Key Points The CARES Act provides that PPP loans may be forgiven without causing the borrower to incur cancellation of debt income, but did not address whether business expenses could be deducted if paid for by PPP loan proceeds. On April 30, 2020, the IRS published Notice 2020-32 clarifying that taxpayers whose PPP loans were forgiven could not deduct business expenses covered by such loan proceeds ...
A recent court of appeal decision has definitively clarified the test for assessing the enforceability of liquidated damages clauses in Singapore. Contracting parties intending to incorporate liquidated damages clauses must be mindful of the type of damages that may be recovered in the event of default, especially when exercising a contractual right to terminate the contract ...
Canadian newspapers' loss of advertising revenues to the hands of internet giants over the past several years has jeopardized the very existence of many such newspapers. In 2018, our governments announced several advantageous tax measures in order to ensure the survival of independent print media ...
Key Points Effective January 1, 2021, public colleges, universities, and governmental entities whose primary purpose is providing medical or hospital care are eligible for the employee retention and rehiring tax credit. The amount of the credit is equal to 70 percent of up to $10,000 in eligible wages per employee per quarter for the first two quarters of 2021. The tax credit is claimed as an offset to employment taxes otherwise payable by the employer ...
In this article, Yeoh Yu Xian sets out the key highlights from Malaysia’s 2021 budget. INTRODUCTION On 6 November 2020, the Malaysian Minister of Finance, Tengku Datuk Seri Zafrul Tengku Abdul Aziz, unveiled the Malaysian Budget 2021 (“Budget”). This Budget’s allocation of RM 322.5 billion is the largest on record for the country1 ...
In this article, Gan Shao Qi discusses some of the recent measures announced to facilitate fund raising by listed issuers through a rights issue in Malaysia to assist companies and businesses that require access to immediate funding due to Covid-19 ...
Application of the exemption method conditional on fulfillment of requirements with regards to ownership fraction and period The Norwegian rules regarding participation exemption have in general entailed that companies tax resident in Norway investing in companies tax resident in the UK have benefited from participation exemption rules with regards to dividends and capital gains on such shares, and the same has been the case for UK companies investing in Norwegian companies ...
At Christmas, the Trade and Cooperation Agreement (TCA) consisting of 1256 pages was finally agreed between the EU and the UK. Crucially, the Agreement is between the EU and UK only and not the EU and its member states and the UK. The TCA establishes a free trade area for goods and services, in accordance with the WTO law. Both sides can apply trade remedies as is usual for free trade agreements such as on condition anti-dumping duties, anti-subsidy duties, and economic safeguards ...
Over the last 4 years, the Belgian Competition Authority (“BCA”) has increasingly scrutinised anticompetitive restraints in vertical agreements and assessed these restraints under Article IV.1 of the Belgian Code of Economic Law and Article 101 TFEU ...
At Christmas, the Trade and Cooperation Agreement (TCA) consisting of 1256 pages was finally agreed between the EU and the UK. Crucially, the Agreement is between the EU and UK only and not the EU and its member states and the UK. The TCA establishes a free trade area for goods and services, in accordance with the WTO law. Both sides can apply trade remedies as is usual for free trade agreements such as on condition anti-dumping duties, anti-subsidy duties, and economic safeguards ...
December 23, 2020 the Luxembourg legislator has published the law of 19 December 2020 implementing financial restrictive measures (“law of 19 December 2020”). This law has repealed the law of 27 October 2010 enhancing the anti-money laundering and counter terrorist financing legal framework ...
If anyone had told you that 2020 would be a year in which you are virtually guaranteed a lie-flat bed in economy class, businesses instructed employees not to come into the office, and budget supermarket Sheng Siong’s shares outperformed bank blue chip DBS’s, you would have sent the chap to have his head checked.But as the new coronavirus spread worldwide, the ensuing Covid-19 pandemic forced billions into lockdown ...
On December 27, 2021, the National Development and Reform Commission (“NDRC”) and the Ministry of Commerce (“MOFCOM”) issued two revised versions of negative lists (collectively the “2021 Foreign Investment Negative Lists”), which came into effect on January 1, 2022: Special Administrative Measures (Negative List) for Foreign Investment Access (2021 Edition) (the “2021 National Negative List”) ...
FINANCIAL SERVICES BURSA MALAYSIA SECURITIES EXPANDS MARKET MAKING FRAMEWORK Bursa Malaysia Securities Berhad (“Bursa”) has, via Participating Organisations’ Circular No. R/R 13 of 2020 issued on 24 November 2020, made amendments to the rules and directives of Bursa in relation to the expansion of the market making framework ...
Through National Executive Branch Decree No. 1034/2020, published in the Official Gazette on December 21, 2020: (i) Regulations of Law No. 27,506 and its amendments -also known as “Knowledge Economy Promotion Regime” (hereinafter, the “Regime” or the “Law”)- were approved; and (ii) the export duties applicable to the provision of services included in subparagraph c), of paragraph 2, of section 10 of Law No ...
The SyCipLaw T.I.P.S. for December covers the following tax issues: 1. When is the extended deadline to avail of the benefits of the Bureau of Internal Revenue’s Voluntary Assessment and Payment Program for Taxable Year 2018 (VAPP)? The Bureau of Internal Revenue (BIR) has issued Revenue Regulations No. 33-2020 (RR No ...
On December 27, 2020, President Trump signed the “Consolidated Appropriations Act, 2021” into law. Most referred to this as the Coronavirus Relief Bill and thought that it only contained a stimulus package. However, within it, were also changes to intellectual property law ...
On December 24, 2020, the Brazilian President sanctioned, with some vetoes, an amendment to Law 11,101/2005, which governs judicial reorganizations, pre-packaged reorganizations and bankruptcy liquidations of businessmen and companies. The vetoes can still be overthrown by the Brazilian Congress ...
The Agreement on the Withdrawal of the United Kingdom (UK) from the European Union (EU) provides for a transition period ending on 31 December 2020. Thereafter, EU trade marks (EUTM) will cease to extend protection to the UK. To safeguard these rights, the UK government has implemented measures to ensure that EUTM owners will continue to enjoy trade mark rights in the UK. Trade mark rights registered as of 31 December 2020 will be automatically cloned into national UK registrations ...
Key issues The consequences in terms of applicable law will likely be limited A jurisdiction clause in general terms and conditions may be insufficient Consumer law may require attention where diverging future regulations are concerned The consequences in terms of applicable law are likely to remain limited Should parties not have included a choice of law in their agreement, then EU-courts apply the Rome I Convention to determine applicable law ...
It is the rare construction project that is completed without any change in the work. In most sophisticated construction projects, the contractual mechanism for managing these changes involves the issuance of a change order. However, managing change orders is not something project teams are always well-trained on, which can cause issues for small and big contractors alike ...
On Dec. 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (the Act), which provides additional COVID-19 relief to individuals and businesses. The long-anticipated COVID-19 relief bill will now head to President Trump for approval or veto. The Act does not extend requirements for employers to provide emergency paid sick leave or emergency paid family and medical leave under the Families First Coronavirus Response Act (FFCRA) past the original Dec ...
