Overview On the 16th of May 2023, the New Law on Taxation (“New Taxation Law”) was promulgated by Royal Kram No. NS/RKM/0523/004. The New Taxation Law abrogates the Law on Taxation, promulgated by Royal Kram No. NS/RK/0297/03, dated February 24, 1997 (“Former Taxation Law”), and the Law on Amendment to the Law on Taxation, promulgated by Royal Kram No. NS/RK/0303/010, dated March 31, 2003 ...
Overview The Law on Trusts promulgated on 2 January 2019 provides the legal framework for the creation, registration and inspection of trusts in Cambodia. To facilitate the implementation of the Trust Law, the Trust Regulator on 3 November 2022 issued Prakas 051 on the Formalities and Procedure for Inspection of Trusts (“Prakas 051”). Prakas 051 applies to the inspection of activities and operations related to the trust sector in Cambodia ...
On 27 April 2023, the ECJ (Case C-537/20) ruled that Article 63 of the Treaty on the Functioning of the European Union (the “TFEU”) must be interpreted as “precluding legislation of a Member State which makes non-resident specialised property funds partially liable to corporate income tax in respect of the income from property which they receive in the territory of that Member State, whereas resident specialised property funds are exempted from that tax” ...
The Directorate of Investment and Company Administration (“DICA”) has issued an undated notice where it has listed the documents that all DICA registered companies are required to submit to DICA to obtain its approval to repatriate foreign currencies out of Myanmar (the “Notice”). We understand from the Notice that it applies only to DICA registered companies ...
As a matter of important update that may impact potential and scheduled payments of dividends, interest, royalties and other similar “passive types” of income from Russia, please be informed that on 18th of May 2023 Russian Media has announced that Double Tax Treaties (the “DTTs”) with “Unfriendly States” will be temporarily suspended by the Presidential Decree in June 2023 ...
The government of Vietnam issued Decree No. 19/2023/ND-CP dated 28 April 2023 (“Decree 19”) to provide guidance for the Law on Anti-Money Laundering. Decree 19, effective as of its issuance date, includes the following: Details on Know Your Client (“KYC”) Decree 19 sets out the specific situations in which financial institutions must carry out KYC procedures ...
Notification 020/23 was issued by the Accounting and Auditing Regulator (ACAR) on the 12th of May 2023 concerning the Extension to Submit Annual Financial Statements for the 2022 financial year for Enterprises and Non-Profit Organizations that are not subject to independent financial audits ...
In its recent judgement in Re Avanti Communications Ltd [2023] EWHC 940 (Ch) ('Avanti') the High Court decided that in some circumstances a charge can take effect as a fixed charge despite the chargor having some flexibility to dispose of assets without the consent of the charge holder. Background A charge expressed to be a fixed charge may be at risk of being re-characterised by a court as a floating charge if the charge holder fails to exercise sufficient control over the assets ...
The Financial Market Commission ("FMC") has announced a process of consulting roundtables for the implementation of Law No. 21.521, known as the "Fintech Law" (Fintech in Spanish). Last May 15, an informative webinar was held where the CMF informed about the general guidelines for the operation of the consulting roundtables that will address aspects of the implementation of the Fintech Law. The FMC authority to carry out this process comes from Article 20 of Law No ...
The South African banking and finance landscape is continually evolving, driven by changing regulations as well as emerging trends. Recent amendments to the Financial Intelligence Centre Act, 2001 (“FICA”) have brought about new obligations that trustees operating within the sector must be aware of ...
Last Friday, on 12 May 2023, the UAE Ministry of Finance (Ministry) published an Explanatory Guide which provides an explanation of the meaning and intended effect of each article of the Corporate Tax (CT) Law. The Explanatory Guide may be accessedHere ...
Although NFTs have existed for a number of years, and have changed the world of merchandise and art, it is worth considering how intellectual property (IP) rights interplay with this asset class. This article considers NFTs in their component parts with a view to understanding how IP law, and specifically the areas of copyright and trade marks, apply. What is an NFT? An NFT stands for non-fungible token and is a digital asset with a unique digital identifier, recorded on a blockchain ...
Corporate flexibility Jersey’s corporate law regime is modern and flexible, providing a wide range of structuring options that can be tailored to the specific needs of the business. This flexibility is particularly useful for companies looking to list in the U.S., as Jersey companies can look and feel very similar to Delaware corporations where that is desirable. Direct listing Jersey companies can list securities in the U.S ...
The Norwegian Government today, ahead of presenting the revised budget for 2023, announced postponed implementation of resource rent tax on onshore wind power. The proposal for a resource rent tax was sent for consultation on 16th December 2022, with the deadline set for 15th March 2023. The initial plan was to implement the tax from 2023, but the effective date is now under review, partly due to feedback received during the consultation period ...
Many financing options that we used to consider “alternative” are now commonplace. This article explains in basic terms what some of the alternatives to traditional bank loans are, who they’re used by and why they’ve increased in popularity ...
On May 9, 2023, a new law was enacted, which aims to improve the prosecution of drug trafficking and organized crime, regulate the destination of assets seized in such offenses and strengthen rehabilitation and social reintegration institutions (the “New Law”). Among the main changes introduced by the New Law regarding the prosecution of drug trafficking are: (i) the increase of penalties for the offenses established in Law No ...
Electronic Money Institutions (EMIs) are financial institutions that offer electronic money services to customers. Legislation on EMIs is partially harmonised in the EU as there is only an Electronic Money Directive (Directive 2009/110/EC) (“EMD”) rather than a regulation. In Malta, the EMD is transposed in the Financial Institutions Act, Chapter 376 of the Laws of Malta ...
The progression of online financial ecosystems supporting any modern economy hinges on the citizens’ use of new financial technologies. In Malta, the word ‘fintech’ is neither defined by law nor found in the jurisdiction’s primary legislation. Yet, local stakeholders on the island commonly limit the meaning of the word to blockchain-based finance ...
Employee Ownership Trusts (EOTs) are increasing in popularity with many entrepreneurs and business owners now looking at this alternative structure of exit. EOTs were introduced through the Finance Act of 2014 to encourage founders and other shareholders to pass ownership of their company on for the benefit of its employees. The John Lewis Partnership, a long-established brand, is well recognised for employee engagement, however EOTs were relatively slow to take off in the UK ...
May 1, 2023 By: Stephanie Shea As everyone knows, the remaining USD LIBOR tenors will expire on June 30, 2023. Also as everyone knows, the CFPB issued a final rule in December 2021, modifying Regulation Z to reflect the transition from LIBOR. For example, it revised Regulation Z’s commentary to the closed-end refinancing rules (that is, the commentary to Section 1026 ...
We would like to inform you that today the President of the Russian Federation signed the Law dated April 28, 2023 No. 139-FZ significantly amending the Federal Law dated April 29, 2008 No. 57-FZ Federal Law “On Procedures for Foreign Investments in Companies having Strategic Importance for the National Security and Defense” (hereinafter – the “Strategic Investments Law”) ...
