre-amedment:

► BBT applies only to buy-back of shares

implemented in accordance with provision of S. 77A

of Cos Act. Court approved scheme buyback not

covered

► Controversy existed wrt determination of issue price

of shares – whether it should be taken as nil or FV

of the undertaking/ business transferred on merger?

B Co

A CO

C Co

Fair value merger

1

2

3

Issuance of shares on merger Buyback

Controversy limited to unlisted

shares


Particulars Up to 31 May 2016 1 June 2016 and onwards

Trigger of BBT as per

definition of ‘buyback’

as per Explanation (i)

to S.115QA(1)

Only on buyback in accordance with

s. 77A of the Companies Act 1956 or

S.68 of Companies Act 2013

• Extends to buyback under

court scheme

• Extends to buyback by

unlimited company

Amount on which

BBT is levied as per

Explanation (ii)

defining ‘distributed

income’

(a-b) – where:

(a) Consideration paid by the

company on buy back of shares

minus

(b) amount which company received

on issue of such shares

Rules to be prescribed for

determination of amount in

various circumstances -

including shares being issued

under tax neutral

reorganisations

• Explanatory Memorandum states that amendment is to ‘clarify

and remove ambiguity’ on various issues

• Buyback completed before 1 June 2016 governed by old law

Amendment by FA 2016

► CBDT circular no. 3/2016 dtd. 26 February 2016 clarified that consideration received on buy back of shares, between the period 1 April 2000 and 31 May 2013 would be taxed as capital gains in the hands of the recipient shareholders


Impact Analysis (s.115QA)

► Widened scope of BBT levy

► Not restricted to buy-back under s. 77A of the Cos Act

► Buy back as per any law for the time being in force relating to companies

► Reference to be understood as law in force in India which relate to companies

► Perhaps language of Explanation (i) should clarify reference to Indian corporate laws

above?

► BBT applies to domestic company and hence may not extend to Foreign Company

having its POEM in India unless F Co opts itself to be treated as domestic company

► Following buy-backs will continue to remain outside the purview of BBT levy:

► Buy-back of securities other than shares (for instance, Fully Convertible Debentures)

► Buy-back of shares listed on Recognized Stock Exchange


Prescribed rules of valuation

► Power of prescribing rules for determination of amount received by company for

issue of shares which are bought back (Explanation (ii) to s.115QA)

► Likely rules for:

► Tax neutral business re-organization ?

► Demat of securities tendered for buy-back ?

► Conversion of CCD into shares ?


Income Declaration Scheme


Background

► In the past, launched Voluntary Disclosure of Income Scheme (VDIS) in 1997 to

provide an opportunity to taxpayers to disclose their undisclosed income at the

prevailing tax rates

► Recently, a new comprehensive law – The Black money (Undisclosed Foreign

Income and Assets) and Imposition of Tax Act 2015 (‘BMA’) was enacted to curb

generation and stashing away of black money abroad

► FA 2016 introduced a limited period compliance window offering an opportunity to

taxpayers to declare their undisclosed income

► Chapter IX of FA 2016 incorporates The Income Declaration Scheme, 2016 (IDS)

► Part of Finance Act and not part of ITA

► Framework largely along the lines of One time Compliance Scheme under The Black

Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015 (‘BMA’)


Broad overview of the Scheme

• Applies to all taxpayers (resident and non-resident)Who can make declaration?

• An undisclosed income and assetsWhat can be declared?

• Declaration can be filed any time between 1 June 2016 to 30 September 2016 in Form 1 as prescribed by the Rules

When to declare?

• Tax @ 30% of undisclosed income, plus 7.5% for each being Krishi Kalyan Cess and penalty (in all, 45% of value of undisclosed income) to be paid by 30 November 2016

What is the tax liability and due date?

• Immunity from penalty/prosecution under (a) Income-tax Act, 1961 (b) Wealth tax Act, 1957 (c) BenamiTransaction (Prohibition) Act, 1999

What about prosecution and proceedings under other Acts?


Who is ineligible to make a declaration?

► A taxpayer is not eligible to make a declaration under the Scheme where undisclosed

income:

► pertains to a year in respect of which a notice of assessment has been issued and served on

or before 31 May 2016 and the proceedings are pending

► pertains to a period covered by a search/ survey by tax authorities

► is covered under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of

Tax Act, 2015)

► Prosecution for any offence punishable under following:

► Unlawful Activities (Prevention) Act

► Prevention of Corruption Act

► Narcotic Drugs and Psychotropic Substance Act

► Chapter IX (offences relating to public servants) or Chapter XVII (offenses against property) of

Indian Penal Code

► A person notified under section 3 of the Special Court (Trial of Offences Relating to

Transactions in Securities) Act

► A person against whom an order of detention has been made under Conservation of

Foreign Exchange and Prevention of Smuggling Activities Act


Scope and applicability – Declarant and income

► Who can avail IDS 2016?

► Resident and non resident taxpayers

► Individuals, HUF, LLP, companies, trusts, etc.

► What income can be disclosed under the Scheme?

► Any income or income in the form of investment in any asset and acquired from income

chargeable to tax under Income tax Act, 1961 (‘Act’) for which the taxpayer has:

► Not furnished tax return

► Not disclosed in the tax return

► Such income has escaped assessment by reason of omission or failure on part of the

taxpayer

► Illustratively, scope of declaration may extent to:

► Unreported chargeable income,

► income represented by any bogus claim for any expenditure / allowance / exemption,

► income represented by claim of expenditure / allowance / exemption which is arguable but

not meeting good level of comfort or highly litigative


Scope and applicability – Declarant and income

► Can taxpayer declare undisclosed asset?

► Yes, where the source of asset is not explainable.

► Where income declared in the form of asset, value of asset is the fair market value

(‘FMV’) of such asset as on date of commencement of IDS (1 June 2016)

► FMV is to be determined as per Rule 3

► Also, value declared under IDS will constitute cost of acquisition of the declared

asset for the purposes of capital gains on subsequent sale

► Period of holding will be reckoned from the date of determination of the fair

market value ( viz 1 June 2016)


Valuation Rules (Rule 3)

Sr. No Assets Method for valuation

1 Bullion, jewellery or precious

stone

Higher of

• Cost of acquisition and

• Price that asset would ordinarily fetch if sold in open

market as on valuation date

• Valuation to be supported by report from recognized

valuer

2 Archaeological collections,

drawings, paintings, sculptures

or any work of art

3 Immovable property

4(a) Quoted shares and securities

on established securities

market

Higher of


• Average of lowest and highest price on valuation date

4(b) Unquoted shares and

securities

Higher of


• Value determined by formula given

4(c) Other than equity shares and

securities- unquoted

Higher of


• Price that asset would fetch if sold in open market on the

date of valuation

• Valuation to be supported by report from recognized valuer


Valuation Rules (Rule 3)

Sr. No Assets Method for valuation

5 Interest of a person in a

partnership firm or in an

association of persons (AOP)

or a limited liability partnership

(LLP) of which the person is a

member

Sum total of

• Portion of net asset of the firm /AOP/LLP to the extent

represented by amount of capital to be apportioned

amongst partner/member in capital ratio and

• Residue net assets to be apportioned in accordance with

agreement for distribution in the event of dissolution and in

absence of such agreement, in the profit sharing ratio

Net asset of the firm = A+B-L in a manner provided in (4(b))

above in the context of unquoted equity shares

6 Any other asset Higher of

• Cost of acquisition or amount invested

• Price that asset would fetch if sold in open market on

valuation date

7 Where investment in any asset

is partly from assessed income

taxed in past and partly from

undisclosed income

FMV of the asset as on valuation date as per these rules

Minus

(FMV of value of asset ) x (Assessed Income)

Total Cost

Valuation date for IDS is 1 June 2016


Procedural aspects of the Scheme

► The Scheme is effective from 1 June 2016 to 30 September 2016 and a declaration

is required to be furnished prior to 30 September 2016 in Form 1

► The declaration has to be filed with Principal Commissioner of Income Tax/ Commissioner

of Income tax (‘CIT’) either electronically or in paper form

► CIT will issue an acknowledgement in From 2 within 15 days from the end of the

month in which the declaration is made

► No scrutiny or inquiry regarding the income declared except for determining whether any

notice has been issued for the years mentioned in the declaration

► Taxpayer to pay tax (including penalty) before 30 November 2016 and file proof of

payment with the CIT in Form 3

► CIT to issue a certificate in Form 4 within 15 days of submission of proof of

payment by the declarant


Procedural aspects of the Scheme

A declaration shall be void and shall be deemed to have never been made if:

► Declaration not filed within time (viz 30 September 2016)

► Where the declaration is filed in time, but the declarant fails to pay tax, surcharge and

penalty before 30 November 2016

► Where the declaration is made by misrepresentation or suppression of facts of information

An invalid declaration would invite stringent consequences of penalty and

prosecution under the Act, in addition to taxes and any taxes paid under the

Scheme becomes non refundable


Consequences of a valid declaration

► Undisclosed income/asset will not be included in the total income under the Act or

Wealth Tax Act for any tax year

► Declaration is not admissible as evidence in any penalty/prosecution proceedings

under the Act or Wealth Tax Act

► Confidentiality of declaration is promised

► Immunity from the Benami Transaction (Prohibition) Act, 1988, subject to conditions

► If the asset existing in the name of benamidar is transferred to the declarant i.e. person

providing consideration or his legal representative

► Transfer of asset to the declarant or legal representative of declarant on or before 30

September 2017

► Taxpayer cannot claim reassessment or revision of any past order nor claim any

benefit of set off/relief


FAQs - Key Clarifications (CBDT Circular No. 17 of 2016 dated 20 May 2016)

FAQ Clarifications in brief

12 Enquiry by tax Authority at the time of filing declaration

• Tax Authority can make enquiry about whether any proceedings are pending for

assessment year for which declaration has been made

• No other enquiry will be conducted by Tax Authority

13 Confidentiality under the Scheme

• The scheme incorporates section138 of ITA

• Information furnished under the declaration made is confidential as in the case of

return of income filed.

1

Cost of acquisition of assets declared under IDS sold subsequently

• Cost of acquisition for the purpose of capital gain on subsequent sale of asset shall

be fair market value as adopted for the purpose of IDS and period of holding shall

start from the date of determination of fair market value for the purpose of IDS

2,3 Notice issued u/s 142 (1)/143(2)/148/153A/153C

• Taxpayer can declare undisclosed income for the years for which no notice has

been issued under section mentioned above before 1 June 2016

4 Investment made out of partially disclosed and partially undisclosed income

• Valuation of assets to be carried out in accordance with valuation rules allowing

proportionate deduction in respect of asset acquired out of disclosed income.


FAQs - Key Clarifications (CBDT Circular No. 17 of 2016 dated 20 May 2016)


5 Undisclosed income assessed and case pending before appellate authority

• No declaration can be made for undisclosed income which has been assessed to

tax and pending at an appellate authority.

6,7 Search or survey operations initiated but no assessment carried out

• Taxpayers can declare undisclosed income even where search has been

completed but such undisclosed income has not been assessed.

• Where search/survey action is conducted but certain income neither disclosed nor

assessed can be declared under IDS.

10

Immunity for declaration of part of undisclosed income

• Immunity will be available as per provisions of the scheme in respect of

undisclosed income declared under the scheme.

• No immunity will be available for undisclosed income not declared

11 Income earned through corruption

• No declaration can be made in respect of income earned through corruption

14 Valuation report

• Necessary to obtain valuation report

• Not mandatory to file valuation report along with filing of declaration in Form 1


FAQs - Key Clarifications (CBDT Circular No. 24 of 2016 dated 27 June 2016)


1

Partial payment of taxes

• In case of partial payment of taxes before the 30 November 2016 for which declaration is made,

then such declaration will be void in totality

2 In case of amalgamation of companies/conversion of company into LLP

• In case where declaration is to be filed for period prior to amalgamation or conversion,

declaration is to be filed by amalgamated company or LLP

• Declaration is to be filed for assessment year in which amalgamation/conversion took place

3 Applicability of Scheme

• Scheme is applicable for resident as well as Non resident

5 Where search has taken place and time limit to issue notice has not expired

• Where search has taken place and time limit to issue notice u/s 153A has not passed then the

Taxpayer will not be eligible to file declaration for the assessment years for which notice can be

issued

7 Quoting of PAN

• PAN is mandatory to furnish with the declaration

• PAN is also necessary to claim benefits and immunities available under the scheme

8 Proceeding before Settlement Commission

• No declaration can be filed for assessment years in respect of which proceeding is pending with

Settlement Commission


FAQs - Key Clarifications (CBDT Circular No. 24 of 2016 dated 27 June 2016)


10

Issue of summons or notice for non filing of return

• Taxpayer is eligible to file declaration where the Taxpayer has received a

summons or notice for non filing of return

11 Notice u/s 142, 143 (2), 148 issued post 31 May 2016

• Taxpayer can file declaration for the assessment years for which notice under

above mentioned section is received post 31 May 2016

• Upon issuance of acknowledgement for filing declaration under the Scheme in

Form 4 from Tax Authority, proceedings initiated under section 142, 143 (2) or 148

shall be deemed to have been closed.

CBDT Circular binding on tax authority but not on taxpayers


Open questions!!

Sr. No. Issues of IDS CBDT Circular No.

1 In relation to undisclosed income held in the name of minor, whether

declaration is to be made by minor or parent in whose assessment income of

the minor is clubbed?

Circular 754 dt. 10 June

1997 and 755 dt. 25 July

1997

2 Whether immunity from levy of penalty in respect of Income Declaration

Scheme will be extended to all the penalties under ITA including in respect of

default- say, where Taxpayer owns up cash credit reflected in his books of

account whether immunity will allowed also from like penalty u/s 271E?

Circular 755 dt. 25 July

1997 & minutes of

ASSOCHAM meeting with

CBDT dt. 23 July 1997 (93

Taxman 162)

3 Whether the Declaration filed be used against third party and action be taken

against such person based on taxpayer’s declaration?


1997

4 In respect of amount declared under Income Declaration scheme on which

declarant pays tax and penalty, any advance made out of such funds to –

say, the company by way of subscription towards share capital or to

partnership firm as capital contribution, whether confirmation of declarant that

amount paid represented amount declared under IDS will be sufficient

discharge of obligation in the assessments of company/firm to explain source

of amount received from declarant?


1997

5 Will declaration filed u/s. 183 of FA 2016 be final for the taxpayer as also the

tax authority once the acknowledgement of declaration is accepted by the

Principal Commissioner or Commissioner of Income-tax in Form 4?


1997


Open questions!!

Sr. No. Issues CBDT Circular No.

6 In case where declaration is filed by the company or firm or AOP,

whether immunity would be available also to directors of a

company, or partners of the firm and members of the AOP, as the

case may be?

CBDT Circular No. 754

dated 10 June 1997 and

Circular No. 15 of 2015

dated 3 September 2015

7 In case of company making declaration under the Scheme, where

the income declared is represented by an asset held by Director

or shareholder having substantial interest, will such holding of the

asset by concerned director or shareholder attract provision

deemed dividend u/s 2(22) of the ITA

Circular 755 dt. 25 July

1997 & minutes of

ASSOCHAM meeting with

CBDT dt. 23 July 1997 (93

Taxman 162)

8 In case where property held in joint names of husband and wife

and wife’s name was added for the sake of convenience or

safety, will it be sufficient if husband declares the undisclosed

asset?

Circular No. 15 of 2015

dated 3 September 2015


From media sources

► Talkathon on IDS, CBDT Members: Smt. Rani Singh Nair & Shri S.K. Sahai

► All assets acquired through undeclared income covered

► Assets acquired through gifts are explained asset for donee

► Income earned from corruption is not covered

► Taxpayer need not specify source of income. However, needs to confirm income not earned

through corruption, drugs etc

► Benefit of the scheme not available for income earned illegally

► Scheme not applicable for declaration of assets held abroad

► No expenses will be allowed against the undisclosed income

► Default under withholding of taxes is not covered

► Prime Minister Narendra Modi, in 'Mann ki Baat' (Press release dated 26 June 2016)

urges

► promises no questions shall be asked on source of income or asset

► this is "one last chance" to come clean and that there will be no help forthcoming for those who

fail to declare their undisclosed income

► " Brace yourself for difficult times ahead..." :


Thank You !

“This Presentation is intended to provide certain general information existing as at the time of production.

This Presentation does not purport to identify all the issues or developments. This presentation should

neither be regarded as comprehensive nor sufficient for the purposes of decision-making. The presenter

does not take any responsibility for accuracy of contents. The presenter does not undertake any legal

liability for any of the contents in this presentation. The information provided is not, nor is it intended to be

an advice on any matter and should not be relied on as such. Professional advice should be sought before

taking action on any of the information contained in it. Without prior permission of the presenter, this

document may not be quoted in whole or in part or otherwise.”

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