As the number of novel coronavirus infections (“Covid-19” or “Coronavirus”) and fatalities continue to rise, on 11 March 2020 the Italian Prime Minister issued a decree to impose new emergency measures to contain and manage the spread of the virus (the “11 March Decree”). Always on 11 March, the World Health Organisation has declared that Covid ...
We regularly work with financial institutions to navigate the challenges of implementing, maintaining, and using security procedures for commercial customers’ use of treasury management services. Security procedures are an integral part of the relationship between the financial institution and its commercial customers ...
At a press conference held on March 11, 2020, the Minister of Health introduced the new measures ordered by the president of the Republic with a view to preventing the spread of the Coronavirus. This new measure implies preventive self-isolation for 14 days to travelers arriving from China, Italy, France and Spain. Self-isolation is mandatory and must be carried out at the traveler's hotel or home ...
The State Taxation Administration (STA) released several announcements in the beginning of February which established preferential tax policies for facilitating the prevention and control of the outbreak of the novel coronavirus (COVID-19) and supporting enterprises to resume their business operations. Certain preferential tax treatments are specifically offered to enterprises and individuals that are directly involved in the prevention and control of the outbreak of COVID-19 ...
Ranging from toilet paper for public institutions to medical consumables for (public) hospitals to the absence of staff in public transport, corona already exhibits a massive impact on companies’ business activities. Supply chains are interrupted, employees are being quarantined. Even public contracts can either not be fulfilled at all, or not on time, or not in their entirety ...
Companies, municipalities, and water systems must now report their per- and polyfluoroalkyl substances (PFAS) use to the federal government. A new federal law requires facilities using 100 pounds per year of a listed PFAS compound to self-report to the national Toxics Release Inventory (TRI). Monitoring and reporting requirements are often prerequisites to cleanup and enforcement, and this collection of data may be a bellwether for the future regulation of PFAS ...
A 2019 amendment to the Kenyan Companies Act, 2015 introduced a requirement for every company to keep a register of its beneficial owners and submit a copy of this register to the Registrar of Companies (the “Registrar”) within 30 days of preparation. In order to put the above statutory requirements into action, the Attorney-General published the Companies (Beneficial Ownership Information) Regulations, 2020 (the “Regulations”) with effect from 28 February 2020 ...
A recent report published by the White House Council of Economic Advisers (“CEA”) on drug pricing in the United States of America has put the cost of medicine and the access thereto by the poor, firmly back in the spotlight. And on a global scale. In the CEA report, President Donald Trump’s administration argues that the USA pays higher prices for pharmaceuticals because other developed countries have systems in place to actively force down drug pricing ...
In the recent Appeal Court case of Airtel Uganda Limited v. Uganda Revenue Authority, the provisions of section 15 of Uganda’s Tax Appeals Tribunal Act (TAT Act) and their wider implications came under scrutiny. In the case at hand, Airtel Uganda Limited (Airtel), a telecommunication company, lodged an objection to an assessment raised by the Uganda Revenue Authority (URA) on 25 February 2004 with the Tax Appeals Tribunal (TAT) ...
Given the difference between the effective rate of tax on capital gains and the highest marginal rate of tax imposed on income, in particular for individuals, it is important to determine whether the proceeds from the disposal of an asset are subject to capital gains tax or to income tax. In the Pick ‘n Pay case, the proceeds from the sale of certain shares were found to be capital in nature ...
On March 3, 2020, Attorney General William Barr announced the National Nursing Home Initiative—a new U.S. Department of Justice (“DOJ”) taskforce organized to push criminal and civil enforcement action against nursing homes across the country. The initiative will help coordinate DOJ enforcement actions against nursing homes that provide “grossly substandard care ...
In our country there are a large number of transnational companies that have their operations in El Salvador, this due to the cost of labor, and the geographical position of our country that allows it to be a point of connection with other jurisdictions. It is common to realize that in many companies foreign personnel are hired and are even placed in leadership positions, so it is important that we are prepared with the applicable legislation in this type of hiring ...
The Finance Minister Smt. Nirmala Sitharaman envisages a holistic vision of healthcare that translates into wellness of the citizen ...
1. Changes in rules relating to determination of ‘residence’ in IndiaThe scope of income of a person liable to tax in India depends upon his residential status in a particular financial year. Indian Income Tax Act 1961 (the Act) recognizes three statuses, namely, Resident and Ordinarily resident’ (ROR), ‘Resident but not ordinarily resident’ (RNOR), and Non-resident (NR) ...
Union Budget 2020- Changes in provisions relating to Educational Institutions, Hospitals, Trusts, etc. engaged in Public Charitable or Research activities Current Position:Currently, the income of public charitable trusts and not-for-profit organisations, engaged in public charitable activities and registered with Income Tax department under Sections 12A or 12AA of the Income Tax Act, 1961 (the Act), is exempt if the same is applied to the objects of the trust or accumulated for doing so ...
Answers to important questions 1. WHAT INFORMATION OBLIGATIONS DOES THE EMPLOYER HAVE TO INFORM ITS WORKFORCE? As with other highly infectious diseases, employers have a duty to inform their staff about the coronavirus as part of their general duty of care and consideration (Sec. 241, 618 German Civil Code [BGB]). The extent of this duty to inform depends, among other things, on whether a member of staff is suspected of having caught the virus, whether or not this has been confirmed ...
The stock market is undoubtedly one of the most important economic forces in the world. Every year, billions of dollars are moved through stock exchange operations, and year after year, in most jurisdictions, the stock market is promoted as a tool for financing or capturing capital for issuers and as an investment for thousands of participants seeking to place their funds in higher yield investments ...
The sudden rise in the number Covid-19 (“Coronavirus”) cases in Lombardy and other Italian Regions has prompted the relevant governmental authorities to adopt urgent measures to prevent and limit the spread of the virus, and this is starting to have an impact on the economy. In connection with these measures, on 31 January Italian government has declared a six-month state of emergency, which expires on 31 July 2020 (unless it is extended) ...
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 ...
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 ...
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 ...
