On 6 October 2022, as part of the ongoing work of the OECD/G20 Inclusive Framework (“IF”) on Base Erosion and Profit Shifting (“BEPS”) to implement the Two-Pillar solution to address the tax challenges arising from the digitalisation of the economy, the OECD released its progress report for comment. Background The report was prepared for the purposes of obtaining further input from stakeholders on the administration and tax certainty aspects of Amount A ...
The Bangko Sentral ng Pilipinas (“BSP”; the Philippine Central Bank) issued BSP Circular No. 1149, series of 2022 (Guidelines on the Integration of Sustainability Principles in Investment Activities of Banks). The Circular sets expectations on the prudent conduct of investment activities, as well as minimum practices that banks must establish for the management and control of investment-related risks ...
According to news reports issued on October 16, 2022, to further facilitate foreign capital investment in China A shares, the China Securities Regulatory Commission ("CSRC") is considering formulating a special exemption rule for the short swing profit rule ("SSPR")[1] for foreign investors (e.g. qualified foreign investors/QFIs and foreign investors under the Stock Connect scheme) ...
It has been a little over a year since the Financial Action Task Force (“FATF”), an international initiative established to combat money laundering published its Mutual Evaluation Report (“MER”) on South Africa in which it identified major “weak spots” in our compliance processes. The FATF gave the country a deadline of February 2023 to remedy all the deficiencies or face possible grey listing ...
On 10 October, the Government submitted the State Budget Law Proposal for 2023 Parliament Bill 38/XV/1st to the Portuguese Parliament. This budget proposal comes in a demanding economic environment that is characterised by high inflation and the prospects of a slowdown in most economies ...
After more than 10 years, the Department of Finance has finally issued Revenue Regulations (RR) 7-2022, which provides "the policies and guidelines for the availment of tax incentives under the Renewable Energy Act of 2008" ...
Kudun and Partners was invited by the Chartered Institute of Arbitrators (CIArb) Thailand branch to host and provide the opening remarks for CIArb’s first in-person event in several years featuring guest speakers, Kevin Nash, SIAC Registrar and Dr. Vanina Sucharitkul, Chair of the CIArb Thailand Branch ...
Annex II is a list of cooperative jurisdictions maintained by the EU that reflects ongoing cooperation between the EU and its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards. Its purpose is to recognise ongoing constructive work in the field of taxation, and to encourage the positive approach taken by cooperative jurisdictions to implement tax good governance principles ...
Resource rent tax on aquaculture The government proposes to introduce a resource rent tax on aquaculture from 1st of January 2023. The proposal will be circulated for consultation today with a deadline of 3rd of January 2023. The proposal includes a resource rent tax with an effective rate of 40% applicable to the production of salmon, trout, and rainbow trout. The proposal includes a tax-free allowance of between 4,000 and 5,000 tonnes ...
The global trading system has been pushed to its limits since Russia’s invasion of Ukraine 7 months ago. Olesia Kryvetska, a counsel with Asters law firm and head of the Ukrainian Bar Association’s International Trade Law Committee, details the heaviest implications since the beginning of the war, namely soaring commodity and energy prices, food security crises, and supply chain disruptions ...
We would like to take this opportunity to remind our readers that the immovable property tax (“TOIP”) and Unused Land Tax deadlines for 2022 of 30 September 2022 are fast approaching. The 2022 TOIP and Unused Land Tax payment can be submitted at any tax branch or any branches of the following banks: Canadia, ACLEDA, Vattanac, Cambodia Public Bank or ABA Bank ...
<p>Dear valued clients, colleagues and friends,</p><p> </p><p>We are pleased to bring you the latest legal updates for September 2022.</p><p> </p><h2><strong>Financial Services</strong></h2><p><a href="http://www.shearndelamore.com/alerts/2022/Legal_Updates_Sept_1_2022.pdf">Expansion of SRI Sukuk and Bond Grant Scheme</a></p><p><a href="http://www ...
In a recent interview with Mexico Business News, WSG Member Eduardo Kleinberg, Managing Partner at Basham, Ringe y Correa, provided insights on the importance of IP law to ensure a company’s longevity and success. And, discussed how lack of government oversight, support and follow-through of IP Law can result in a country disincentivizing innovation, domestic competitiveness and international investment ...
Many are still of the belief that business income tax (also called corporate income tax (CT)) is only under discussion and its introduction uncertain. That is certainly not the case. The UAE federal government has announced the application of income tax for business activities as of 1 June 2023. Although the law for CT has not yet been issued, we know that the Federal Tax Authority (FTA) (which also administers the VAT) is busy preparing for the introduction of CT ...
As data centers play a crucial role in the growing digital world, many businesses undoubtedly need reliable data hosting services to facilitate better data management ...
What’s happened? On 22 July 2022 Dubai Decree No. 22/2022 (the Decree) came into force with the purpose of encouraging further investment in the Dubai real estate market via the provision of various incentives and privileges aimed towards real estate investment funds ...
Dear valued clients, colleagues and friends, On 23 August 2022, the Malaysia Competition Commission (“MyCC”) launched a public consultation on the proposed renewal of a Block Exemption Order (“BEO”) in respect of liner shipping services covered under a VSA. The renewal application was made pursuant to Section 8 of the Competition Act as the earlier BEO granted expired on 6 July 2022. The press release by MyCC (“Press Release”) is accessible here ...
September 1, 2022 By: Nora Sheriff, Gwenneth O’Hara, and Lillian Rafii On August 19, 2022, the California investor-owned utilities filed a joint motion for official notice at the California Public Utilities Commission (CPUC), saying that the recently adopted Inflation Reduction Act of 2022 (HR 5376) is “directly relevant” to the CPUC’s open net energy metering (NEM) proceeding. The CPUC is currently contemplating a revision to its NEM tariff (referred to as NEM 2 ...
Goods and Services Tax AlertSummons not to be issued to Managing Director, CEO, CFOs of companies routinely By the recent Guidelines for issuance of summons under Section 70 of the CGST Act – Instruction 03/2022- 23 [GST-Investigation], indiscriminate issuance of summons has been discouraged, and officers have been advised to issue summons judiciously ...
Customs AlertEnhancement of Monetary Limits gives relief to Importers and Exporters from Arrest and Prosecution Arrest and Prosecution are the most feared weapons in the armory of the Tax administrator. The recent guidelines introduced by the Government, put restraints on the manner of exercise of these powers to rule out arbitrariness, unfairness and to restrict such actions to serious offenders ...
On August 24, 2022, the IRS issued Notice 2022-36, 2021-15 I.R.B. 986, (the "Notice"), which grants significant penalty relief for taxpayers who failed to file certain tax or information returns for tax years 2019 and 2020. However taxpayers must file their missing returns on or before September 30, 2022, in order to obtain the penalty relief. This Notice presents a rare opportunity to taxpayers who have not filed the requisite returns to avoid onerous penalties ...
The Philippines is party to double taxation agreements (DTAs) with 43 countries. These DTAs contain exchange of information (EOI) provisions, which oblige contracting parties to exchange details that are needed to carry out the provisions of the DTAs or the domestic laws that concern the taxes applicable to the DTAs. To this end, the Bureau of Internal Revenue (BIR) consistently develops its EOI programme and has, in the past decade, circulated administrative issuances to facilitate EOI ...
Ekachai Chotpitayasunon, Pariyapol Kamolsilp, and Kongkoch Yongsavasdikul, partners of Kudun and Partners together with senior associates; Kongwat Akaramanee and Supatra Kerinsaguna, were invited to speak at a seminar organized by the Association of Family Business Entrepreneurs (AFBE) under the topic “Holding & Tax Management – Game Plan for Family Business Sustainability” ...
August 19, 2022 By: Gwenneth O’Hara, Jonathan Kendrick, Mercedes Martin, and Aaron Elster Over the next decade, the United States, through enactment of the Inflation Reduction Act of 2022 (IRA), is primed to make a $369 billion investment in clean energy and climate change programs ...
Under article 253(d) of the National Internal Revenue Code (NIRC), when an association, partnership or corporation commits an act or omission that violates the Tax Code, the penalty "shall be imposed on the partner, president, general manager, branch manager, treasurer, officer-in-charge, and the employees responsible for the violation". This means that any of the persons enumerated may be criminally prosecuted for the corporation or partnership's criminal act or omission under the code ...
