On 16 November 2022, the Internal Revenue Department (“IRD”) issued Public Ruling 3/2022, which clarifies how the tax authorities will interpret tax avoidance, underpayment, false or misleading tax information, and tax evasion as provided under Myanmar’s Tax Administration Law (“TAL”). This Public Ruling will take effect on 1 January 2023. A summary of the Public Ruling is provided here ...
On 15 November 2022, the Secretary of the Department of Energy (“DOE”) signed DOE Department Circular (“DC”) No. 2022-11-0034 which amends the Implementing Rules and Regulations of Republic Act No. 9513 (otherwise known as the Renewable Energy Act of 2008). The amendment removes the nationality restrictions on the exploration, development, and utilization of renewable energy resources such as solar, wind, biomass, ocean or tidal energy ...
While originally opened to great fanfare between 2017 and 2019, over the course of 2022 Shell has discreetly closed down all of its UK hydrogen filling stations, citing that "the prototype technology had reached the end of its life". This decision is perhaps not surprising, given the low volume of domestic fuel-cell electric vehicles (FCEVs) on UK roads ...
Shoosmiths’ head of energy and infrastructure (E&I) sector, James Wood-Robertson, details and reacts to the much-anticipated E&I developments and proposals set out in the UK government’s 2022 Autumn Statement ...
Instruction No. 27185 GDT (“Instruction 27185”) on the Display of Tax Registration Documents at Business Premises was issued by the General Department of Taxation on the 14th of November 2022 ...
In March 2022, the Oregon legislature passed House Bill (HB) 4002, which imposes new overtime pay requirements for agricultural workers beginning on January 1, 2023. The bill also establishes a refundable tax credit for eligible employers to help offset all or part of the additional wage expenses attributed to overtime pay ...
On October 21, 2022, the IRS announced in Notice 2022-55 cost-of-living adjustments to the tax-qualified retirement plan dollar limits for 2023. Most of the applicable dollar limits currently effective for 2022 will increase substantially compared with prior years. Below is a summary of the limits that are generally relevant for most retirement plans. Effective January 1, 2023: The elective deferral limit for 401(k), 403(b), and eligible 457(b) plans is increased from $20,500 to $22,500 ...
Under Notice 2022-33, the Internal Revenue Service (IRS) has extended the deadline for adopting amendments to qualified retirement plans and individual retirement accounts (IRAs) to reflect certain changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the Bipartisan American Miners Act of 2019 (Miners Act), and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) ...
Tackling base erosion and profit shifting remains a priority for the National Treasury and the South African Revenue Service (“SARS”). It was recently reported that in the 2021 fiscal year, SARS dealt with 345 cases of transfer pricing, base erosion and profit shifting to the value of almost ZAR12-billion. Yet, only three South African courts have dealt with transfer pricing ...
In November 2022, South Africa is expected to present a report to the Financial Action Task Force (“FATF”) on the steps it has taken to address the shortcomings identified in the Mutual Evaluation Report concluded last year ...
Instruction No. 26118 GDT on the Use of Official Exchange Rate for Self-Assessment Taxpayers dated 28 October 2022 (“Instruction 26118”) has abrogated Instruction No. 10362 GDT, dated May 17, 2022 (“Instruction 10362”) ...
With this continued interest, a number of Singapore are managers using Jersey as the jurisdiction in which to domicile their funds. This choice is driven by several factors. Singapore tax treatment of digital assets. Digital assets do not fall within the definition of a “designated investment” for the purposes of Singapore tax legislation. This means that a Singapore domiciled fund will be subject to tax in the country, and such tax leakage is hugely unattractive to investors ...
Contents Please click on the links below to jump to the relevant section: Cayman fund vehicles Cayman fund regulation Mutual Funds Act Private Funds Act Additional regulatory obligations Penalties Cayman fund vehicles The Cayman Islands has the following range of vehicles that are typically used as investment funds: Exempted company Segregated portfolio company Limited liability company Exempted limited partnership Unit trust Exempted companies and segregated portfol
Thanyaluck Thongrompo, partner of Kudun and Partners, was invited to be a speaker at the Faculty of Law, Maejo University on the topic “International Trade: Regulatory Issues on Import and Export” where she shared her knowledge and experience in handling import and export matters in Thailand. This webinar is a part of the law students’ academic program that focuses on Law of Cross-Border Trade Economics ...
The Royal Government of Cambodia will continue its relief measures to mitigate the economic impact of Covid-19 and support the recovery of the country’s tourism sector, according to an official announcement on 25 October 2022 ...
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 ...
Alleged base erosion and profit shifting activities of multinational enterprises (“MNEs”) have been a hot issue globally and therefore the chances of an MNE being confronted with a transfer pricing audit have increased substantially over the last few years ...
Due to the impact of the COVID-19 pandemic, many employers have seen an increased demand for international remote working arrangements. We have briefly touched upon the OECD guidelines relevant to these arrangements in a prior article ...
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) ...
With the government’s widely publicised plan to end the sale of new petrol and diesel cars in the UK by the end of the decade comes a secondary issue – the need for an extensive electric vehicle (EV) charging infrastructure to support an exponential increase in the number of EV cars on the road. Rollout of EV chargepoints is significantly behind what is needed to meet the predicted demand from 2030 ...
That’s the question Shoosmiths and Cornwall Insight’s recent report sought to answer, investigating the role the Battery-as-a-Service (BaaS) model could play as part of the UK’s electric vehicle charging network. In a new video, Jonathan Smart, partner and head of mobility at Shoosmiths, discusses the BaaS model, which enables electric vehicle owners and business fleets to swap out depleted batteries for fully charged ones at a service station via a subscription service ...
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 ...
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 ...
