Recently approved Cabinet Decision 85 of 2022 (the Decision) outlines the requirements and conditions for classification of persons as a “Tax Resident” of the UAE. We briefly outline below who qualifies as a UAE tax resident. Afridi & Angell have assisted a variety of clients in procuring tax domicile certificates and are well versed in the procedures and requirements ...
January 2022 began with the announcement that businesses and corporations will be subject to Corporate Tax (CT) from 1 June 2023. While the UAE Ministry of Finance helpfully provided information on the basic tenets of CT, including a comprehensive white paper, the CT Law governing CT was published on 9 December 2022 providing clarity. However, there are still a number of areas that will be further clarified through the implementing regulations ...
As CIT finalization approaches, we highlight the existing Transfer Pricing compliance requirements for Vietnam taxpayers, under Decrees 132 and 126, and Law No. 38: When does Transfer Pricing (TP) apply? When a Vietnam company or local subsidiary of a foreign company has intra-group transactions (goods, services, loans or royalty transactions) with its related parties ...
With the 2022 year quickly coming to an end, we take this opportunity to remind our clients and readers of the annual compliance obligations for enterprises in Cambodia. With each year that passes there seem to be more compliance obligations, and the latest 2023 compliance requirements continue this trend. With that in mind, we have provided below what we believe are the most important annual compliance requirements that enterprises in Cambodia should be aware of ...
In this case the debtor argued the underlying debt was disputed. The Royal Court agreed with Carey Olsen that a claim is not disputed for the purposes of a creditors’ winding up application unless it is the subject of a “substantial dispute”. New regime On 1 March 2022 a new creditor instigated insolvent company winding-up regime came into force in Jersey. Carey Olsen discussed it in detail here ...
In a Pre-Budget Report (PBR) announced to Parliament last week, the Government has set out its priorities for next year's budget. These include proposals to increase revenues via significant changes to the current employment tax regime. Perhaps the most headline-grabbing aspect of these potential reforms is the proposal to increase the employer portion of payroll tax for exempted companies, from 10.25% to 10.75% ...
One of the common complaints that commercial entities have about international arbitration in Thailand is the costs. Whilst in the past, international arbitration has been promoted as being cheaper than court litigation, in practice this has not always been the case, particularly in the case of complex commercial disputes or investor state arbitration. Third party funding can dramatically change this landscape ...
Companies face the loss of a major tax break on research and experimental ("R&E") costs for 2022, absent Congressional action. Since 1954, Internal Revenue Code section 174 has allowed taxpayers to immediately deduct R&E costs. Effective January 1, 2022, the Tax Cuts and Jobs Act of 2017 ("TCJA") amended section 174 to eliminate the deduction of R&E costs. Instead, costs for R&E activities in the U.S ...
What is ATAD III? In December 2021, the European Commission (“EC”) published its proposed Anti-Tax Avoidance Directive (known as “ATAD III”). ATAD III is intended to discourage the misuse of shell companies within the European Union (“EU”). The Directive is aimed at EU-resident entities which claim benefits under double taxation treaties and other EU Directives, but which lack a minimum level of economic substance ...
Just weeks after the “implosion” of cryptocurrency exchange FTX, credit services provider BlockFi filed for Chapter 11 protection with the United States Bankruptcy Court for the District of New Jersey, indicating that it is burdened with billions of dollars of estimated liabilities and more than 100,000 creditors ...
Jeremy Hunt’s speech on 9th December heralds the (delayed) arrival of the anticipated reform of consumer credit in the UK…and much more. But will the fanfare live up to the industry’s expectations? The financial services sector have faced unprecedented challenges over the last few years, particularly those involved in the provision of consumer credit ...
In Commissioner of Internal Revenue v Ruben U Yu,(1) the Court of Tax Appeals (CTA) en banc clarified that the 180-day period referred to in section 228 of the Tax Code, as amended, applies only to the period within which the Commissioner of Internal Revenue (CIR), or their duly authorised representative, may act on a protest against a tax assessment ...
Due to the covid-19 pandemic, registered business enterprises (RBEs) in the information technology-business process management (IT-BPM) sector have adopted work from home (WFH) arrangements to continue business operations. Now that movement restrictions have been relaxed, a balance must be struck between the requirement for RBEs to operate within economic zones and the clamour of RBEs to continue hybrid work arrangements while maintaining their fiscal incentives ...
Since the introduction of the second Payment Services Directive, Open Banking has continued to grow in the UK. Estimates put the number of users at 5 million[1] and, more so than ever, there is confidence that Open Banking initiatives are finally making inroads into becoming embedded within the way in which UK consumers use financial services in the UK ...
The EU revenue cap which limits certain electricity generators' revenues has raised many questions within the energy sector. In Finland, the revenue cap will likely be implemented in the form of a temporary windfall tax which would apply to profits made in 2023. Our energy team's associate Nelli Rönkkö has summarised the key points regarding the implementation of the EU revenue cap in Finland ...
December 6, 2022 By: Alexander Davis and Manuel Fishman In March 2020, the voters of San Francisco approved Proposition D, also known as the Commercial Vacancy Tax. The ordinance applies to ground floor, street-facing, commercial properties within any of the 32 districts listed in Section 201 of the Planning Code (which the regulation defines as “Taxable Commercial Space”) ...
In the guide, Chambers notes: «I choose to work with them because they are the most active in the scale-up and startup community; they have compassion for new market entrants; and are passionate and know all the domain experts for money and payment institutions.»» says an interviewee. Another interviewee adds: «They are able to quickly understand the technological, economical, and legal aspects ...
Initially published by Thomson Reuters [23 November 2022], Shoosmiths partner Sam Tyfield comments on the implications of the recent call for regulation by cryptocurrency firms. Cryptocurrency firms and lobbyists have reacted to the collapse and bankruptcy of FTX by calling for regulation. When unpacked, however, their pleas to be regulated reveal an industry wanting regulation on its own terms while unwilling to face home truths about its faults and efficacy ...
The Malta Business Registry has published a notice informing the public of a key change to its online website company register portal. Access by the general public to the beneficial ownership details of companies registered with the Malta Business Registry has been removed following a judgement of the Court of Justice of the European Union ...
“In view of the associated risks, it has been decided that, with immediate effect, entities regulated by the Reserve Bank shall not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs ...
On 5 October 2022, Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) announced the establishment of the Malaysia International Islamic Financial Centre (MIFC) Leadership Council. The Council serves as a platform to provide industry stewardship in enhancing Malaysia's proposition as a global marketplace and an international gateway for Islamic finance ...
The Firm acted for a corporate licensed Moneylender in an appeal against the High Court decision in Summerhay Development Sdn Bhd v Ivory Ascent Sdn Bhd (2020 1 LNS 1491 and 2020 MLJU 1549) and was successful in overturning the High Court decision in J-02(NCvC)(A)-1095-08/2020. The Court of Appeal’s decision was subsequently affirmed by the Federal Court and the borrower’s motion for leave to appeal was dismissed by the Federal Court (08(f)-415-09/2021(J)) ...
Dear valued clients, colleagues and friends, In the recent case of Lam Ah Company Sdn Bhd (“taxpayer”) v Director General of Customs and Excise, the taxpayer succeeded in its judicial review application challenging Customs’ refusal to give effect to the exemption under section 155 of the Goods and Services Tax Act 2014, which exempted, among others, taxable supplies of goods or services made within a “designated area” (i.e ...
Dear valued clients, colleagues and friends, We are pleased to bring you the latest legal update for October 2022 ...
