PPP Loan Forgiveness IFR Revisions and Revised Application, Key Observations Part V Once again, the SBA is doling out guidance in small doses, solving some questions, creating new questions and leaving most questions still unanswered. On June 16, 2020, the SBA issued a revised PPP Loan Forgiveness Application, along wit hrelated instructions, and new PPP Loan Forgiveness Application Form 3508EZ, also with related instructions ...
The sale of a business is often the most significant business transaction in an entrepreneur's life. In addition, the net proceeds from such a sale often represent an entrepreneur's only retirement fund. Therefore, it is crucial to maximize such proceeds by reducing or deferring the taxes resulting from the transaction as much as possible ...
On 14 May 2020, the People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission (CBIRC), the China Securities Regulatory Commission (CSRC) and the State Administration of Foreign Exchange (SAFE) unveiled the Opinions on Providing Financial Support for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area (together the Opinions, available here in Chinese). The Opinions propose 26 measures to implement the following policy goals: 1 ...
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 ...
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 ...
The UAE has introduced Cabinet Resolution 31 of 2019 (as amended) (the Economic Substance Regulations) which apply to UAE onshore and free zone entities that undertake, and earn an income from, any of the Relevant Activities (listed below): Banking Business Insurance Business Investment Fund Management Business Shipping Business Holding Company Business Lease-Finance Business Distribution & Service Centre Business Headquarters Business Intellectual Property Business The Re
While the world contends with the COVID-19 crisis and its economic and financial impact, China is quietly opening its doors to its financial sector, inviting more foreign financial institutions, banks, insurance providers and other financial service companies to set up shop in China. On March 27, the Chinese government granted approval for both The Goldman Sachs Group Inc ...
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 ...
Analysis of the changes to the special legal rules onthe credit and financing moratorium. Through Decree-Law 26/2020 of 16 June (“DL 26/2020”), the Government has approved, a set of amendments to the special rules onthe moratorium on financing approved by Decree-Law 10-J/2020 of26March ...
Considering the Covid-19 pandemic, the Agriculture and Livestock Service (Servicio Agrícola y Ganadero, "SAG") issued the Exempt Resolution No. 3,439, dated May 19, 2020 to update the Program of Exports of Origin. (View update here.) This Resolution was published in the Official Gazette on June 10, 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 ...
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 ...
One of the consequences of the pandemic and the resulting economic crisis may be the need for some taxpayers to discontinue projects ...
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 ...
Myanmar continues to generate intense investor interest in what remains one of the world’s largest frontier markets. Ever since 2011 when the country first opened its doors to foreign investment and participation, its economy has continued to surge with greater diversification of its markets and deepening sophistication of its consumer base ...
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) ...
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 ...
