This thesis focuses on Foreign Direct Investment (FDI) in Angola and on constraints encountered by investors. It discusses the new Investment Law, resulting from a comprehensive law reform in 2003, as well as investment incentives destined to attract FDI into the territory, furthermore: the legal definitions of FDI and of &ldquo / Investor&rdquo / the Angolan private international law / the main constraints (investment barriers) encountered by investors, after and before entering the Angolan territory / the legal protection afforded to investors, and some examples of FDI and their implications in Angola.<br /> <br /> The author also analyses investment and intra-trade within the Sub-Saharan region, Angola under modes 3 and 4 of GATS, and other aspects of foreign (as well as private) investment, including on what has been done and what should still be achieved under the SADC Trade, Finance and Investment Protocol from 2005 onwards. This analysis, it is hoped, will contribute to the better understanding of the implications and benefits of FDI in Angola, considering the recent increase of inflows of FDI, as well, as to what extent and how the Government should continue to control and direct, as well as encourage FDI. To conclude, the impact (positive -negative) of FDI in the Angolan society, economy and for the environment will be discussed. Together with the chapters describing the legal framework for FDI, these parts are intended to provide a better insight into the legal, economic and social background for investing and for doing business in Angola, and what type of protection investors can expect from the country, whilst information and academic materials on this subject matter continue to be scarce and difficult to access.

The aim of this examination was to identify those evolving trends that are common to multilateral agreements some of which have been entered into by African developing countries, bearing in mind the debates and position of African developing countries. The study also aimed at examining the effects of these regulations on African countries especially with key provisions and the kinds of rights and obligations they confer on investors as well as the host country. As there is a need to create a balance between the interest of the host nation and the investor, the study also aimed at identifying if those evolving common trends can be used to establish a guideline for a standard bilateral investment treaty or on the other hand whether they can be used as a template for a multilateral agreement on investment.

China permits foreign investors to establish foreign investment companies limited by shares (FICLBS) together with Chinese domestic investors after 1995. FICLBS are a new form of foreign investment in addition to Sino-foreign Equity Joint Ventures, Sino-foreign Contractual Joint Ventures and Wholly Foreign Owned Enterprises. In the meantime, FICLBS have close relations with and are strictly governed by PRC Company Law. The double nature of FICLBS accounts for many characteristics of FICLBS. As a form of foreign investment, FICLBS are based on the foreign investment regime. FICLBS are governed by the legal provisions relating to foreign investment regime. At the same time, various State and Party policies give various characteristics to FICLBS and make them different from other foreign investment enterprises. As a form of modern company, FICLBS are greatly influenced by both civil law and common law as a result of the policy of joining the world economy. This thesis focuses on the common law influences. The influences of common law on FICLBS are manifest in various respects. On the other hand, various Chinese characteristics are intentionally remained. These Chinese characteristics can be found in many important phases and aspects of FICLBS such as corporate capacity, corporate governance, shares and dividends. The contradicting characteristics of FICLBS are a product of the contradicting State and Party policies underlying them. On one hand, China adopts the opening-up policy and has been making constant efforts to join the world economy. On the other hand, China has always been trying to maintain the so-called Chinese characteristics despite the fact that there is no generally accepted definition of Chinese characteristics. Although China has always been committed to keeping its policies consistent, the unstable nature of the policy basis of FICLBS will inevitably affect the future of FICLBS. However, since the opening-up policy of China will not possibly be reversed in the future, FICLBS will remain available for foreign investors no matter how the specific policies are changed. / Law, Peter A. Allard School of / Graduate

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This dissertation examines how the legal structuring of foreign investment works as a mechanism of political domination. It focuses on two nodes in world economy—Paris and Guinea. I show that political authority in both places has been structured by private foreign capital all the while state-based jurisdictional arbitrage conditions transnational capital. The dissertation is based on three sets of material. The centerpiece is an extended case study of so-far unrealized projects to mine iron ore in the Simandou mountain chain in Guinea. This is based on five months of ethnography in Guinea and the study of over fifteen thousand pages of documents that became public in the investor-state arbitral case BSGR vs. Guinea. Secondly, I rely on one year of ethnography with investment arbitration and project finance lawyers and investment promotion milieus in Paris, especially regarding Africa-directed investments. Finally, the dissertation draws on diverse archives and secondary literature to document the longer history of foreign investment. I draw on and contribute to three separate literatures : (a) work on legal techniques and market devices within Social Studies of Finance; (b) studies of regulatory diversity and uneven development in world economy; (c) empirical studies of moral economies of ordinary economic setups. The first chapter shows how transnational property ownership was conceived as foreign capital between 1870 and 1960 but became to be understood as foreign investment after 1960 shifting the emphasis from foreign ownership to foreigners’ contribution to domestic development. The second chapter studies how foreign investment has come to be seen a major tool for economic development and betterment based on ethnography at investment promotion events and visions of professional excellence of investment intermediaries. Chapters three and four focus on the Simandou case study. Chapter three tells how the Simandou mining contracts were negotiated and how through recourse to stabilization and investment arbitration clauses and integration of English and French law these investor-state contracts partially disembedded Guinean mineral resources from state sovereignty to become international financial assets. The fourth chapter shows how different overlapping ways to structure property over the Simandou mountain chain and its iron ore reserves were unequally scalable with investor-state arbitration backed permits being more easily convertible financial assets than land control via the host-stranger settlement paradigm. This allowed international mining companies to earn financial benefits from holding their Guinean mining titles as foreign property while presenting them as foreign investment.

University of Macau / Faculty of Law

published_or_final_version / Business Administration / Master / Master of Business Administration

Thesis (MComm)--Stellenbosch University, 1998. / ENGLISH ABSTRACT: In the Fifth Interim Report of the Katz Commission recommendations were made on a number of fundamental tax issues, including the distinction between the source and residence principle. The Commission decided that the source principle should remain but that a distinction between "active" and "passive" income should be made. "Active" income should then be taxed on the source principle and "passive" income on the residence principle. With effect from 1 July 1997 exchange controls for South African residents were softened, which meant that South Africans could thereafter invest in foreign countries to a limited extent. To protect the South African tax base, sections 9C and 90 were incorporated in the Income Tax Act with effect from 1 July 1997. Section 9C regulates the taxation of investment income earned in foreign countries. The main purpose of this study was to investigate the taxation of foreign investment income in South Africa. For this purpose a critical analysis of section 9C was done within the context of the recommendations made by the Katz Commission in their Fifth Report. The focus of the study was aimed at the requirements for the exclusion of so-called active investment income according to section 9C(3)(a). In the analysis of section 9C it was necessary to determine where the terms used in the section were derived from. The terms which are not new in the South African tax context were analysed based on the opinions of tax specialists and national case law. The terms which are new in the South African tax context were mostly derived from international models of tax conventions and foreign tax codes. These were analysed according to the use thereof mainly in the Model Tax Convention on Income and on capital of the Organisation for Economic Co-operation and Development and the Commentaries thereon. The critical analysis of section 9C also included the applicability of the section on other sections in the Income Tax Act, a brief commentary on section 90 and the relief provided to taxpayers where the section leads to double taxation. The ability of the South African Revenue Service to collect the tax, the effect of the tax on immigrants and the effect of the electronic future on the tax were also investigated. The conclusion arrived at in this study is that most of the terms in section 9C are based on internationally used terms and could be analysed according to international tax conventions and case law. The South African Revenue Service will have to provide guidelines for the uncertainties and provide measures to rectify the irregularities and inconsistencies found in the section. In the light of further examinations to be done by the South African Revenue Service, based on the recommendations of the Katz Commission in their Fifth Report, section 9C provides a set of internationally accepted principles as a solid base for future regulation. / AFRIKAANSE OPSOMMING: Die Katz-kommissie het in die Vyfde Interim Verslag aanbevelings aangaande 'n aantal fundamentele belastingkwessies, insluitend die onderskeid tussen die bron- en verblyf-grondslag, gemaak. Die Kommissie het tot die gevolgtrekking gekom dat die bron-grondslag behou moet word, maar dat daar 'n onderskeid tussen "aktiewe" en "passiewe" inkomste gemaak moet word. "Aktiewe" inkomste moet dan op die bron-grondslag belas word en "passiewe" inkomste op die verblyf-grondslag. Met ingang 1 Julie 1997 is die valutabeheermaatreels vir Suid-Afrikaanse inwoners verslap wat beteken het dat Suid-Afrikaners voortaan tot 'n beperkte mate in die buiteland beleggings kan maak. Om die Suid-Afrikaanse belastingbasis in die tussentyd te beskerm is artikels 9C en 9D met ingang 1 Julie 1997 tot die Wet gevoeg. Artikel 9C reguleer die belasting van beleggingsinkomste uit buitelandse bronne. Die hoofdoel van hierdie studie was om die belasting van beleggingsinkomste uit buitelandse bronne in Suid-Afrika te ondersoek. 'n Kritiese analise van artikel 9C is gedoen binne die konteks van die voorstelle gemaak deur die Katz-kommissie in die Vyfde Verslag. Die klem van die studie het op die vereistes vir die uitsluiting van sogenaamde aktiewe beleggingsinkomste in artikel 9C(3)(a) geval. Tydens die ontleding van artikel 9C was dit noodsaaklik om vas te stel waar die terme wat in die artikel gebruik is, ontstaan het. Die terme wat nie vir die eerste maal in die Suid-Afrikaanse belastingkonteks gebruik is nie, is ontleed na aanleiding van die menings van Suid-Afrikaanse belastingspesialiste en nasionale regspraak. Die nuwe terme kom meesal in internasionale modelle van belastingkonvensies en buitelandse belastingkodes voor. Die terme is hoofsaaklik ontleed na aanleiding van die gebruik daarvan in die Model Tax Convention on Income and on capital of the Organisation for Economic Cooperation and Development. Die kritiese ontleding van artikel 9C het die toepaslikheid van die artikel op ander afdelings in die lnkomstebelstingwet, 'n kortlikse verwysing na artikel 9D en die verligting beskikbaar aan belastingpligtiges ten opsigte van dubbele belasting, ingesluit. Die invorderbaarheid van die belasting, die effek van die belasting op immigrante en die effek van die elektroniese toekoms op die belasting is ook ondersoek. Die slotsom waartoe die skrywer in hierdie studie gekom het, is dat meeste van die begrippe in artikel 9C internasionaal verstaanbaar is en ontleed kon word, wat die Wet wereldwyd meer aanvaarbaar en verstaanbaar behoort te maak. Die Suid-Afrikaanse lnkomstediens sal egter riglyne ten opsigte van die onduidelike begrippe moet verskaf en die nodige ongelykhede en inkonsekwenthede in die Wet moet regstel. In die lig van verdere ondersoeke deur die Suid-Afrikaanse lnkomstediens, na aanleiding van die voorstelle deur die Katz-kommissie in die Vyfde Verslag, verskaf artikel 9C 'n stel internasionaal aanvaarde beginsels waarop toekomstige regulasies gebaseer sal kan word.