As dealer networks in the automotive sector re-open for business following the COVID-19 lockdown, we share below our main competition law watch outs for suppliers over the coming weeks and months. We know that current market conditions are tempting some people to reach out to their competitors – any competitor contact needs to be managed carefully from a competition law perspective ...
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 ...
On 20 May 2020, the State Administration of Foreign Exchange of China issued the Circular on Supporting the Development of New Forms of Trade (Circular). The Circular summarised previous pilot experiences and, established foreign exchange (forex) policies that are meant to optimise new forms of trade[1]. The Circular has been implemented since the date of its promulgation ...
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 ...
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 ...
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 ...
In light of the COVID-19 public health crisis, the Government of Hong Kong has taken historic measures to restore confidence and liquidity to the economy. Such measures have taken the form of direct subsidies for both employers and employees, individuals and bodies corporate. A salient issue to consider was, however, whether such subsidies would be chargeable to tax ...
If you are thinking about expanding your business to the Chinese market, or you have already started selling in this market, or exhibiting your products at trade fairs or to Chinese partners, it is crucial toprotect your trademark from what are known as “intellectual property hijackers”.Situations of people registering foreign trademarks illegally in China for improper use in their own businesses or for “resale” to other companies are widely known ...
The state contribution for commercial rents to entrepreneurs with forcibly closed establishments is gaining more concrete outlines. If an entrepreneur negotiates a 30% discount on 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. However, the program has yet to be notified to the European Commission before it can be launched ...
Category B has been extended until the end of August 2020 and the government has approved a new form of support – Category C! Are you considering how to maintain employment of your employees and minimize economic losses? Take a look at what financial instruments the state has prepared for entrepreneurs whose employees have been affected, directly or indirectly, by government measures taken to combat coronavirus ...
Covid III is starting and you need to act fast! At its meeting on 18 May 2020, the Government approved by Resolution No. 553 the Covid III guarantee program for self-employed persons and companies employing up to 500 employees. Immediately afterwards, the websites of Českomoravská záruční a rozvojová banka, a.s. ("ČMZRB") published the conditions of the program ...
On 2 June 2020 an amendment to the Compensation Bonus Act was published in the collection of laws, thanks to which, in addition to self-employed persons, some shareholder/members in limited liability companies will also receive this support. Financial offices should commence paying out the bonus to shareholders on the basis of submitted applications no later than 3 June 2020, i.e. the date of effectiveness of the legislative amendment ...
On 19 May 2020, an Act On certain measures to mitigate the effects of the coronavirus epidemic known as SARS CoV-2 on cultural events (Act No 247/2020 Coll, the “Act” ), entered into force. Not only for the field of tourism, but also for the field of culture, the possibility of the organizer to issue a voucher for a cultural event instead of refunding the entrance ticket fee was introduced ...
On May 28, 2020 the Internal Revenue Service (“IRS”) issued proposed regulations providing details for companies that may qualify for carbon oxide sequestration tax credits for qualified carbon oxide that has been securely captured, stored, or disposed of pursuant to Section 45Q of the Internal Revenue Code (the “Code”). Code Section 45Q provides a tax credit on a per-ton basis for CO2 that is sequestered ...
The Amendments to the Agreement on Trade in Services of the Mainland and Hong Kong Closer Economic Partnership Arrangement (Amendment) which was signed on 21 November 2019 has come into force on 1 June 2020. Trade in Services is one of the four major areas covered by the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), under which Hong Kong service suppliers enjoy preferential treatment when entering certain service sectors in the Mainland ...
On 30 May 2020, the Abu Dhabi Media Office posted through Twitter that the Department of Government Support has eased restrictions on some activities and issued a set of guidelines for working from and visiting government entities in Abu Dhabi. The guidelines below come into effect from today, 1 June 2020, and are limited to individuals between the ages of 12 and 60 ...
We are in unprecedented times. The Covid-19 pandemic has swept the globe like a tsunami and it continues to wreak havoc on countries, people and economies. The effects of the pandemic are evident now. For example, the US unemployment rate is presently at 14.7%. In the peak of the financial crisis of 2008, the unemployment rate was 10% ...
On 26 May 2020, the Royal Government of Cambodia (“RGC”) issued a press release and rolled out round 4 of measures aimed at mitigating the impact of COVID-19 on the businesses and workers in Cambodia. These latest measures consist of a combination of new measures and extension of those measures already in place ...
On Thursday, May 28, San Francisco Mayor London Breed announced a preliminary timetable for the reopening of San Francisco businesses, restaurants, and offices. The multi-phased plan, which can be found here (“Order”), is designed to comply with the timeline and guidelines previously announced by Governor Gavin Newsom ...
On 26 May 2020, Dubai Economy published the “Post Eid al Fitr” reopening Guidelines which took effect from Wednesday 27 May 2020 and include updates to the protocols for the wholesale and retail trade including salons and barbershops as well as valet parking. The Guidelines also provide tailored reopening protocols for cinemas, kids salons, auction houses, outsourced government service centres, and various entertainment sectors ...
States’ responses to the global pandemic may, however well-intended, harm the interests of inward investors. Under international public law, those investors have rights and so a spate of investor-State arbitral claims may well be a legacy of the pandemic. Across the world, governments have responded to Covid-19 by introducing emergency measures, which have inhibited social interaction and hampered economic activity ...
The global spread of the COVID-19 coronavirus infection has led to significant changes in the Russian retail trade. This pandemic has forced millions of people to stay at home, avoid public places and, of course, buy less. To adapt to the new features of consumer behaviour, retailers need to promptly respond, adapt, or dramatically change their business processes and strategies ...
Effective at noon today, May 29, 2020, Virginia Governor Northam's Executive Order 63 went into effect, requiring face coverings to be worn in certain circumstances. Specifically, a face covering is required for individuals aged ten and older when "entering, exiting, traveling through, and spending time inside" the following categories of businesses: All retail. Food and beverage, but only when reopened for indoor dining. Personal care/grooming - i.e ...
