Overview On the 16th of May 2023, the New Law on Taxation (“New Taxation Law”) was promulgated by Royal Kram No. NS/RKM/0523/004. The New Taxation Law abrogates the Law on Taxation, promulgated by Royal Kram No. NS/RK/0297/03, dated February 24, 1997 (“Former Taxation Law”), and the Law on Amendment to the Law on Taxation, promulgated by Royal Kram No. NS/RK/0303/010, dated March 31, 2003 ...
Overview The Law on Trusts promulgated on 2 January 2019 provides the legal framework for the creation, registration and inspection of trusts in Cambodia. To facilitate the implementation of the Trust Law, the Trust Regulator on 3 November 2022 issued Prakas 051 on the Formalities and Procedure for Inspection of Trusts (“Prakas 051”). Prakas 051 applies to the inspection of activities and operations related to the trust sector in Cambodia ...
Two months ago, we published an article speculating how the UK government may look to regulate generative AI such as OpenAI’s ChatGPT and Google’s Bard, as part of its broader approach to AI regulation in the UK. On 29 March 2023, the government unveiled its White Paper entitled ‘A pro-innovation approach to AI regulation’ ...
On 27 April 2023, the ECJ (Case C-537/20) ruled that Article 63 of the Treaty on the Functioning of the European Union (the “TFEU”) must be interpreted as “precluding legislation of a Member State which makes non-resident specialised property funds partially liable to corporate income tax in respect of the income from property which they receive in the territory of that Member State, whereas resident specialised property funds are exempted from that tax” ...
In the last few months, the UAE authorities have introduced a number of measures intended to increase the number of UAE nationals who are employed in the private sector. The Emirati Cadres Competitiveness Council (Nafis) program, originally established in 2016 with the aim of attracting UAE nationals to the private sector, has been reinvigorated ...
Progression of developments in technology have always led to impacts on the general workforce. With increased international focus on the speed of AI development and use, what could the impacts be of AI be on today’s workforce? The BBC have recently covered that “a March 2023 report from Goldman Sachs estimated that AI capable of content generation could do a quarter of all the work currently done by humans ...
On May 9th, 2023, Law No.21,565 of the Ministry of Women and Gender Equity was published in the Official Gazette, which establishes a regime of protection and integral reparation for victims of femicide and femicide suicide and their families. The objective of this law is the creation and strengthening of effective and necessary actions by the State for the attention and integral reparation of the damage of the victims of femicide and femicide suicide ...
The wait is finally over as the Digital Markets, Competition and Consumers Bill (Bill) passes through Parliament with aims of introducing numerous protections for consumers, including powers to clamp down on fake reviews. The pandemic was the catalyst in the rise of online shopping meaning that consumers rely heavily on online reviews, more so now than they used to ...
Why is ESG of importance to charities when they already make such a positive difference to society? Because there is still much to be done about how charities undertake their valuable work, and many do not yet communicate to stakeholders all the things they do well, in a systematic and measurable way. And because two thirds of millennials consider the social and environmental commitments of an organisation when deciding where to work ...
SyCipLaw's Banking, Finance & Securities Department's Banking Bulletin for April 2023 features the latest issuances from theBangko Sentral ng Pilipinas(BSP or Central Bank of the Philippines), which includes the amendment of the miscellaneous rules on deposits and the issuance of rules on mediation and adjudication of financial consumer complaints: BSP Amends Miscellaneous Rules On Deposits On December 14, 2022, the BSP issued Circular No ...
SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) has just published the SyCipLaw TMT and Data Bulletin covering significant Philippine legal and regulatory developments in the technology, media, telecommunications and data space, from late 2022 to the first quarter of 2023. It also notes links to podcasts and materials relating to TMT and dataPLUSa commentary on whether AI can replace a local counsel ...
As a matter of important update that may impact potential and scheduled payments of dividends, interest, royalties and other similar “passive types” of income from Russia, please be informed that on 18th of May 2023 Russian Media has announced that Double Tax Treaties (the “DTTs”) with “Unfriendly States” will be temporarily suspended by the Presidential Decree in June 2023 ...
The IDP is valid for 10 years (unless extended) and the States are required by law to keep it under review. The DPA was about to embark on a review in 2020 but this was put on hold due to the COVID-19 pandemic. Last year, the States approved an action to carry out a targeted review of the IDP between 2023 and 2025. The review The review commenced on 25 January 2023, and it focuses on amending certain policies to meet government priorities ...
The Digital Markets, Competition and Consumers Bill's granting of power to the Competition and Markets Authority to impose financial penalties has grabbed the headlines. The Government’s press release published alongside the Bill boasts that the CMA will be able to fine businesses up to 10% of their global turnover for mistreating customers ...
The recent sanction judgment gives important guidance on the way in which the court's discretion should be exercised when sanctioning a restructuring plan and considers whether it is necessary for opposing parties to provide valuation evidence of their own ...
On May 15, 2023, the Chilean Congress approved the Bill that systematizes Economic Crimes and Attempts against the Environment (the "Bill"). Thus, the Bill was sent to the President of the Republic for its enactment into law, subject to the preventive control to be carried out by the Constitutional Court ...
Notification 020/23 was issued by the Accounting and Auditing Regulator (ACAR) on the 12th of May 2023 concerning the Extension to Submit Annual Financial Statements for the 2022 financial year for Enterprises and Non-Profit Organizations that are not subject to independent financial audits ...
Gone are the days when satellite communication was limited to those brick phones with long antennas. Satellite communications services are gaining traction globally as they offer alternative ways of connecting end users to the Internet and other related communications services. However, as electronic communications services via satellites become more popular and accessible, service providers are met with regulatory challenges ...
Have you ever browsed one of your favourite online retail platforms and noticed an entirely new clothing collection launched by the brand for your metaverse avatar? In February of this year, we stumbled upon Zara’s Valentine’s Tale range. The collection comprised 22 digital assets which included necklaces, earrings, rings and bags that could be purchased for your avatar through Zepeto, which is Asia’s largest metaverse platform ...
The Financial Market Commission ("FMC") has announced a process of consulting roundtables for the implementation of Law No. 21.521, known as the "Fintech Law" (Fintech in Spanish). Last May 15, an informative webinar was held where the CMF informed about the general guidelines for the operation of the consulting roundtables that will address aspects of the implementation of the Fintech Law. The FMC authority to carry out this process comes from Article 20 of Law No ...
As highlighted in our previous article, the Infected Blood Inquiry’s first interim report established considerable liabilities in relatively short order, recommending that £100,000 be paid “without delay” to victims and partners bereaved by infections transmitted by blood transfusions and blood products. Sir Brian Langstaff, former High Court judge and current Chair of the Infected Blood Inquiry, released his second interim report on 5 April 2023 ...
Last Friday, on 12 May 2023, the UAE Ministry of Finance (Ministry) published an Explanatory Guide which provides an explanation of the meaning and intended effect of each article of the Corporate Tax (CT) Law. The Explanatory Guide may be accessedHere ...
Although NFTs have existed for a number of years, and have changed the world of merchandise and art, it is worth considering how intellectual property (IP) rights interplay with this asset class. This article considers NFTs in their component parts with a view to understanding how IP law, and specifically the areas of copyright and trade marks, apply. What is an NFT? An NFT stands for non-fungible token and is a digital asset with a unique digital identifier, recorded on a blockchain ...
The government is pushing ahead with the establishment of a Responsible Actors Scheme (RAS) provided for under s.126 and 129 of the Building Safety Act 2022. The Scheme is initially aimed at major housebuilders and other large developers that have developed or refurbished multiple residential buildings that are known to have life-critical fire safety defects ...
By imposing the obligations, the regulation aims to end unfair practices and conduct which is harmful to competition and end users by the companies acting as gatekeepers in the online platform economy. Under the DMA, a firm will be considered as a designated gatekeeper if three criteria are met. First, the company must have a significant impact on the European market which is determined by the company’s turnover ...
