Source: Nair      Australia is working towards strengthening its privacy laws for both public sector and private companies based in the country. The Privacy Amendment (Enhancing Privacy Protection) Bill 2012 was passed by the Federal Parliament on November 29, 2012 and is expected to be effective from March 2014. It will make sure companies adhere to stringent privacy requirements. In case of non compliance, businesses operating in Australia may face more sanctions. MORE 

Cashless Stock Option Exercise Shares - Use Better-Than-Average ACB 

Source: KPMG  In certain circumstances, a taxpayer may be able to isolate the adjusted cost base (ACB) of newly purchased stock option shares by treating them as a class of shares that is separate from other identical shares that the taxpayer already owns. To qualify for this separate class treatment under subsections 7(1.31) and 47(3), certain conditions must be met, including that the stock option shares must have been bought and sold within a 30-day period. Choosing this alternative allows the taxpayer to minimize the taxable capital gain resulting from the disposition of the newly acquired stock option shares. MORE 

Announcement of EU plans for company law and corporate governance modernization 

EU Focuses On ESOPs: Employee Participations Are A Long-Term Item On The European Agenda

Employee Shareholder Status

Govt U-turn Gives CSOP Schemes New Lease of Life

Source: WS&B   Company share option plans will be retained and not merged with the enterprise management incentive scheme the government has revealed.  A range of measures are also set to be introduced that the government believes have the potential to make CSOP more attractive, flexible and simple for businesses and participants. MORE

Share Scheme Self-certification Given Go-ahead

Source: WS&B   HM Revenue and Customs has given self-certification of share incentive plans, save as you earn and company share option plans the green light.  The changes are expected to be implemented in 2014 alongside the introduction of online filling for returns and changes to SIP, SAYE and CSOP rules about scheme features. MORE

New Tax Rates in Effect for 2013

Source: Baker & McKenzie   Last minute maneuvers in Washington DC lead to the passage of new tax legislation, the American Taxpayer Relief Act of 2012, late on January 1, 2013. The tax legislation came one day after the United States "went over the fiscal cliff." However, Congress passed on Tuesday and the President ordered signed into law late on Wednesday legislation that is retroactive to the beginning of the new year. Under the new legislation, tax rates will increase for all US taxpayers, but the majority of the tax cuts that took place in 2001 and 2003 will remain in place. MORE 

FBAR Filing Deadline Further Extended to June 30, 2014 for Certain Employees and Officers with Signature Authority Over Foreign Financial Accounts

Annual Notices for ISOs and ESPPs due January 31, 2013

Source: Ropes Gray  Each January, companies that grant incentive stock options (ISOs) are required to provide notices to current and former employees who exercised ISOs during the preceding calendar year. Similar notices must be given to current and former employees who transferred title to stock acquired under an employee stock purchase plan (ESPP) - for example, into a brokerage account or to a purchaser. The notice deadline for 2012 reportable events is January 31, 2013.