Saravut Krailadsiri, our tax partner and Pichaya Nimcharoen, our tax associate recently published a journal for Thailand’s Office of Judicial and Legal Affairs of the Court of Justice, Thailand as part of “Dunlaphaha: Journal of the Court of Justice ...
In 2020, the pandemic disrupted the Quebec economy and the trend continued in 2021. After a difficult year for local businesses, there is an opportunity for business owners to rethink their business model as they develop their recovery plan. In this context, an initial public offering and equity financing might be a good idea ...
On 9thDecember 2020, the Central Bank of Nigeria (CBN) the Central Bank of Nigeria (CBN) issued a circular on “New License Categorisations for the Nigerian Payments System” (NPS Circular). The NPS Circular set out the different licences, their permissible activities and the share capital requirements. You may access our earlier article on the NPS Circularhere ...
On 25 May 2021, the Central Bank of Nigeria (“CBN”) issued a circular to deposit money banks, payment service providers and other financial institutions notifying them of the release of the Regulatory Framework for Non-Bank Acquiring in Nigeria (“the Framework”). In this article, our Olubusola Oyeyosola Diya examines the provisions of the Framework and considers its impact on financial service providers ...
On 21 May 2021, Hong Kong’s Financial Services and Treasury Bureau (FSTB) issued its consultation conclusions (Conclusions) on the proposed licensing regime for virtual asset services providers (VASPs). The Conclusions follow publication of the FSTB’s consultation paper of 3 November 2020 (Proposal). For details of the Proposal, please refer to our article of 24 November 2020 ...
When parents separate one question that is often asked is how long will I or my ex have to pay child maintenance for. Child maintenance Child maintenance is a regular, usually monthly payment, made by the parent with whom the children do not live (commonly known as the non-resident parent (NRP)) to the other parent (commonly known as parent with care (PWC)) ...
A question that has been posed by separated parents over the last year has been whether they will need to pay maintenance for their children for longer due to the unexpected gap year. Following the outbreak of COVID-19 there was an increase in students deferring their places at university due to start in the autumn of 2020. The number of deferrals was increased from 5.6% in 2019 to 6.3% in 2020 ...
On Friday, May 30, 2021, the U.S. Department of Treasury released its “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals” (the “Green Book”). The Green Book, a copy of which is locatedhere, provides detailed descriptions of the Biden Administration’s legislative tax proposals, which the White House formally announced on May 28, 2021, when it released its fiscal year 2022 Budget proposals ...
Virtual shareholder meetings have become ubiquitous for both public and private companies since the onset of the COVID-19 pandemic. Canadian securities regulators, stock exchanges and federal and provincial governments quickly responded to accommodate electronic meetings where it was otherwise not permitted. In British Columbia, Ministerial Order No ...
In May 2021, the total value of cryptocurrency globally surpassed USD $2.5 trillion, and continues its emergence as a new asset class.[1] Governments in Canada and around the world are updating regulatory requirements in response to the new innovations in financial technologies. Historically, there has been regulatory uncertainty surrounding cryptocurrencies in Canada ...
On Wednesday, a federal judge in Texas denied Factory Mutual’s Rule 12(c) motion for judgment on the pleadings, finding that the plaintiffs adequately alleged that the presence of COVID-19 on their property caused covered physical loss or damage in the case of Cinemark Holdings, Inc. v. Factory Mutual Insurance Co., No. 4:21-CV-00011 (E.D. Tex. May 5, 2021) ...
In Notice 2021-31, the Internal Revenue Service (IRS) provides broad guidance in a question-and-answer format on the application of the American Rescue Plan Act of 2021 (ARP) regarding premium assistance under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) continuation coverage provisions ...
Fast becoming the Monaco of the East, Singapore is luring global UHNWIs to set up family offices here due to its wealth-friendly tax and regulatory regime, and its position at the global economic growth epicentre. Sergey Brin (net worth: US$104 billion). Google’s co-founder and the world’s ninth-richest person set up a branch of his single family office (SFO), Bayshore Global Management, in Singapore to manage his local assets late last year ...
In recent years, Special Purpose Acquisition Companies or “SPACs” have gained tremendous popularity in the United States. In 2020 alone, one hundred SPACs accounted for approximately $80 billion in US public fundraising. Although that enthusiasm has not reached the same levels in continental Europe, these investment vehicles are also increasingly making their way into the different European markets. Today, about six SPACs are listed on Euronext Amsterdam ...
2021 has continued to see steady activity with respect to acquisitions and re-structuring of businesses in the Cambodian market. There are a number of factors at the forefront of this activity, not least the pending capital gains tax implementation date of 1 January 2022, bargain hunting of distressed assets, and internal re-structuring of multi-national organizations, to name a few ...
Charitable giving is a way for businesses and individuals to save on taxes while supporting the causes that align with their values. At Schwabe, we can help clients to plan charitable gifts and make sure that their charitable giving works holistically with the plan they have created for the distribution of their entire estate. This article will cover common questions associated with charitable giving ...
POLITICAL AGREEMENT WITH THE EUROPEAN PARLIAMENT ON THE PROPOSED DIRECTIVE ON THE DISCLOSURE OF INCOME TAX INFORMATION BY CERTAIN UNDERTAKINGS AND BRANCHES _____________________________________ On 1 June 2021, the Council of the European Union (the “Council”) reached a political agreement with the European Parliament on the proposed directive on the disclosure of income tax information by certain undertakings and branches, commonly referred to as the public country-by-count
1. What are the rules on the exclusion of land in the computation of the PhP100 million threshold on total assets in order to qualify for the reduced corporate income tax rate of 20% under the CREATE Law? The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular No. 62-2021 dated April 30, 2021 (RMC No. 62-2021) to clarify certain provisions of Revenue Regulations No. 5-2021 relative to corporate income taxation under Republic Act No ...
On May 28, the Treasury Department released the General Explanations of the Administration's Fiscal Year 2022 Revenue Proposals, known as the "Green Book," detailing the Biden administration's proposed changes to the Internal Revenue Code (IRC). For startup founders and early investors, the Green Book provides welcome relief ...
New measures for state contracting for economic reactivation. Through Decree 579 of 2021, issued on May 31 by the National Planning Department, certain transitory paragraphs enshrined in Decree 1082 of 2015 or the sole Regulatory Decree of the Administrative Planning Sector, were replaced in matters of state contracting ...
Financial ServicesBank Negara Malaysia seeks feedback on Alternative Reference Rate and Strategic Direction on KLIBOR and KLIRROn 19 May 2021, Bank Negara Malaysia invited written feedback by 18 June 2021 on its Alternative Reference Rate and Strategic Direction on the Kuala Lumpur Interbank Offered Rate (“KLIBOR”) and the Kuala Lumpur Islamic Reference Rate (“KLIRR”) for the Malaysian Financial Markets discussion paper ...
In the first part of the series, “Grey Divorce – hidden battles for protection and succession of family assets”, we looked at the recent trend of an increasing divorce rate for older couples and, in particular, the case of CSH vs LS or LS formerly known as CYY (FCMC 12435/2016; [2020] HKFC 143) (the CSH case) ...
In the recent case of A1 & ANOR V R2 & ORS [2021] HKCFI 650, the Applicants are pursuing proceedings in the Cayman Islands and other jurisdictions in relation to an alleged fraud committed against a Cayman Islands exempted limited partnership, involving alleged misappropriation of over US$100 million ...
The Centers for Medicare & Medicaid Services (CMS) recently issued a new rule modernizing the “Stark Law” regulations. The rule aims to advance value-based care and ease the regulatory burden on physicians. Most of the reforms are effective January 2021; however, the rule includes important changes to how physician group practices may share profits that take effect next year ...
