With the economy facing downward pressure, the Hong Kong Government is rolling out various supporting and funding measures to help enterprises. The $30 billion HK$ Anti-epidemic Fund The Legislative Council Finance Committee approved the $30 billion Anti-epidemic Fund on 21 February 2020, more than half of which - HK$16.9 billion - will serve as one-off cash injections to retailers, food and beverages service providers, start-ups and other businesses ...
On January 27, 2020, the Financial Market Commission (“FMC”) published, for public consultation purposes, a proposed amendment to its Updated Regulations Compendium, by means of introducing two new Chapters: Chapter 21-6, on credit risk-weighted assets determination, and Chapter 21-12, on additional basic capital ...
In our geography in constant transition, resources must be shielded, which is why we must revisit as investors the macro trends as economists call it, prudence in investment matters is imposed without restraining dynamism, only taking it in a gradual and diversified way. Investing in companies or funds with a green seal is one of the strategies that have been outlined for this new year 2020 ...
New anti-harassment law in time for new virus panic. The COVID-19 crisis that began in Wuhan, China, brings to mind earlier epidemics. In 2003, we were in the grip of the severe acute respiratory syndrome (Sars). It was the first pandemic in the era of the Internet, blogging and social media. Amid the panic about infections, one individual was widely labelled a “super spreader”. Her name and personal details were published ...
On February 26, 2020, the Supreme Court ruled in Intel Corp. Investment Policy Committee v. Sulyma, 589 U.S. ___ (2020) (Sulyma) that an ERISA1 plaintiff’s admitted receipt of disclosures about his retirement plan investments was insufficient to prove he had “actual knowledge” of the information therein — the effect of which would have been to trigger a shorter three-year statute of limitations period that would have barred his lawsuit altogether ...
INTRODUCTION In one of his last speeches as Attorney General of the United States, Jeff Sessions proudly boasted: “We are sending a clear message to criminals across the country: we will find you. We will bring you to justice. And you will pay a very high price for what you have done.” This type of rhetoric is often reserved for serious criminal offenders ...
The highly anticipated Omnibus Bill (“the “Bill”) is taking its first step as the first draft was recently submitted to the House of Representatives. The Bill will amend (or simplify) various regulations on from licensing procedures, investment requirements, manpower, immigration, export-import, land procurement to special economic zones with the main focus being creating jobs ...
The 50th day of the 2020 Regular Session of the West Virginia Legislature marks a significant boundary line between the bills that have a chance for passage and those that failed. It is known as Cross Over Day, the last day to consider bills on third reading in their house of origin. By Cross Over Day, the House had introduced a total of 1,528 bills, with the Senate contributing 853 ...
The outbreak of the coronavirus and the measures taken by the Chinese government to contain it have brought production in China as the world's workbench to a complete standstill. Companies that operate in China or purchase such goods are currently facing delivery shortfalls. A similar situation could soon threaten Italy, where the first factory closures have already taken place ...
At present, M&A transactions are frequently at least postponed because of uncertainties about the development of the target, the potentially unpredictable situation of the prospective buyer and its financing, and partly also because of practical problems to finalize the transaction. CARRYING OUT THE M&A PROCESS The impacts of the COVID-19 pandemic are most evident in actually carrying out an M&A transaction ...
In response to the impact of COVID-19 and the partial withdrawal of EBA benefits – see our update here – the Cambodian government have issued a number of regulations which are intended to provide some relief to affected businesses in Cambodia. We outline these updates below: Letter 1313 MEF – dated 25 February 2020 Notification no ...
In a slightly surprising, but nevertheless welcome, South African 2020 Budget Speech today, the Honourable Minister of Finance announced that there would be no significant tax increases to the major taxes for the forthcoming tax year. Widely anticipated increases to value-added tax (“VAT”), income tax, capital gains tax and estate duty did not materialise ...
The 2020 Regular Session of the West Virginia Legislature is now entering the final stretch with only a little less than two weeks left. No new bills may be introduced in either chamber (though a committee may still originate a bill) and all bills, with the exception of appropriations bills, must be out of committee and passed by their respective house of origin by February 26. As of today, the House has introduced 1,528 bills, while the Senate introduced 853 ...
BVI government welcomes announcement. Blacklist expands to include 12 jurisdictions.On 18 February 2020, EU Finance Ministers updated the EU list of non-cooperative tax jurisdictions, upgrading the British Virgin Islands to whitelist status, which designates the country as a fully co-operative tax jurisdiction in line with all of the tax good-governance standards ...
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 ...
Summary On January 13, 2020, the Committee on Foreign Investment in the United States (CFIUS) issued final regulations to implement the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA)1 (the “Regulations”2). The Regulations go into effect on February 13, 2020. CFIUS’s existing regulations (the “Pilot Program”) will continue to apply to transactions that close prior to February 13, 2020 ...
NEWSFLASH The commencement date of POPIA is no April Fool’s joke. the Chairperson of the Information Regulator, Advocate Pansy Tlakula, recently sent a request to President Cyril Ramaphosa to declare that the remaining provisions of the Protection of Personal Information Act, 2013 (“POPIA”) commence on 1 April 2020 (“commencement date”). it is expected that the president will act on this request ...
Case Law The Tax Court of South Africa, Cape Town IT 24819 whether insufficiency of funds was not reasonably foreseeable, and therefore constitutes reasonable grounds for non-payment of employees tax, considered. correct interpretation of the number of days for payment of employees tax considered as a point in limine. find a copy of this judgment here ...
Following the presentation of the 2020 Budget proposal and Finance Bill, 2019 to the National Assembly in October 2019, the President of the Federal Republic of Nigeria, MR. Muhammadu Buhari, signed the Bill into law on 13 January 2020. The Finance Act, 2019 (the “Act”) introduces amendments to the Companies Income Tax Act, Value Added Tax Act, Petroleum Profits Tax Act, Personal Income Tax Act, Capital Gains Tax Act, Customs and Excise Tariff Act and Stamp Duties Act ...
The London Interbank Offered Rate (“LIBOR”) is expected to cease after the end of 2021. In particular, LIBOR-linked loans may not be offered after Q3 2020. This will impact the variable rate in LIBOR-linked financial products. Since the 1980s, LIBORhas been used widely as an interest rate benchmark to calculate the interest rate applicable to financial products. These rates are written into loans, derivatives agreements, and many other contracts ...
The False Claims Act (FCA) was enacted to punish and deter fraud against the United States, and to recover moneys obtained through such fraud. Whether an alleged fraud was actually against the United States is a threshold question not posed in the typical FCA case, where allegations usually involve claims for payment submitted to the Army, Navy, Medicare, or other entity clearly part of the federal government. But some cases are not so clear ...
The 2020 Regular Session of the West Virginia Legislature just reached the 30th day, or its half way point. As of today, the House has introduced 1289 bills, while the Senate introduced 725. We will continue reporting on and tracking the progress of significant legislation during the course of the session. During the legislative process, certain critical deadlines are imposed by the Legislature that impact the consideration of pending bills and their chances of success ...
In another step in President Trump's ongoing efforts to relax environmental restrictions impacting economic development, on January 10, 2020, the Council on Environmental Quality published its proposed rulemaking to update its regulations for implementing procedural provisions of the National Environmental Policy Act ("NEPA") ("Proposed Rule"). The deadline for filing comments on the Proposed Rule is March 10, 2020 ...
