According to the annual study “Doing Business” released by the World Bank Group in recent years, China’s business environment has improved greatly during 2018 to 2020, with its global ranking moved up from 78th to 31st. In terms of investment policies, the Chinese government mainly uses the Catalogue of Encouraged Industries for Foreign Investment to facilitate and guide foreign investment in specific industries, fields, and regions in China ...
On August 12, 2020, the State Council of the People’s Republic of China (“State Council”) released theCircular on Further Stabilizing Foreign Trade and Foreign Investment(the “Circular”), in which the Chinese government announced 15 policies aiming to protect foreign trade entities and to keep supply chains stable against the economic fallout of the unabated COVID-19 pandemic. A few key points of the Circular include: 1 ...
On August 18, the Chamber of Deputies and the Senate approved a bill introduced by the government on June 25, which establishes the emergency plan to promote economic recovery and employment. Although in its first phase, the project was modified and approved by the Chamber of Deputies, and rejected by the Senate, the new proposal submitted by the Joint Commission was approved in its entirety by the Congress ...
On Tuesday, August 18, the Congress approved a bill that contemplates several tax measures in order to inject liquidity and promote economic reactivation (the "Bill"). Among other measures, the Bill grants the possibility to Corporate Tax taxpayers who declare effective income according to complete accounting, to instantly depreciate 100% of the value of new or imported fixed assets acquired between June 1, 2020 and December 31, 2022 ...
On June 11, 2020, the General Administration of Customs (“GAC”) released the Measures for the Administration of Imported and Exported Food Safety [draft] (General Administration of Customs of People's Republic of China, 2020) (“Draft Law”) to solicit public comments until July 11, 2020 ...
A major economic crisis has been caused by the pandemic associated with the new SARS-CoV-2 Coronavirus and the COVID-19 disease. In this context, Law 29/2020 was published on 31 July to establish new tax measures to support cooperatives, micro, small and medium-sized enterprises. The aim of these measures it to mitigate the impacts of the pandemic on these businesses ...
The Algarve has been seriously affected by the social and economic impacts of the COVID-19 pandemic. In this context, on 29 July 2020, the Portuguese Parliament published Resolution no. 51/2020 in which it recommend the adoption of a social and economic emergency plan for the Algarve (“Plano de emergência social e económico para o Algarve”) by the Portuguese Government. The recommended measures set out in Resolution no ...
This tax newsletter summarises the recent ruling of CESTAT, Chennai in the case of Commissioner of Service Tax, Chennai vs M/ Repco Home Finance Limited on non - applicability of Service tax on loan foreclosure charges ...
Banco Nacional de Angola (“BNA”) continues to be very active in producing foreign exchange legislation. It recently revised the rules on foreign exchange operations of current invisibles, goods and capital, carried out by resident and non-resident individuals, through Notice 17/20 of 3 August (the“Notice”). The main change made by this notice concerns non-resident foreign workers (“expatriates”) ...
In order to tackle the effects of the Corona crisis, it is planned at EU level to temporarily facilitate the raising of equity capital for companies. This will enable certain issuers to publish a shortened prospectus with only 30 pages instead of a full prospectus to issue shares. Through this, issuers will have the option to issue shares at short notice, without bureaucracy and inexpensively, thereby improving the debt-to-equity ratio in their balance sheets ...
It is no secret that business bankruptcies are surging in the wake of the COVID-19 pandemic. In fact, chapter 11 filings increased 26% in the first half of 2020,[1] and some expect the number of cases to increase even more in the coming months.[2] From retailers to airlines to telecommunications companies, few sectors of the economy are immune. As a result, more and more businesses will face the prospect of one or more of their customers filing chapter 11 ...
The High Court has left the door open for a negligence claim to be pursued against a UK company on behalf of a shipyard worker who fell to his death dismantling an oil tanker at a Bangladeshi yard.1 The vessel had been sold to a buyer on terms requiring it to be scrapped in an environmentally sound manner and in accordance with good health and safety practices ...
China has become the largest emerging market economy and the second largest economy in the world. As a result, many Chinese companies have elected to access the U.S. capital markets for their financing needs. As of June 2020, there are over 200 China-based issuers listed on U.S. exchanges with a collective market capitalization of over $1.15 trillion. With the rising geopolitical tensions between China and the U.S ...
Retired Navy SEALs apparently have a persistence that other taxpayers may not have. Case in point (literally)—Noell Industries, Inc. v. Idaho State Tax Commission, decided on May 22, 2020, by the Idaho Supreme Court ...
Tax and Revenue Income tax The following technical guidelines have recently been published on the Inland Revenue Board of Malaysia’s official website: Garis Panduan Mengenai Duti Setem ke atas Suratcara Pindah Milik Saham bagi Saham dalam Syarikat yang Tidak Tersenarai di Bursa Malaysia Berhad (available in Malay language only) — issued on 23 June 2020 to replace Technical Guideline dated 6 November 2019;Garis Panduan Permohonan untuk Kelulusan Ketua Pengarah Hasil Dal
In an effort to attract more foreign talent to work in the Guangdong-Hong Kong-Macau Greater Bay Area (GBA), the Ministry of Finance and State Administration of Taxation jointly issued a Notice on 14 March 2019, granting Individual Income Tax (IIT) subsidy to overseas (including Hong Kong, Macau and Taiwan) high-end talent and talent in short supply working in the GBA (Circular 31) ...
Key Points Participants in defined contribution retirement plans, such as 401(k), 401(a), 403(b), or governmental 457(b) plans, can skip their required minimum distribution (RMD) payments for 2020. If RMDs for 2020 have already been received, participants have until August 31, 2020 to rollover the RMD into an eligible retirement plan ...
This is a briefing on the issuances as of July 22, 2020 on the following matters in relation to the COVID-19 pandemic: A. Intellectual Property Office (IPOPHL) Suspends Services at its Main Office from July 20 to 27, and Extends Deadlines B. BIR Amends Reportorial Requirements of Banks and Other Lenders that Granted a Grace Period on Loans that were due during the Enhanced Community Quarantine C. New Bureau of Internal Revenue (BIR) Form for Related Party Transactions A ...
“Shield 4.0” extends the deadlines for all obligated entities to file transfer pricing information (TPR), declarations on preparation of local transfer pricing documentation, and enclosures of group transfer pricing documentation. The earlier regulations extended the deadlines only for selected taxpayers ...
On 23 June 2020, the Chinese government announced the Special Administrative Measures (Negative List) for Foreign Investment Access (2020 Edition) (2020 National Negative List) and the Special Administrative Measures (Negative List) for Foreign Investment Access in Pilot Free Trade Zones (2020 Edition) (2020 FTZ Negative List). The 2020 National Negative List and the 2020 FTZ Negative List (2020 Negative Lists) will come into force on 23 July 2020 ...
Resolution No. 61/202 of Chilean Tax Authority amends instructions on Certificate No. 66 on donations and expenses associated with the global outbreak of Covid-19 July 6, 2020 On June 17, the Internal Revenue Service issued the Resolution No. 61 through which it modified the Resolution No. 49, which creates the certificate that recipients must issue for the donations they receive in the context of the health crisis produced by Covid-19. According to Resolution No ...
A ship may be arrested in Malaysia as long as the claim of the arresting party falls under any of the provisions of Section 20(2) and Section 21 of the Supreme Court Act 1981 of England and Wales.Any party that wants to arrest a ship in Malaysia must strictly comply with Order 70 of the Rules of Court 2012 (the ROC 2012), which governs admiralty proceedings in the High Court.On the arrest of a ship, it will not be allowed to work without the sheriff's express permission ...
During these unprecedented times, developers all over the world are actively looking for solutions to deal with underperforming real estate. For developers in the United Arab Emirates (UAE), real estate investment funds (otherwise known as REITs) may offer a solution to the problem. A REIT is a public or private investment fund which is established to invest a certain percentage (as stipulated by law) of its assets in real estate ...
Key Points The cash value of employees’ donated leave time paid to a qualified charitable organization in 2020 under an employer-sponsored leave donation program is not taxable wages or compensation. Employers may take a tax deduction for such payments as a business expense or a charitable contribution ...
