Hon’ble Finance Minister, Government of India, while presenting the Union Budget 2020 today stated that her proposals are structured around the themes of ‘Aspirational India’, ‘Economic Development’, and a ‘Caring Society’. As we start decoding the fine print of her tax proposals please find hereinbelow key tax highlights of the Finance Bill, 2020 ...
In November 2019, the Financial Market Commission published, for public consultation purposes, a proposed amendment to its Updated Regulations Compendium (URC), by means of enacting a new Chapter 20-10, on Information Security Management and Cybersecurity (the New Regulation) ...
Our partner, Jessica Power, and our associate, Ximena Silberman, contributed to the Q&A section of the Chilean chapter in the “Corporate Tax 2020” edition of the International Comparative Legal Guides. Jessica Power has been a partner at Carey since 2008 and is co-head of the Tax Group ...
Resolution number 2270-02-191212 (the “Resolution”), taken by the Council of the Central Bank on its meeting held on December 12, 2019, was published in the Official Gazette on December 17, 2109. By means of this resolution, the Central Bank amended Chapter III.D.2 of its Financial Rules Compendium on “Recognition and regulation of master agreements for entering into derivative agreements for the purposes indicated” (“Chapter III.D.2”) ...
On December 27, 2019, the Chilean Pensions Superintendence (the “SP”) issued General Regulations No.68 and No.256, amending the Unemployment Insurance Regulation Compendium and Pension Funds Regulation Compendium, respectively, in order to organize the different regulations applicable to the investment of Pension Funds in alternative assets and consolidate the various instructions and resolutions issued by the SP between 2018 and 2019 ...
The sharing economy enters the home as rising property prices drive nomadic millennial singletons to seek an alternative to the inflexible rented apartment.An impromptu foosball game with your neighbour while waiting for the laundry. Cooking classes in a communal Masterchef-inspired kitchen. Movie screenings, board game nights, and in-house yoga and meditation sessions. These are but some of the activities to look forward to if you take up quarters in a co-living facility ...
On 11 January 2020 a new leasing law was introduced in the Dubai International Financial Centre, Law 1 of 2020 (the New Law); and on 14 January 2020 the associated regulations were issued (the Regulations).The New Law and Regulations are an important development for the DIFC. We expect that they will have a positive impact on the real estate market ...
Freezing orders are one of the most important weapons inacourt’s arsenal to prevent parties from disposing of or dissipating assetsto ensure they will be available to satisfy a potential future money judgment. In the British Virgin Islands, the court is empowered to grant a freezing order under the provisions of the Eastern Caribbean Supreme Court and the Civil Procedure Rules ...
In a prior issue, we discussed how blockchain technology is poised to change the way various industries work. Many have theorized this technology is a game-changer that threatens to usher in a new way of conducting business worldwide. Those industries have continued to invest in blockchain technology at an ever-increasing rate. Banks and other financial institutions have not been left out of this as several have joined large consortiums that aim to study and implement this technology ...
Near the end of 2007, the United States was hit by the subprime mortgage market meltdown. For years before, the public had experienced a steady increase in home prices and a seemingly never-ending supply of mortgage lending. Homeowners were able to enjoy ever-increasing home equity and mortgage products, virtually guaranteeing that anyone who wanted to get financed could ...
In last quarter’s issue, we discussed the rise of digital currencies and the blockchain, or distributed ledger, technology that supports them. We now turn our focus to how the financial industry and governments have embraced this technology and are working to adapt it to traditional banking services and applications as far ranging as recording property transfers and safeguarding nuclear missiles ...
Mauritius started the year on a high note in the area of anti-money laundering and countering the financing of terrorism (“AML/CFT”) by issuing two complementary documents: the Anti-Money Laundering and Countering the Financing of Terrorism Handbook: 2020 (the “Handbook”) and the Guideline on Anti-Money Laundering and Combating the Financing of Terrorism and Proliferation (the “Guideline”) ...
Can a local prosecutor obtain the president’s tax returns in a state criminal investigation? Tax Season is upon us. Fittingly, in one of a trio of cases involving the tax returns of President Donald Trump the U.S. Supreme Court will hear this spring, the Court must decide whether a local prosecutor can obtain the President’s tax returns for use in a state grand jury investigation. Trump v ...
he President of the Federal Republic of Nigeria, Muhammadu Buhari, signed the Finance Bill, 2019 into law on 13 January 2020. The amendments announced by the Finance Act, 2020 (the “Act”) intend to increase revenue collection to fund public expenditure; ensure that tax laws are consistent with national tax policy objectives; and incentivise investment in infrastructure and capital markets ...
On 1 January 2020 the Swiss Financial Market Supervisory Authority (FINMA) implemented various revised rules primarily targeting small banks (the so-called 'small banks regime'). Among other aspects, this will result in a relaxation of IT outsourcing requirements for financial institutions. In this respect, a revised FINMA Outsourcing Circular is available in English and German, French ...
With the UK currently due to leave the EU at the end of this month, Brexit may cause the construction industry a continuing period of uncertainty in 2020 but the government’s agenda may also provide increased opportunities. We look ahead at what this year may have in store. Brexit The top priority for the government is delivering the UK’s departure from the EU on 31 January. How Brexit will affect the construction industry remains open to speculation ...
As part of Paraguay's commitment to the International Financial Action Task Force of Latin America (GAFILAT), in November 2019, the Executive Power enacted Law No. 6446 that creates a “General Directorate of People and Legal Structures and Final Beneficiaries ” Under the Ministry of Finance (hereinafter the Law), which will have the following functions: Acting as the authority of application, replacing the Treasury Law, of Law No ...
On May 23, 2019, by a vote of 417-3, the United States House of Representatives passed the Setting Every Community Up for Retirement (SECURE) Act. Notwithstanding broad bipartisan support, the bill stalled in the United States Senate until Dec. 19, 2019, when it passed a budget reconciliation bill (H.R. 1865, the Further Consolidated Appropriations Act of 2020 [the “Act”]), which contains the provisions from the SECURE Act. The president signed the Act on Dec. 20 ...
On December 19, 2019, the U.S. Treasury Department and the IRS issued final regulations (T.D. 9889), which provide much-anticipated guidance on tax-favored qualified opportunity zone investments. The 544-page regulation package generally retains the same approach and structure of the proposed regulations issued in October 2018 and April 2019 (prior Hanson Bridgett analysis available) ...
This week, Congress passed and President Trump is expected to sign a domestic spending package that includes significant changes affecting retirement plans in the SECURE (Setting Every Community Up for Retirement Enhancement) Act, and a permanent repeal of the “Cadillac tax” on high-cost employer-sponsored health coverage that was enacted with the Affordable Care Act (ACA). The SECURE Act is the most comprehensive set of changes to retirement plan rules in many years ...
In the modern era, most construction contracts incorporate insurance requirements as a primary means to address the risk of unexpected occurrences that are inherent to the construction industry. Some insurance, like workers’ compensation coverage, may be required by law. Other insurance coverage may be required by a lender or other financing party in order to close on the construction loan for a project ...
The DIFC has provided slightly more clarity as to how UAE Cabinet Decision 31 of 2019 (the Economic Substance Regulations, or ESR) will apply within Dubai’s financial free zone. Helpful as the guidance is, significant questions remain. The DIFC held a presentation on 17 December to discuss the Economic Substance Regulations. The first point of note was that all businesses in the DIFC must file an ESR notification by 31 March 2020 ...
On 27 November 2019 the Federal Council adopted a dispatch message to improve the legal framework governing distributed ledger technologies (DLT) in Switzerland. The Federal Council's objective is to increase legal certainty, remove obstacles to DLT-based applications and limit the risk of abuse. Parliament will examine the dispatch message in early 2020. The government's press release is available in English, German, French and Italian ...
The Committee on Foreign Investment in the United States (“CFIUS”), the interagency panel at the Department of the Treasury that reviews transactions for potential national security risks, recently released the public version of its latest annual report to Congress ...
