The phrase ‘national security’ is at the heart of but not defined in the National Security and Investment (NSI) Act 2021. There are some insights from related legislation and other sources, but the absence of definition means there is legal and consequently business uncertainty. From 4 January 2022 when the NSI Act 2021 came into full effect, the meaning of national security became crucial to M&A activity concerning the UK ...
GLIMPSES OF UNION BUDGET 2022 With the economy riding on the twin waves of rapid economic growth and increased tax collections, the Union Budget for 2022-23 was presented by the Hon’ble Finance Minister on February 1, 2022. A wide gamut policy and tax matters were outlined by the Minister in her speech, many of which found its way into the Finance Bill. We have put together the key takeaways for direct tax and indirect tax from the Union Budget. Trust this would be helpful ...
HIGHLIGHTS OF UNION BUDGET 2022-2023 Key Indirect Tax Proposals Special Economic Zones Act to be replaced Special Economic Zones Act is set to be replaced with a new legislation, under which Customs administration would be IT driven, and a Customs National Portal would be set up for this purpose. This is being done to encourage paperless processing and ease of doing business ...
HIGHLIGHTS OF UNION BUDGET 2022-2023 Key Direct Tax Proposals Personal Taxation Tax rates, TDS rates, Standard deduction and relief for savings etc. remain unchanged. Rates of surcharge have been rationalized in case of Long - term capital gain other than listed shares, and for Cooperative societies. Medical relief provided by employers or any other person in relation to COVID-19 will be exempt from F.Y. 2019-20 onwards ...
The UAE Ministry of Finance announced on 31 January 2022 the introduction of Corporate Tax (CT) commencing from June 2023. In the latest UAE initiative to diversify government income, UAE CT will build upon the tax infrastructure established following the introduction of a Value Added Tax regime in 2018. UAE CT is a Federal tax and will therefore apply across all Emirates, with the Federal Tax Authority responsible for administration and compliance of the UAE CT regime ...
The UAE Ministry of Finance announced on 31 January 2022 the introduction of Corporate Tax (CT) commencing from June 2023. In the latest UAE initiative to diversify government income, UAE CT will build upon the tax infrastructure established following the introduction of a Value Added Tax regime in 2018.UAE CT is a Federal tax and will therefore apply across all Emirates, with the Federal Tax Authority responsible for administration and compliance of the UAE CT regime ...
U.S. Citizenship and Immigration Service (“USCIS”) announced on January 28, 2022, that this year’s annual application period for the FY 2022 H-1B program will run from March 1, 2022, through March 18, 2022. Continuing the new electronic registration process that USCIS implemented for the first time two years ago, employers seeking new H-1B visas must register electronically with USCIS during the 16-day window. USCIS will then review all registrations submitted ...
Someone at IRS’s Chief Counsel Office realized the Service may have a qualified small business stock (“QSBS”) interpretation problem. After the IRS released multiple private letter rulings (“PLRs”) with favorable guidance on what constitutes a qualified trade or business under IRC section 1202(e)(3), IRS Chief Counsel appears to have had enough. Chief Counsel Memo (“CCA”) 202204007 (Nov ...
Is the unitary business principle the sole test for determining whether a state can tax an apportioned share of a non-domiciliary’s capital gains under the U.S. Supreme Court’s Due Process Clause and Commerce Clause jurisprudence? Jaye A. Calhoun, Bruce P. Ely, and Kelvin M. Lawrence believe so, and discuss its relevance in the last of a two-part series focusing on a closely watched case currently on appeal before the Massachusetts Supreme Judicial Court ...
Introduction Non-liability clauses are often included in many types of contracts. In principle, they are valid and used to limit (limitation of liability clause) or eliminate (exoneration clause) the liability of a party with respect to its obligations contained in a contract. The recent unanimous decision of the Supreme Court of Canada confirms that under Quebec law, parties may limit or exclude their liability in a contract by mutual agreement ...
Key Points Employers that claimed a tax credit for qualified COVID-related leave paid to employees in 2021 must report the amount of leave paid in Box 14 of the employee's 2021 Form W-2 or on a separate statement. The reporting requirement is new for 2021 for governmental employers, because those employers were not eligible for a tax credit for COVID-related leave paid in 2020 ...
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) are seeking to improve the operational resilience of the UK financial sector. This applies to many organisations, including: banks building societies, PRA-designated investment firms and insurers. The new rules and guidance will come into force on 31 March 2022. By then, firms must have identified any vulnerabilities in their operational resilience ...
Dear valued clients, colleagues and friends, We are pleased to bring you the latest legal updates for January 2022 ...
The Coronavirus Aid, Relief, and Economic Security (CARES) Act assigned the U.S. Department of Treasury Office of Inspector General (OIG) responsibility for compliance monitoring and oversight of the receipt, disbursement, and use of payments from the Coronavirus Relief Fund (CRF Payments). OIG has also been given the authority to recoup CRF Payments in the event OIG determines that a recipient did not comply with Treasury regulations governing the use of CRF Payments ...
Union budget 2022-2023 Expectations Overview The economy of the resurgent India is expecting a road map with the upcoming Union Budget 2022-23. The Budget speech is likely to pen down new reforms and policies that helps the economy to maintain a sustained growth rate. Accomplishing this shall rather be dependent on the ability and the capacity to locate additional revenue sources by striking a balancing of the expenses ...
In a statement to Parliament on 14 December 2021, John Swinney, the Deputy First Minister, confirmed the appointment of Court of Session judge Lady Poole as the chair of the Scottish inquiry into the COVID-19 pandemic. The Scottish Government also announced the terms of reference for the public inquiry on the same date, with the inquiry investigating the period between 1 January 2020 and 31 December 2022. You can read the full ministerial statement here ...
The living sector will continue to provide opportunities and challenges for investors, developers and residents, alike. The government is set to turn the page on pandemic restrictions, with most set to stop in England on 26 January. Time will tell if this will be the year when we can get back to a more normal way of life, but one thing we can be sure of is that the living sector will continue to provide opportunities and challenges for investors, developers and residents, alike ...
The importance of being truthful on immigration forms has been thrust into the international spotlight this week, thanks to tennis star Novak Djokovic who has been deported from Australia. Whilst the ins and out of the refusal are up for discussion, one thing is clear is that the information on his application about where he has been during the fourteen days prior to his arrival in Australia was not correct ...
‘The right to disconnect’ was a popular topic during 2021 and provides for an interesting discussion - should there be a legal right in the UK for employees to disconnect from their workplace? The phrase which may bring joy to an employee’s ears but potentially not so much to those of an employer is the ‘right to disconnect’ ...
Key Points U.S. Army Corps of Engineers finalized a rule renewing nationwide permits under the Clean Water Act for projects involving discharges of dredge or fill material to jurisdictional waters. The Army Corps also issued new nationwide permits, such as for water reclamation and reuse facilities and for activities involving water, stormwater, and wastewater utility lines. These new nationwide permits create opportunities to expedite permitting for certain infrastructure projects ...
In the beginning of the new year 2022, it is a good time to take look back to the previous year 2021 and to have a look at reforms and amendments coming up during 2022 within the field of employment law. In addition to legislative changes, collective bargaining negotiations have lately been a hot topic as many collective bargaining agreements are up for renewal and some generally applicable collective bargaining agreements will not be renewed ...
