Lance Gokongwei, president and chief executive of Cebu Pacific, the budget carrier’s official name, said new the order includes 30 A321neo (new engine option) and seven A320s. The airline currently operates a fleet of 25 Airbus and eight ATR 72-500 aircraft, the youngest fleet in the Philippines. Cebu Pacific flew more passengers than the country’s flag carrier Philippine Airlines and holds half of the domestic market. Gokongwei said he expects the airline to carry more than 12 million passengers this year. The A320 airplanes will be delivered Continue reading
Budget airline Cebu Air Inc. said Thursday it is buying 37 new Airbus planes for $3.8 billion in the largest single aircraft order ever made by a Philippine airline, allowing it to more than double its fleet by 2021 and expand its international routes.
Filed under aviation news
Jetscape announces the acquisition of a new Embraer E190-100LR aircraft
Jetscape announces the acquisition of a new Embraer E190-100LR aircraft delivered on lease to Air Astana, Almaty, Kazakhstan on May 6, 2011. This follows the delivery by Jetscape of another new E190-100LR to Air Astana on Continue reading
Filed under Uncategorized
Convention on International Interests in Mobile Equipment
Verdrag inzake internationale zakelijke rechten op mobiel materieel (authentiek: en) Tekst geldend op: 26-05-2011)
The States parties to this Convention,
Aware of the need to acquire and use mobile equipment of high value or particular economic significance and to facilitate the financing of the acquisition and use of such equipment in an efficient manner,
Recognising the advantages of asset-based financing and leasing for this purpose and desiring to facilitate these types of transaction by establishing clear rules to govern them,
Mindful of the need to ensure that interests in such equipment are recognised and protected universally,
Desiring to provide broad and mutual economic benefits for all interested parties,
Believing that such rules must reflect the principles underlying asset-based financing and leasing and promote the autonomy of the parties necessary in these transactions,
Conscious of the need to establish a legal framework for international interests in such equipment and for that purpose to create an international registration system for their protection,
Taking into consideration the objectives and principles enunciated in existing Conventions relating to such equipment,
Have agreed upon the following provisions:
Filed under arubaans recht
Protocol to the Convention on International Interests in Mobile Equipment on matters specific to aircraft equipment
Protocol bij het Verdrag inzake internationale zakelijke rechten op mobiel materieel betreffende voor luchtvaartuigmaterieel specifieke aangelegenheden authentiek: (en) (Tekst geldend op: 26-05-2011)
The states parties to this protocol,
Considering it necessary to implement the Convention on International Interests in Mobile Equipment (hereinafter referred to as the Convention as it relates to aircraft equipment, in the light of the purposes set out in the preamble to the Convention,
Mindful of the need to adapt the Convention to meet the particular requirements of aircraft finance and to extend the sphere of application of the Convention to include contracts of sale of aircraft equipment,
Mindful of the principles and objectives of the Convention on International Civil Aviation, signed at Chicago on 7 December 1944,
Have agreed upon the following provisions relating to aircraft equipment:
Filed under arubaans recht
The Russian Federation has acceded to the Cape Town Convention
The status lists for the Cape Town Convention and Aircraft Protocol have been updated to take account of the deposit of an instrument by the Russian Federation on 25 May 2011. The updated lists are available via the following links:
http://www.unidroit.org/english/implement/i-2001-convention.pdf
http://www.unidroit.org/english/implement/i-2001-aircraftprotocol.pdf
Filed under aviation news
THE TAX TREATMENT OF ARUBA COPRORATE ENTITIES IN GENERAL
The Aruban corporate income tax law distinguishes three different categories of taxation for Aruba corporate entities:
Taxable ARUBA CORPORATE ENTITY: As a starting point, an ARUBA CORPORATE ENTITY is a normally taxed company; subject to 28% corporate income tax and upon distribution of profits to non-resident shareholders either 5% or 10% withholding tax applies.
Filed under tax
United Kingdom Planning VAT Changes
On January 4, 2011, the United Kingdom is expected to implement two changes regarding Value Added Tax (VAT) policies. First, aircraft over 8,000 kilograms (17,635 pounds) will no longer be applied a zero rating for VAT purposes. Under current policy, aircraft can be fully imported into the UK allowing for “free circulation” within the 27 EU member states. Continue reading
Filed under aviation news
Blue Sky Case: English Law Aircraft Mortgages vs Aruba Law Aircraft Mortgages
On 25 March 2010, the English High Court ruled on the matter of the validity of international aircraft financing transactions. The facts of the Blue Sky case clarify that England functioned an “off-shore aviation finance jurisdiction” as the aircraft involved were financed and leased by means of English Special Purpose Vehicles, while they were permanently operated in other jurisdictions. Moreover, the parties had “chosen” for English laws. Due to the application of inadequate English laws, more precisely the lex situs conflict of laws rule, a valid English mortgage which was created in an English nationality registered aircraft could not be enforced in English Courts. The reason for this decision was that the airplane was temporarily situated in Amsterdam at the time that the security interest was established. As a result of this case the financier’s claim of U.S. $ 43.1 million was not honored. The English Continue reading
Filed under aviation finance
http://www.offshoreinvestment.com/current_issue/aruba211.html
The BES-islands going Dutch: Constitutional restructuring of the Dutch Kingdom
Lincoln Gomez observes the constitutional restructuring of the Dutch Kingdom. He analyses the new fiscal regime that will operate in the newly formed BES-Islands (Bonaire, Saba and Sint Eustaius) and how this will lead to a brand new, fully compliant fiscal regime located in the Caribbean.
By Lincoln D. Gomez, Gomez & Bikker, Aruba – Thomas Jefferson School of Law
Filed under tax
Constitutional restructuring of the Dutch Kingdom October 10th, 2010
The Dutch Kingdom was chartered by the Charter of the Dutch Kingdom (“Statuut voor het Koninkrijk der Nederlanden”) of 1954. At that time the Dutch Kingdom was formed by three states i.e. the Netherlands, the Netherlands Antilles and Suriname. In 1975, Suriname chose for its independence and the Charter of the Dutch Kingdom was amended accordingly. From 1954 through December 31st, 1985, the Netherlands Antilles consisted of six (6) islands: Aruba, Curacao, Bonaire, St. Maarten, Saba and St. Eustatius. As a result of further constitutional restructuring Aruba became a separate state within the Dutch Kingdom as of January 1st, 1986 (“Status Aparte”). Hence, as of January 1st, 1986, the Dutch Kingdom consisted of three (3) states i.e. Aruba, the Netherlands and the Netherlands Antilles. Each of these jurisdictions had their individual (and different) fiscal jurisdictions. Through the Tax Continue reading
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