The late 1990s to early 2000s were a time when the internet – still in its infancy – was akin to the wild-west; new, uncharted, and rapidly growing in usage and adoption. The accompanying excitement over this new technology fuelled a stock market bubble caused by untenable speculation on dot-com companies ...
The 2022 tax assessment of real and personal property have been determined by the local Assessor and a Notice of Assessment was issued and mailed to property owners. Property owners should make sure to check the mail for a copy of the Notice in order to determine whether an appeal of their taxable value should be filed ...
On April 12, 2022, Law No. 21,440 was published in the Official Gazette, which modifies Law Decree No. 3,063 (Municipal Income Law), creating a new regime applicable to donations in favor of non-profit legal entities, which contemplates certain tax benefits. This new regime will be complementary to those contained in special regulations regarding donations ...
On February 24, 2022, the Supreme People’s Court (“SPC”) issued its Decision on Revising the Interpretations of the Supreme People’s Court on the Specific Application of Law in the Trial of Criminal Cases involving Illegal Fundraising (Fa Shi [2022] No. 5, the “New Rules”) ...
On February 24, 2022, the Supreme People’s Court (“SPC”) issued its Decision on Revising the Interpretations of the Supreme People’s Court on the Specific Application of Law in the Trial of Criminal Cases involving Illegal Fundraising (Fa Shi [2022] No. 5, the “New Rules”) ...
Kudun Sukhumananda , one of the founding partners of the firm and co-head of Corporate and M&A was invited to speak in an academic forum on “Legal Issues and Driving Innovation to Commerce” hosted by the Faculty of Law, Chulalongkorn University together with UTC, the university’s technology center ...
On April 7, 2022, Finance Minister Chrystia Freeland tabled the federal government?s new budget for 2022. This budget includes several tax measures relevant to the mining industry in Canada. The Canadian federal government intends to provide $3.8 billion over eight years to implement Canada?s first critical minerals strategy ...
In March 2021, the Philippine Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order No. 014-21 (the Memorandum), which streamlines the procedures for non-resident corporations and other juridical entities (collectively "non-resident taxpayers") to access Philippine tax treaty benefits ...
A recent judgement of the Court of Appeal brings welcome clarification of the principles regarding the recovery of wasted expenditure claims in IT disputes. Summary Whist wasted costs arising from failed IT implementations often form part of a subsequent loss of profit claim, the two forms of loss are separate and distinct. Consequently, in order to be effective, exclusions must specifically refer to wasted costs ...
The Department for Work and Pensions (DWP) has published its combined consultation on draft Regulations designed to improve accessibility of illiquid assets for defined contribution schemes. The Department for Work and Pensions (DWP) has published its combined consultation on draft Regulations designed to improve accessibility of illiquid assets for defined contribution schemes ...
On March 31, 2022, the Chilean Financial Market Commission ("CMF") published with immediate effect, the General Rule No. 468, which regulates the authorization process for commencement of operations of local General Fund Managers or "AGF" as they are known in Chile, and the minimum background information required by the authority for granting such authorization ("NCG 468") ...
In September 2021, the House of Representatives of the Philippines approved House Bill (HB) 7425 upon its third reading. HB 7425 seeks to impose a 12% value-added tax (VAT) on digital transactions in the Philippines ...
In September 2021, the House of Representatives approved on third reading House Bill (HB) 8942 – the Ease of Paying Taxes Act. The bill proposed to amend the National Internal Revenue Code as amended (the Tax Code) and introduce administrative reforms that will simplify tax compliance and strengthen taxpayers' rights ...
On April 2, 2022, the China Securities Regulatory Commission (the “CSRC”) published the revised Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) (the “Draft Archives Rules”). The Draft Archives Rules is now open for public consultations until April 17, 2022 ...
On April 2, 2022, the China Securities Regulatory Commission (the “CSRC”) published the revised Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments) (the “Draft Archives Rules”). The Draft Archives Rules is now open for public consultations until April 17, 2022 ...
The Government of the Russian Federation has adopted Resolution No. 497 dated March 28, 2022, which es-tablishes a large-scale moratorium on bankruptcy from April 1. Meanwhile, earlier on March 9, 2022, the Fed-eral Tax Service had already decided to suspend the initiation of bankruptcy proceedings. In this newsletter, we will provide you with an analysis of the key provisions of the moratorium ...
HM Treasury has recently published the outcome of its UK Prospectus Regime Review. The Review Outcome sets out important reforms to the UK prospectus regime for the public issuance of securities and admission to trading on capital markets, outlining the policy approach the UK Government will take following last year's Prospectus Regime Review consultation. This briefing note sets out the key measures confirmed by the UK Government in the Review Outcome ...
Dear valued clients, colleagues and friends,We are pleased to bring you the latest legal updates for March 2022 ...
Lao PDR is following the regional trend of taxing the activities of non-resident E-Commerce and digital platform service providers. In this client update, we provide the key features and our commentary on the Ministry of Finance’s Notification on the Implementation of the Tax Obligations of the E-Commerce and Digital Platform No. 0541/MOF, dated 24 February 2022 (“the Notification”) ...
The Ministry of Finance of the Lao PDR has issued the Notification on the Implementation of the Tax Obligations of the E-Commerce and Digital Platform No. 0541/MOF, 24 February 2022 with the purpose to disseminate the Decree on Electronic Commerce No. 296/Gov, 12 April 2021 and the implementation of the tax obligations of the e-commerce and digital platform business operators in the Lao PDR. 1 ...
The Thai cabinet has recently approved the draft Royal Decree issued under the Revenue Code regarding income tax exemption on investment in Thai startups (the “Draft Royal Decree”), in cases where the funding for the startups is provided directly or indirectly through Venture Capital (VC), Corporate Venture Capital (CVC), or private equity trust (PE Trust). This Draft Royal Decree aims to unlock capital gains tax on investment in startups under the Royal Decree No ...
March 31, 2022 By: Michael Flynn In a March 28 speech, CFPB Director Rohit Chopra announced that the CFPB intends to enforce aggressively against large financial institutions that are repeat offenders, and will ask other federal regulators to take a similar approach. This will include utilizing stronger sanctions, even up to banning business practices, forcing divestiture of business lines, and working with state regulatory agencies to obtain license revocations where appropriate ...
General information about legal enforcement Legal enforcement involves the securing and collection of monetary claims (and other claims) via the enforcement authorities. The general rules are set down in the Enforcement Act. The act sets out the conditions for securing and enforced settlement of monetary claims and governs the approach that must be taken in connection with this ...
The proposal for a directive on the recovery and resolution of insurance and reinsurance companies enshrines the no creditor worse off principle as provided for in the Bank Recovery and Resolution Directive (“BRRD”). This opens the door for the Portuguese legislature to repeat the mistakes it made when incorporating the BRRD into Portuguese law ...
