After an extremely busy 2021 where the financial markets and the lending sector recovered rapidly from the COVID-hibernation, 2022 has been a turbulent year that did not live up to expectations in terms of activity. With geopolitical unrest, high inflation and rising interest rates as the backdrop, financial markets were volatile and funding costs increased substantially ...
In the final instalment of our “future of work” series, we look at the potential ways advancements in technology have changed and continue to change the way we work. Keeping us connected Technology has been used in workplaces for many years and has been at the forefront of the move away from traditional employment models – the advent of mobile apps to support the gig economy being a prime example ...
A lesser-known state incentive in the nonprofit sector has created a boon for taxpayers, private education institutions and their students. Across the country, states are providing tax credits that reduce individuals’ state income taxes for any donation to a state-certified nonprofit organization providing scholarships to K-12 students to attend private schools ...
Recently, the China Banking and Insurance Regulatory Commission ("CBIRC") issued the Measures for Regulatory Assessment of Corporate Governance of Banking and Insurance Institutions (the "2022 Measures"), which replace the Measures for Regulatory Assessment on Corporate Governance of Banking and Insurance Institutions (for Trial Implementation) (the "2019 Measures") issued by CBIRC on 25 November 2019 ...
What are Digital Assets? The Official Bermuda Definition The definition of "digital asset" under Bermuda's Digital Asset Business Act 2018 ("DABA") is: "anything that exists in binary format and comes with the right to use it and includes a digital representation of value that – (a) is used as a medium of exchange, unit of account, or store of value and is not legal tender… &nbs
On 23 September the Government announced its ‘Growth Plan 2022’ (Growth Plan). It was intended, the Government said, to tackle rising energy costs, bring down inflation and help businesses and households alike. Instead, it caused a sudden and significant rise in interest rates which caused havoc for defined benefit (DB) pension schemes with liability driven investment (LDI) strategies ...
The task of upgrading and developing the UK’s electric vehicle (EV) charging infrastructure to cope with current and future demand is no mean feat. The UK Government has committed to ending the sale of new petrol and diesel cars by 2030 ...
Financial Services Principles-based sustainable and responsible investment (“SRI”) taxonomy for Malaysian capital market 9th Meeting of Joint Committee on Climate Change (“JC3”) Meeting Revision to Guidelines on the Registration of Venture Capital and Private Equity Corporations and Management Corporations Bank Negara Malaysia issues exposure draft on Capital Adequacy Framework (Basel III — Risk Weighted Assets) — Operationa
On December 19, 2022, the U.S. Small Business Administration (SBA) issued a proposed rule that, if enacted, will permit prime contractors to receive small-business subcontracting credit for subcontracts at any tier. The deadline for comments on this proposed rule is February 17, 2023. 13 Code of Federal Regulations (C.F.R.) § 125 ...
The SEC, in a unanimous vote, adopted final rules on December 14, 2022 amending Rule 10b5-1 under the Securities Exchange Act of 1934. Additionally, it includes related amendments concerning disclosures about insider trading policies, disclosures about equity awards made close in time to the disclosure of material nonpublic information and the reporting of gifts by insiders ...
On 14 December 2022, the People's Bank of China ("PBOC") issued for public comments the Measures for Administration and Supervision of Financial Market Infrastructures (the "FMI Measures"). The public comment period is open until 14 January 2023 ...
In this briefing, we will review the implications of the Law for property transactions in Jersey. Tax on purchase of residential properties which are not used as a main residence The key implication of the Law is that stamp duty (and equivalent land taxes such as land transactions tax and enveloped property transactions tax) on acquisitions of domestic residential property which will not be the purchaser's main residence will be increased ...
The Site Report has extensively discussed the developments of 3-D printing building construction and its impact on the construction industry. 3-D printing structures is becoming more commonplace. Last month, Iowa State University began designing 3-D printed housing for rural Iowa. ICON Technology, Inc., an Austin, Texas company, is currently planning to build an entire subdivision in Texas using its 3-D printing technology ...
Video games have become increasing popular among all age groups in Indonesia – especially with the introduction of mobile video games in the past few years that allows almost all types of smartphones to operate the most popular video games with ease. Now, parents are no longer hiding the fact that their children from a very young age are much more interested in playing video games than playing outside ...
Financial Services Exposure draft on licensing framework for digital insurers and takaful operators Amendment to the Guidelines on Recognised Markets Guidelines on Islamic Capital Market Products and Services
The Council of the EU has now adopted its common position on the bloc's draft AI Act, as the legislation approaches final form. The updated position signals a number of important refinements to key principles in the previous text. The EU is hoping the legislation, once agreed and ratified with the European Parliament, will provide organisations within or trading into the EU with a uniform, risk-based framework, creating a single market for AI applications ...
The season of goodwill is upon us, with retailers and the press announcing Christmas charity partnerships to raise funds for good causes, but the cost-of-living crisis will still be with us in 2023. Charities are increasingly feeling a greater level of pressure to be the first line of defence as gaps in public services open up and they face a “triple threat” of increasing running costs (in particular, energy bills), rising service demand, and falling incomes ...
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 ...
