In response to the severe public health emergency and the economically-damaging nationwide confinement measures triggered by the Covid-19 (“Covid-19”) outbreak in Italy, on 17 March 2020 the Italian government has adopted Law Decree #CuraItalia1 (the “Decree #CuraItalia”) ...
We invite you to read our news alert about the State of Catastrophe declared by the Chilean government and the economic measures announced today by the country's Ministry of Finance to face the covid-19 pandemic. A) State of Catastrophe is declared in Chile: Below, please find a summary of the main consequences of the “State of Catastrophe” decreed by H.E. the President of the Republic of Chile: I. Background. On 18 March 2020, H.E ...
In IRS Notice 2020-17, the IRS extended the deadline for certain U.S. federal income tax payments due April 15, 2020 to July 15, 2020, up to certain limits depending on the taxpayer. IMPORTANTLY, as of now,this extension does not apply to the filing of any tax return or information return.All tax returns and information returns due on April 15, 2020 are still due on April 15, 2020 unless the due date is extended as provided by law ...
In order to mitigate the effects of the declaration of a State of National Emergency and provide resources to taxpayers, the following provisions have been published in the Special Edition of The Official Gazette El Peruano, on March 18, 2020: Tax deferrals and/or fractions.- Through Superintendence Resolution No ...
On 18 March 2020, the President of Ukraine signed a new law that introduces social tax, land, and property tax incentives during the quarantine period to include tax exemptions, postponement of tax audits and possibility to postpone tax payments. By possibility of postponement we mean that statutory deadlines for payment are not changed, but payment can be delayed with no penalty and interest ...
Due to the developments regarding the outbreak of COVID-19 and the declaration of a state of emergency in Serbia, the National Bank of Serbia (“NBS”) undertook emergency measures to facilitate the position of citizens and businesses in servicing debts ...
While the coronavirus continues to spread, the German Federal Financial Supervisory Authority (“BaFin”) also published a document on the Minimum Requirements for Risk Management (“MaRisk”) for credit and financial services institutions on March 12, 2020, in which it addresses the issue of activities outside business premises and risk management in the trading sector from a regulatory perspective ...
The first part of the article deals with various legal issues that may become relevant for financings in connection with measures to limit the spread of COVID-19. The second part sets out links to current public subsidy offers. 1. Q&A Information is of a general nature and, therefore, cannot replace specific advice in individual cases. Only the legal position of an entrepreneur but no specifics for consumers are addressed. 1.1 ...
The new virus COVID-19, also known as coronavirus, is spreading exponentially all over the world, also in Brazil. The outbreak is affecting the way in which our clients and their clients conduct their businesses, and the behavior of each and every one of us drastically. The virus is not only tragic for those, whose health is being affected, but also for large parts of the economy, such as the tourism industry, airlines and general retail (other than nutrition-related) ...
As the COVID-19 pandemic continues to spread across the globe, disrupting lives, communities and businesses, and putting countries under considerable strain, Nestor Nestor Diculescu Kingston Petersen (NNDKP) has set up the COVID-19 –Legal & Tax Resource Center. Thereyou can access valuable knowledge and legal insights with respect to the implications of the coronavirus in various fields in Romania ...
This is an update with respect to notifying the proforma of applications and End Use Certificate for implementation of ‘Global Authorisation for Intra-Company Transfers (GAICT) of SCOMET items / software/ technology’ w.e.f. 17 March 2020 vide Public Notice No.65/2015-20 dated 17 March 2020 issued by DGFT. The proforma and their applicability to seek export authorisation has been notified as tabulated below....... S ...
On March 17, Treasury Secretary Steve Mnuchin announced a new tax plan to stimulate the economy during the COVID-19 crisis. Under the new plan, individuals and corporations can defer $1 million, and $10 million, respectively, in tax payments for 90 days. Importantly, individual and corporate taxpayers can take advantage of the new plan without incurring any interest or penalties ...
Recent market volatility and the public health implications of the spread of coronavirus (COVID-19) have been unsettling. It can be stabilizing in turbulent times to take a deep breath, focus on long-term planning strategies and goals, and assess whether there might be new opportunities to enhance your estate plan ...
Discussing the legal concept ‘Force Majeure’ in credit agreements – if it can be called upon, it has in principle a temporary nature and does not relief you from payment obligations. In general, force majeure is an unforeseeable and unavoidable event that occurs after a credit agreement has been concluded (i.e ...
Balancing between your bank taking purely business considerations or being reasonable. We advise being proactive and approaching your bank. The Coronavirus is unfortunately a human tragedy that is affecting thousands of people on all continents. It has also a very serious impact on businesses worldwide and locally ...
My business has liquidity needs... What can I do to keep this situation under control? As the coronavirus has already made a serious impact on the world economy, companies are faced with important liquidity needs. In uncertain times, easy access to cash can become rare. What can you do? First, approach what is probably your most clear source of liquidity, your bankers ...
Since the outbreak of the Coronavirus, the Bank of Mauritius has been closely monitoring its economic impact on the banking sector and the Mauritian economy. On 10 March 2020, the Monetary Policy Committee of the Bank of Mauritius reduced the key repo rate by 50 basis points to 2.85% per annum and on 13 March 2020, the Bank of Mauritius introduced a Support Programme to further assist Mauritian businesses across all economic sectors ...
On Friday, March 13, 2020, the Department of Health and Human Services (HHS) announced several waivers of existing Centers for Medicare and Medicaid (CMS) regulations pursuant to Section 1135(b) of the Social Security Act, including the waiver of certain Emergency Medical Treatment and Active Labor Act (EMTALA) obligations and Medicare conditions of participation during the COVID-19 pandemic ...
The GST Council in its 39th meeting held on 14 March 2020 has made the following recommendations: Movement in Tax Rate Goods Increase in GST rates on mobile phones and specified parts to 18% from 12% Handmade and other than handmade matches rates rationalised to 12 %, thereby solving the HSN classification issue: Increase in handmade matches from 5% to 12 % Decrease in other matches from 18% to 12% Services Reduction in GST rates on maintenance, re
As individuals, businesses, and governments continue to take actions to mitigate or contain the worldwide impact of the novel coronavirus (COVID-19), it is likely that performance of contracts agreed to long before the emergence of the pandemic will become difficult, if not entirely impossible ...
The Corona virus has dramatic consequences for most Austrian enterprises. But could it even have an impact on their 2019 financial statements (provided they were not resolved and filed yet)? Will it be possible to use the crises negative effects for claiming deductions in the 2019 tax return? Will it reduce the capacity of an entity that was profitable 2019 to distribute dividends? We limit this short overview on the most common forms of Austrian entities, i.e ...
Insurance companies ensure uncertain risks of individuals that may arise in the future and cover such risks with the premiums of the insured community. Once the risk has already occurred or is about to occur immediately and one does not have taken out insurance already, it is not possible to get insurance cover anymore ...
Corona-related sales declines in many industries lead to short-term liquidity bottlenecks for numerous companies. As the third pillar of the protective shield for employees and companies, the German Federal Government has therefore decided on new and unlimited measures to expand liquidity assistance to facilitate companies’ access to cheap loans ...
