The trend of complication of Russian beer market is going on and in several directions at the same time. The range has got wider, the import and small segments are growing, namely craft beer, alcohol-free beer and special flavor beer. At the same time, all ex-mega brands and light lagers by Russian brewers are experiencing a decline of their shares. AB InBev Efes, Heineken, MBC and Pivzavod Trekhsosenskiy have exceeded the market, Carlsberg was developing slower than the market and Ochakovo as well as some other mid-sized breweries have been cutting down their volumes. To a big extent brewers’ performance was connected to their ability to reach agreement with networks, sacrifice their margin and enter new markets. Craft brewers are facing a serious danger of producers’ registration introduction – de facto licensing. ...
The global outlooks of the legal market of cannabis are excellent. It is possible to simultaneously imagine dry law repeal and craft brewing boom but not in one but in several consumer categories. For alcohol is contained in liquids and cannabis derivatives can be in three physical forms. The value of legal market of cannabis and its products can reach 10% of the world beer market in five years, and in 2030-2040 even reach the same scope provided the current rates of legalization and development of market infrastructure remain at the same level. Cannabinoids are actively integrating into the food industry from chewing gum to beverages deforming the pharmaceutical and alcohol markets, they influence the trends of healthy lifestyle and beauty. ...
Beer market of Kazakhstan acquired both traits of East European countries and South Eastern Asia taking a transitional position between them by many criteria and consumption style. Yet there is a positive trend in beer production which differs Kazakhstan from most of the neighboring countries. The market has remained consolidated in the hands of two international players because of its small size. However, it faces dynamic processes such as fast growth of draft beer sales, up and downs of regional companies and Carlsberg Group’s ultimate expansion. Excessive mainstream segment has declined over the recent years, yet, Zhigulevskoe and national brands with regional links have yielded their positions to a range of new products. In our review special attention was paid to regional analysis of the markets. In 14 regions of Kazakhstan we compared the companies’ positions, the market price segmentation and DIOT channel development. Besides we have compared the beer market of Kazakhstan to neighboring countries. ...
India. Cross-border transfers of intangible assets by foreign entities not taxable: Delhi HC
The Delhi High Court recently passed a long-awaited judgment against attempts by Indian revenue authorities to tax capital gains on cross-border transfers of intangible assets by foreign entities.
As a result of this latest clarification, only capital gains made by foreign entities on cross-border share transactions would henceforth be taxable by Indian authorities under Section 9 of the Income Tax Act.
The landmark verdict was delivered on a challenge made by Foster’s Australia to a May 2008 Authority of Advance Rulings (AAR) determination which deemed the transfer of intangible assets associated with British beer manufacturer SABMiller’s acquisition of Foster’s India over 10 years ago as taxable under Indian law.
The Indian tax authorities had supported the AAR decision on the ground that the transfer of the Foster’s brand name for use in India was taxable as it had acquired domestic licences and gained substantial value through business conducted in this country.
In contrast, Foster’s Australia relied on a strict interpretation of Section 9 of the Income Tax Act, 1961, and contended that the income arising out of a transfer of a brand name could not be taxed in India if the intellectual property rights were held by a foreign entity.
The high court eventually agreed with the Foster’s Australia submissions and contended that the permission given to SABMiller to utilise the brand name was, in fact, a mere “user right” transferred by an overseas body and not amenable to taxation in India under Section 9.
While interpreting the relevant retrospective provision, the court held that the law had created a deeming provision for taxability of capital gains made on indirect transfers of capital assets alone and would not apply to intangible assets such as brand names or logos.
In the absence of a specific provision on the issue, the court concluded that international merger and acquisition norms permitting taxation only at the proprietary location of an asset were to be followed. As such, only the parent country of the transferor would have a right to such taxation, regardless of the usage of the asset in question.
According to Ketan Dalal, senior tax partner, PricewaterhouseCoopers, the judgment was a well-reasoned one. “The fact that a brand has generated goodwill in India or was nurtured here are irrelevant for the purposes of taxation,” said Dalal. “Given the increasing importance of intangible assets and transactions of such nature, international companies will certainly get comfort that one potential hurdle in relation to such transactions seems to have been addressed. Now one only hopes that the tax department will accept this judgment and not take the matter to the Supreme Court.”
- Capital gains made by foreign entities on cross-border share transactions would be taxable
- The landmark verdict was delivered on a challenge made by Foster’s Australia to a May 2008 Authority of Advance Rulings
- The court concluded the international merger and acquisition norms permitting taxation only at the proprietary location of an asset were to be followed
- Only the parent country of the transferor would have a right to such taxation, regardless of the usage of the asset in question
28 Июл. 2016