Key issues The EU Insolvency Regulation has ceased to apply to the UK The English court acquires new grounds for jurisdiction under the EU EXIT Regulations Insolvency proceedings opened in an EU Member State may be recognised by the UK courts based on the UNCITRAL Model Law Cross-border insolvencies between the EU and the UK will likely become more time consuming, complex and expensive Recognition of UK scheme of arrangements is subject to the Hague Choice of Court Convention or t
INTRODUCTION Information Communication Technology (ICT) has, without a doubt, greatly impacted virtually every industry, and the communications industry is no exception. Services such as bulk short message service (SMS), online games, data services, telemarketing, text messages and media messages, all of which are often referred to as Value Added Services (“VAS”), now constitute a part of our daily lives ...
“Tax investigation” entails an examination of a taxpayer’s business books, records, and documents as well as his personal documents to ensure that the correct amount of income is reported and tax is calculated as well as paid by the taxpayer ...
Inheritance tax is often assumed to be a rich man's concern, but the recent housing boom means that this is no longer the case. The sharp rise in house prices has completely outpaced tax thresholds, meaning that there has been a huge increase in the number of families who could face large bills for Inheritance Tax (IHT) when the homeowner dies ...
FINANCING AND INTELLECTUAL PROPERTY — MAXIMIZING FINANCING OPTIONS THROUGH INTELLECTUAL PROPERTY ASSETS Steve Boucratie [email protected] In recent years, lenders have demonstrated an increasing interest in intellectual property assets, which may be described as “intangible” assets. This is excellent news for businesses in the knowledge and technologies sector whose main assets are often their intellectual property rights ...
So-called black collective investmentThe legal regulation of collective investment was based on the fact the Collective Investment Act, similar to its predecessor, the Act on Investment Funds and Investment Companies, exclusively regulated the activities of investment funds and investment companies. The new amendment brings fundamental changes in this respect ...
We all know how important advertising is in the business world. Traders use advertisements as marketing tools to inform customers and consumers about their products. With the rise of technology and social media, advertising is now taking diverse forms. Companies are increasingly turning to a more powerful tool, the ‘influencer’, to advertise their products. This phenomenon is also evident locally ...
By Vitas Vasiliauskas, Associate Partner of the law firm LAWIN Lideika, Petrauskas, Valiûnas ir partneriai In December 2010, the most important legislative acts on taxation to be enacted in 2011 were publicised ...
A number of tax figures are adjusted each year for inflation; for 2015, the most significant adjustments for estate and gift taxes are: Unified estate and gift tax exclusion amount. For gifts made and estates of decedents dying in 2015, the lifetime exclusion amount will be $5,430,000 individually or $10,860,000 per couple (up from $5,340,000 or $10,680,000 per couple for 2014). Generation-skipping transfer (GST) tax exemption ...
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 ...
On 4 January 2021, the President of Republic of Indonesia issued Regulation No. 2 of 2021 on the Ratification of the Convention Abolishing the Requirement to Legalize Foreign Public Documents (“PR 2/2021”) (the convention is hereinafter referred to as the “Apostille Convention”). The Apostille Convention was concluded on 5 October 1961 and is intended to simplify a series of formalities for documents signed overseas for the contracting states ...
As a developing country, Indonesia is still considered to have limited Government fiscal capacity and limited state-owned enterprise (Badan Usaha Milik Negara – “BUMN”) and financial sector funding capacity indicating that domestic capacity is not sufficient to meet what is needed to finance development and support economic growth and opportunities ...
Presidential Regulation No. 39 of 2014 on The List of Business Fields that are Closed or Conditionally Open for Investment (the Negative Investment List/daftar Negatif Investasi (DNI)/“Negative List”) was issued recently and became effective on 24 April 2014. This new negative investment list revises and replaces the 2010 regulation. The new Negative List revises the components of the 2010 list classified as: a) closed for investment; and b) conditionally open for investment ...
Article 63 of Government Regulation Number 74 of 2011 on The Procedures for Exercising Tax Rights and Fulfilling Tax Obligations (“Regulation 74/2011”) mandates the promulgation of a Minister of Finance (MOF) Regulation on the suspension of a tax crime investigation ...
With the continuous and rapid advancement of technology and the increase in the use of digital technology, the provision and sale of digital content has become more and more appealing. This is evident from the emergence of a plethora of businesses the activities of which include engaging in the sale of digital content such as video games, ring back tones, music and videos as well as the rise in the demand for digital content sold through mobile phones ...
On 14 August 2012, the Minister of Industry of the Republic of Indonesia issued Ministerial Regulation Number 81/M-IND/PER/8/2012 of 2012 on The Registration of Cellular Phones and Handheld Computers (“Regulation 81/2012”) ...
After 80 years using a very old Dutch trade law (Bedfrijfsreglementerings Ordonnantie 1934, Staatsblad 1938 Number 86), Indonesia has finally introduced its own Bill on Trade. The Bill on Trade was passed by the House of Representatives on 11 February 2014 and will come into effect on 13 March 2014 at the latest ...
Bank Indonesia recently issued Regulation of Bank Indonesia No.13/15/PBI/2011 on Monitoring Foreign Exchange Flow Activities in Non-Bank Institutions (“PBI 13”) which will replace and repeal the following regulations by January 2012: Bank Indonesia Regulation No. 1/9/PBI/1999 on Monitoring Foreign Exchange Flows in Bank and Non Bank Financial Institutions (“Regulation 1/1999”); Bank Indonesia Regulation No ...
The Minister of Communications and Informatics has issued Regulation No. 18 of 2014 on The Certification of Telecommunication Devices and Equipment. This regulation has been in force since 27 June 2014. All telecommunications devices and equipment that are produced, assembled, and imported in and to Indonesia for commercial purposes uses, must satisfy the prevailing technical requirements including a Telecommunications Devices and Equipment certificate ...
Importers are likely to welcome the Minister of Trade’s (MOT) latest move in the import license saga which commenced with a Supreme Court decision of June 2011 striking down MOT Regulation No. 39 of 2010 regarding the import of finished goods by producers. Following the issuance of MOT Regulation 27/2012 (“Reg 27”), and in response to the several concerns which ensued, the MOT recently issued MOT Regulation No. 59/2012 (“Reg 59”) ...
On 30 January 2020, the World Health Organization (WHO) declared that the outbreak of novel coronavirus or COVID-19 constituted a Public Health Emergency of International Concern (PHEIC). The COVID-19 is a respiratory illness caused by a new coronavirus which first originated in Wuhan, Hubei Province, China, the death toll from which has reportedly surpassed 1,000 on mainland China, while confirmed infections have passed 40,000 globally ...
On 24 August 2012, the Minister of Trade (“MOT”) issued Regulation No. 53/M-DAG/PER/8/2012 on Organizing a Franchise Business (“Regulation 53”). Regulation 53 revokes Regulation No. 31/M-DAG/PER/2008 (“Regulation 31”). Direct or Indirect control of Franchise Regulation 53 prohibits franchisors to appoint franchisees with which they have a direct or indirect control relationship ...
On 23 March 2010, Indonesia and Hong Kong signed a new agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income (“Tax Treaty”). To date, the Tax Treaty has not yet been ratified by either country. It is expected that the Tax Treaty will come into force in early 2011 following its ratification ...
The Government of the Republic of Indonesia has entered into over 60 agreements on avoidance of double taxation with other countries. These agreements normally state the scope and the parties who are entitled to avoidance of double taxation benefit. In practice, some parties may abuse the avoidance of double taxation by structuring a transaction in a certain way ...
The new Income Tax Law is Law No. 36 of 2008. It intends to boost the competitiveness of Indonesia's economy and create a favorable investment climate. Under the new law, income tax for corporations will be 28% flat in 2009, replacing the existing progressive system. The rate will be further reduced to 25% in 2010 ...
