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Bulgaria COVID-19 Tracker
Boyanov & Co., July 2020

Business in Bulgaria is experiencing a challenging legal environment in the context of rapidly changing emergency measures dealing with the COVID-19 pandemic. We have prepared a summary of the key legal measures affecting business in the BULGARIA COVID-19 TRACKER. It will be updated daily, as necessary. Please check regularly for updates. If you have questions, please contact a member of our C19 Task Force...

Tax and Customs Matters During Movement Control Order ("MCO") and Conditional MCO Period
Shearn Delamore & Co., July 2020

The Inland Revenue Board (“IRB”) has published an updated list of Frequently Asked Questions (“FAQ”) on tax matters arising during the MCO and CMCO period. For the updated FAQ (as at 10 June 2020), please refer to this link.  The Royal Malaysian Customs Department (“RMCD”) has also recently issued two updated announcements pertaining to payment of taxes due during the MCO and CMCO period. Find information here and here...

COVID Program - RENT Before Starting (UPDATE 02)
Kocian Solc Balastik, June 2020

The state contribution for commercial leases to entrepreneurs with forcibly closed establishments will be launched on June 26, 2020 at 9 AM. If the entrepreneur has negotiated a 30% discount on the rent from his landlord, he will be able to apply for state support in the amount of 50% up to a ceiling of CZK 10 million for the period from April to June...

Protection for Commercial Tenants in Alberta Now Available in the Wake of COVID-19
Lawson Lundell LLP, June 2020

Protection for commercial tenants, similar to what was previously announced in British Columbia, is now potentially coming to Alberta. See the Alberta government’s news release, dated June 16, 2020. On June 16, 2020, the Alberta government introduced Bill 23: the Commercial Tenancies Protection Act, which is intended to protect commercial tenants from evictions and lease terminations during the COVID-19 pandemic...

Repricing Underwater Stock Options
Hanson Bridgett LLP, June 2020

Key Points Before undertaking a stock option repricing program, consider the tax impact on employees holding incentive stock options (ISOs) Additionally, consider the corporate and securities laws that govern repricing programs Introduction Stock options are a vital form of compensation at a wide range of privately-held companies.1 Stock options are intended to motivate employees to drive stockholder value and are used as an employee retention tool...

Buchalter COVID-19 Client Alert: Financial Accommodations for Airport Tenants in Response to COVID-19
Buchalter, June 2020

Airport sponsors and their legal counsel have been forced by the COVID-19 pandemic to exercise judgment and make tough decisions regarding the financial accommodations they will offer their commercial aeronautical tenants to help them weather the current storm...

COVID-19 in Latvia: FAQs by Taxpayers
COBALT, June 2020

Does the State plan to keep special support measures in the field of taxation for taxpayers after the end of emergency situation? Yes, on 10 June 2020 the Law on Overcoming the Consequences of the Spread of Covid-19 Infection came into force, by which, inter alia, the following measures are maintained...

Can a Contractor Sue on a Quantum Meruit Basis after Terminating a Contract for Repudiation?
Deacons, June 2020

In the recent case of Peter Mann v Paterson Constructions Pty Ltd [2019] HCA 32, the High Court of Australia had to consider whether remuneration for work and labour done by the Respondent for the Appellants under a domestic building contract, before the contract was terminated by the Respondent’s acceptance of the Appellant’s repudiation, was recoverable by the Respondent under the contract, or alternatively, as restitution for unjust enrichment (on a quantum meruit basis) a

IRS Clarifies Eligible Like-Kind Property Under Proposed Section 1031 Regulations
Hanson Bridgett LLP, June 2020

Key Points IRS proposed new regulations for like-kind exchanges under section 1031. The guidance provides the definition of real property and treatment of incidental personal property in the section 1031 context. On June 11, 2020, the IRS released proposed regulations for like-kind exchanges under Internal Revenue Code (the "Code") section 1031 to incorporate the Tax Cuts and Jobs Act ("TCJA") changes...

Myanmar Tax Update: Additional COVID-19 Tax Relief for Businesses in Myanmar
DFDL, June 2020

The Ministry of Planning, Finance, and Industry (“MOPFI”) issued Notification No 65/2020 (“Notification 65”) which outlines additional forms of tax relief that can be availed by businesses affected by the COVID-19 pandemic in Myanmar...

Resumption of Mergers and Acquisitions: What May Change After the Crisis
Lavery Lawyers, June 2020

The COVID-19 crisis has significantly slowed economic activity in all respects. The area of corporate mergers and acquisitions is no exception, and the level of activity, which was high before the crisis, has dropped significantly because of it. It is difficult to predict when and at what pace such activity will resume, but we expect that, like many other sectors of the economy, this market will be different from what it was before the crisis...

Proposed Legislation Would Create New Protections for Michigan Residential Borrowers and Tenants During States of Emergency
Dykema, June 2020

In response to the ongoing COVID-19 crisis and its resulting adverse effects on the income levels of Michigan residents, a package of bills (2020 SB 912 through 2020 SB 917) was introduced earlier this month to provide additional protections for residential tenants and owner-occupants during a declared state of emergency...

IRS Provides Relief for Projects Eligible for Investment Tax Credit and Production Tax Credit
Dykema, June 2020

On May 27, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-41 (“Notice”) providing COVID-19 relief for businesses seeking to qualify for the production tax credit for renewable energy facilities under Section 45 (“PTC”) of the Internal Revenue Code (the “Code”) and investment tax credit for energy property under Section 48 (“ITC”) of the Code...

Cross-Border Transactions in Times of Pestilence
Wardynski & Partners, June 2020

The difficulties in international transport caused by the pandemic may have a major impact on VAT settlements of Polish exporters. These complications may carry over to the possibility of applying the 0% VAT rate, thus affecting taxpayers’ cash flows. Restrictions caused by the state of epidemic may affect the possibility for businesses to apply the 0% VAT rate...

Discontinuation of Projects due to the COVID-19 Pandemic: Tax Implications
Wardynski & Partners, June 2020

One of the consequences of the pandemic and the resulting economic crisis may be the need for some taxpayers to discontinue projects...

COVID Relief for Qualified Opportunity Funds
Hanson Bridgett LLP, June 2020

Key Points IRS releases new COVID-19 relief for Qualified Opportunity Funds Taxpayers granted significant postponement of various timing requirements to ensure compliance with IRC section 1400Z-2 The IRS released Notice 2020-39 on June 4, 2020, providing significant relief for investors in qualified opportunity funds (QOFs)...

COVID-19 Special Newsletter - Spain June 1 to June 14
Garrigues, June 2020

Preparation of financial statements and corporate income tax, recommencement of time periods, remote trials, gradual return to workplaces, insolvency proceedings and compliance with criminal law In a new edition of our COVID-19 Special Newsletter, we examine the key new legislation approved over the past two weeks in all areas of business law...

Government Releases Commercial Rent Relief Package
MinterEllisonRuddWatts, June 2020

You may well have seen announcements in the media last week around a Government ‘rent relief package’ for commercial tenancies affected by COVID-19, which involves an implied rent relief clause to be incorporated into ‘qualifying’ leases, and a compulsory arbitration scheme that will apply where parties are unable to agree a fair abatement of rent...

The Hungarian Trust: A Transparent Solution for the Legal Protection of Assets and Succession Planning in Family Businesses
Szecskay Attorneys at Law, June 2020

The most general reason for setting up a trust is to ensure the effective and professional legal protection of assets. Contrary to a private foundation, there is no legal requirement to set forth a specific objective for the trust...

Five Things to Know About the Pre-Launch Update to the Main Street Lending Program
Lowenstein Sandler LLP, June 2020

Certain provisions of the coronavirus economic stimulus legislation are subject to the ongoing issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified, revised, or added...

Notice 2020-39: IRS Provides Relief to Qualified Opportunity Funds and Investors Related to COVID-19 Pandemic
Dykema, June 2020

The Novogradac Opportunity Zones Working Group (the “Novogradac Group”) recently wrote to the Commissioner of the Internal Revenue Service (the “Commissioner”) and the Assistant Secretary for Tax Policy of the Department of the Treasury...

Tax Deferral of Employers Portion of Social Security Taxes Under Section 2302 of the CARES Act Now Available for PPP Borrowers Without Exception
Dykema, June 2020

Pursuant to the Paycheck Protection Program Flexibility Act of 2020, which was enacted into law on June 5, 2020, taxpayers who take out a loan under the Paycheck Protection Program (“PPP”) of the Coronavirus, Aid, Relief and Economic Security Act (“CARES Act”), all or a portion of which is subsequently forgiven, may now also take advantage of the tax deferral of the employer’s portion of the Social Security taxes under Section 2302 of the CARES Act...

Circular No. 38 and Resolution No. 56: Tax Authority Gives Instructions on the Temporary Reduction of the Stamp Tax Rate
Carey, June 2020

On May 25, 2020, the Chilean IRS issued instructions on the temporary decrease to 0% of the Stamp Tax rate accrued between April 1 and September 30, 2020 (the "0% Rate Term"). In general terms, the Circular establishes the following: Although this is a transitory decrease, it benefits extensions and renewals made during the 0% Rate Term, which are linked to documents originally granted and taxed. This represents a change of criteria by the Chilean IRS...

CEQA Reform in the COVID Era? The California Senate Housing Production Package Moves Forward
Hanson Bridgett LLP, June 2020

Key Points A five bill, California Senate housing package heads to Appropriations after unanimously passing key committee votes last week. CEQA streamlining, increasing density, and affordable housing remain top priorities, including one bill seeking to incentivize commercial use conversion to residential use...

External Circular No. 019 -2020 of the UPME
Brigard Urrutia, June 2020

Regarding its functions, the UPME has been monitoring the demand for electrical energy and natural gas on a daily basis, in order to identify the impact of the measures taken to mitigate the effects of COVID-19 on the consumption of these energies. The following conclusions have been reached from this monitoring: Energy demand fell in April by 16.92% compared to the average scenario projected by the UPME and by 11.10% so far in May...



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