Dear valued clients, colleagues and friends,We are pleased to bring you the latest legal updates for January 2022.Corporate/M&AAmendments to the Main and ACE Market Listing Requirements in relation to Directors’ Appointment, Independence and Miscellaneous ChangeTax & RevenueExplanation in relation to the Definition of Factory for the Purpose of Reinvestment Allowance Claim under Schedule 7A, Income Tax Act 1967 (Practice Note No ...
On January 31, 2022, the Financial Market Commission (“FMC”) opened a public consultation process (the “Regulatory Proposal”), in order to simplify the registration process in the following registries, and the ongoing reporting obligations of entities registered in those registries: Registry of Foreign Reinsurance Brokers. Registry of Foreign Securities. Special Registry of Reporting Entities ...
A recent IRS concession bodes well for how the tax treatment of proof of stake validators may develop through case law. On December 20, 2021, the IRS offered a full refund to the plaintiffs in Jarrett et al v. United States for taxes paid on tokens created through proof of stake on the Tezos blockchain in 2019. In a statement released February 3, 2022, Joshua Jarrett confirmed the decision to seek an IRS ruling in the cryptocurrency case, rather than accept the tax refund ...
January 2022 has seen the issuance of Instruction No. 002 AAR.N (“Instruction 002”) on the Compulsory Submission of Annual Financial Statements to the Accounting and Auditing Regulator (“ACAR”) and Instruction 001 AAR.I regarding the Submission to the ACAR on the use of English for computerized or other accounting systems (“Instruction 001”). We set out the salient points with respect to Instruction 002 and Instruction 001 below for your reference ...
The General Department of Taxation (“GDT”) issued Instruction no. 1972 GDT on 31 January 2022 (“Instruction 1972”) which sets out obligations for taxpayers in Cambodia that carry out projects for public interest in connection with a grant or loan agreement (“Agreement”) or memorandum of understanding (“MoU”) between the Royal Government of Cambodia and another government or national development agency or partner international organisations ...
Investing in India can be challenging in view of the myriad of laws at both the Central and State level, as well as cumbersome sector specific requirements. Many-a-times, foreign investors tie up with Indian promoters to overcome these hurdles. However, difficulties get amplified when they get embroiled in litigation / arbitration with Indian promoters over issues related to mismanagement, control, earn-out payments etc ...
The UK Government has put forward for approval by Parliament a new safeguard mechanism for international transfers, known as the International Data Transfer Agreement (IDTA), that will impact organisations transferring personal data out of the UK. If approved, the IDTA will apply from 21 March 2022, and we would encourage affected organisations to review their data transfer processes now ...
The Norwegian Data Protection Authority has notified Stortinget of an infringement fine of two million kroner and imposed an infringement fine of four million kroner on Østre Toten municipality. In both cases, the Authority emphasizes that it is a clear management responsibility to secure the business against such attacks, and that two-factor authentication, awareness-raising and an appropriate risk and vulnerability analysis are key measures ...
GLIMPSES OF UNION BUDGET 2022 With the economy riding on the twin waves of rapid economic growth and increased tax collections, the Union Budget for 2022-23 was presented by the Hon’ble Finance Minister on February 1, 2022. A wide gamut policy and tax matters were outlined by the Minister in her speech, many of which found its way into the Finance Bill. We have put together the key takeaways for direct tax and indirect tax from the Union Budget. Trust this would be helpful ...
The phrase ‘national security’ is at the heart of but not defined in the National Security and Investment (NSI) Act 2021. There are some insights from related legislation and other sources, but the absence of definition means there is legal and consequently business uncertainty. From 4 January 2022 when the NSI Act 2021 came into full effect, the meaning of national security became crucial to M&A activity concerning the UK ...
HIGHLIGHTS OF UNION BUDGET 2022-2023 Key Indirect Tax Proposals Special Economic Zones Act to be replaced Special Economic Zones Act is set to be replaced with a new legislation, under which Customs administration would be IT driven, and a Customs National Portal would be set up for this purpose. This is being done to encourage paperless processing and ease of doing business ...
HIGHLIGHTS OF UNION BUDGET 2022-2023 Key Direct Tax Proposals Personal Taxation Tax rates, TDS rates, Standard deduction and relief for savings etc. remain unchanged. Rates of surcharge have been rationalized in case of Long - term capital gain other than listed shares, and for Cooperative societies. Medical relief provided by employers or any other person in relation to COVID-19 will be exempt from F.Y. 2019-20 onwards ...
The UAE Ministry of Finance announced on 31 January 2022 the introduction of Corporate Tax (CT) commencing from June 2023. In the latest UAE initiative to diversify government income, UAE CT will build upon the tax infrastructure established following the introduction of a Value Added Tax regime in 2018. UAE CT is a Federal tax and will therefore apply across all Emirates, with the Federal Tax Authority responsible for administration and compliance of the UAE CT regime ...
What is Fintech? The term fintech refers to the technologising of the financial industry. Fintech has become ever more recognized in the past few years, especially amidst COVID-19 in which demand for cashless payments and quick transactions have increased. Fintech exists in our daily lives from online banking to blockchain and to cryptocurrencies ...
The UAE Ministry of Finance announced on 31 January 2022 the introduction of Corporate Tax (CT) commencing from June 2023. In the latest UAE initiative to diversify government income, UAE CT will build upon the tax infrastructure established following the introduction of a Value Added Tax regime in 2018.UAE CT is a Federal tax and will therefore apply across all Emirates, with the Federal Tax Authority responsible for administration and compliance of the UAE CT regime ...
Someone at IRS’s Chief Counsel Office realized the Service may have a qualified small business stock (“QSBS”) interpretation problem. After the IRS released multiple private letter rulings (“PLRs”) with favorable guidance on what constitutes a qualified trade or business under IRC section 1202(e)(3), IRS Chief Counsel appears to have had enough. Chief Counsel Memo (“CCA”) 202204007 (Nov ...
Introduction On 20 January 2022, the Interim Measures for Interconnection Services between the China Interbank Bond Market and the Exchange Bond Market[1] (the “Connect Measures”) were jointly issued by China’s bond market infrastructures, the Shanghai Stock Exchange (SSE), the Shenzhen Stock Exchange (SZSE), the China Foreign Exchange Trade Center & National Inter-bank Funding Center (CFETS), the China Securities Depository Clearing Corporation (CSDCC), and the Shanghai C
Is the unitary business principle the sole test for determining whether a state can tax an apportioned share of a non-domiciliary’s capital gains under the U.S. Supreme Court’s Due Process Clause and Commerce Clause jurisprudence? Jaye A. Calhoun, Bruce P. Ely, and Kelvin M. Lawrence believe so, and discuss its relevance in the last of a two-part series focusing on a closely watched case currently on appeal before the Massachusetts Supreme Judicial Court ...
As June 2022 approaches, many companies in Thailand are focusing on and racing towards the implementation of compliance mechanisms in advance of the adoption of the Personal Data Protection Act (“PDPA”), Thailand’s new and all-encompassing data protection legislation. This new law will significantly impact businesses that handle personal data. It sets out heavy fines and penalties which will be imposed upon organizations that mishandle clients’ personal data ...
As June 2022 approaches, many companies in Thailand are focusing on and racing towards the implementation of compliance mechanisms in advance of the adoption of the Personal Data Protection Act (“PDPA”), Thailand’s new and all-encompassing data protection legislation. This new law will significantly impact businesses that handle personal data. It sets out heavy fines and penalties which will be imposed upon organizations that mishandle clients’ personal data ...
This newsletter features a look into notable recent Finnish competition and regulatory case law.Recent developments in Finnish merger control: A more hardline approach to divestiture commitments The Finnish Competition and Consumer Authority's (FCCA) merger control team had a busy year ...
Law No. 21,394, officially published on November 30, 2021, introduced a set of reforms to the justice system to promote efficiency in judicial processes and to limit the need for physical presence in courts. For that purpose, the Law reformed certain provisions of the Organic Code of Courts, the Code of Civil Procedure, and the Electronic Procedure Law, regarding the collection proceeding: Legal deadline to file an opposition to the collection complaint ...
