What is the intention of the new regime? By replicating and improving upon successful asset holding structures adopted by fund managers in jurisdictions like Luxembourg, the QAHC regime is intended to bolster the UK funds industry by facilitating greater UK-based fund activities, amending certain aspects of the UK tax system which have hitherto made UK vehicles unattractive as asset holding companies ("AHCs") ...
Directors Publicly available names of directors In 2016, the BVI Business Companies Act, 2004 introduced a requirement for all BVI companies to file the names of directors with the Registrar of Corporate Affairs (the “Registrar”). To date, the contents of the private register of directors have not been available for inspection by the public ...
September 1, 2022 By: Nora Sheriff, Gwenneth O’Hara, and Lillian Rafii On August 19, 2022, the California investor-owned utilities filed a joint motion for official notice at the California Public Utilities Commission (CPUC), saying that the recently adopted Inflation Reduction Act of 2022 (HR 5376) is “directly relevant” to the CPUC’s open net energy metering (NEM) proceeding. The CPUC is currently contemplating a revision to its NEM tariff (referred to as NEM 2 ...
INVT SPE LLC v. Int’l Trade Comm’n, Appeal No. 2020-1903 (Fed. Cir. Aug. 31, 2022) In its only precedential patent case last week, the Federal Circuit issued a lengthy opinion that revolved around claims that are drawn to “capability,” particularly for computer-implemented claims ...
Dear valued clients, colleagues and friends, On 23 August 2022, the Malaysia Competition Commission (“MyCC”) launched a public consultation on the proposed renewal of a Block Exemption Order (“BEO”) in respect of liner shipping services covered under a VSA. The renewal application was made pursuant to Section 8 of the Competition Act as the earlier BEO granted expired on 6 July 2022. The press release by MyCC (“Press Release”) is accessible here ...
The Supreme Court recently considered, in the Law Society of Saskatchewan v. Abrametz1 decision, the applicable test to determine whether a delay is inordinate and constitutes an abuse of process that could lead to a stay of administrative proceedings. In this case, a Saskatchewan lawyer requested that the disciplinary proceedings against him be terminated due to a delay that he claimed was inordinate and constituted an abuse of process ...
Mamo TCV Advocates shall be organising a series of webinars spanning over one week to provide insights on sustainable finance and related regulatory compliance obligations. The scope of these webinars is to highlight how the sustainability-related requirements are impacting the financial services sector from a regulatory standpoint. During the week, Mamo TCV Advocates will also be discussing employment and corporate social responsibility matters ...
The United Arab Emirates (UAE), a sought-after destination by foreign businesses for establishing their regional offices, consists of multiple jurisdictions for incorporation/establishment of entities. Each Emirate of the UAE has its own licensing authority and, additionally, there are more than 40 free zones in the UAE. Each Emirate and each free zone can be regarded as a separate jurisdiction for the incorporation and establishment of entities ...
On August 11, 2022, the California Supreme Court issued its opinion in Zolly v. City of Oakland, holding that a group of property owners had pleaded sufficient facts to maintain a challenge to the City’s solid-waste franchise fee, under Article XIII C of the California Constitution, commonly called “Proposition 26 ...
SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) has kept its Tier 1 ranking in M&A, and in Restructuring and Insolvency, in the latest launch of the IFLR1000 rankings, the guide to the world’s leading financial and corporate law firms. Earlier this year, SyCipLaw also received Tier 1 rankings in Banking, Capital markets: Equity, Project development, and in Project finance ...
Dear valued clients, colleagues and friends, Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”) announced on 15 August 2022 that it will be launching the Voluntary Carbon Market (“VCM”) exchange by the end of 2022 to enable companies to purchase voluntary carbon credits from climate friendly projects and solutions, to offset their carbon emission footprint and to meet their voluntary climate goals ...
Goods and Services Tax AlertSummons not to be issued to Managing Director, CEO, CFOs of companies routinely By the recent Guidelines for issuance of summons under Section 70 of the CGST Act – Instruction 03/2022- 23 [GST-Investigation], indiscriminate issuance of summons has been discouraged, and officers have been advised to issue summons judiciously ...
Customs AlertEnhancement of Monetary Limits gives relief to Importers and Exporters from Arrest and Prosecution Arrest and Prosecution are the most feared weapons in the armory of the Tax administrator. The recent guidelines introduced by the Government, put restraints on the manner of exercise of these powers to rule out arbitrariness, unfairness and to restrict such actions to serious offenders ...
On August 24, 2022, the IRS issued Notice 2022-36, 2021-15 I.R.B. 986, (the "Notice"), which grants significant penalty relief for taxpayers who failed to file certain tax or information returns for tax years 2019 and 2020. However taxpayers must file their missing returns on or before September 30, 2022, in order to obtain the penalty relief. This Notice presents a rare opportunity to taxpayers who have not filed the requisite returns to avoid onerous penalties ...
On September 9, 2021, President Biden issued Executive Order 14042, Ensuring Adequate COVID Safety Protocols for Federal Contractors, which directs federal agencies to include in certain federal contracts a clause requiring the contractor to comply with all guidance published by the Safer Federal Workforce Task Force. Included in those guidelines is a mandate that all federal contractor employees be vaccinated against COVID-19 unless the employee is legally entitled to an accommodation ...
Law No. 21,398 (known as the "Pro-Consumer Law"), which amended Law No. 19,496, Consumer Protection Act ("CPA"), reinforced the right of withdrawal in distance purchases, establishing that: Consumers may exercise the right of withdrawal or repentance, within a period of 10 days from receipt of the product, without expression of cause, with respect to all purchases of goods, without conditioning the right to the will of the supplier ...
SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) has kept its Tier 1 ranking in M&A and Restructuring and Insolvency in the latest rankings released by IFLR1000, the guide to the world’s leading financial and corporate law firms. Earlier this year, SyCipLaw also received Tier 1 rankings in Banking, Capital markets: Equity, Project development, and in Project finance ...
The Philippines is party to double taxation agreements (DTAs) with 43 countries. These DTAs contain exchange of information (EOI) provisions, which oblige contracting parties to exchange details that are needed to carry out the provisions of the DTAs or the domestic laws that concern the taxes applicable to the DTAs. To this end, the Bureau of Internal Revenue (BIR) consistently develops its EOI programme and has, in the past decade, circulated administrative issuances to facilitate EOI ...
On the 12 August 2022, the MFSA has issued a Circular to inform the financial services industry of the launch of a new standardised template (“Annex AX26: Source of Wealth and Source of funds self-declaration form”) to be used with immediate effect when submitting a statement of source of wealth and source of funds ...
All entities (free zone limited liability companies and branch offices) registered under the jurisdiction of Dubai Development Authority (DDA) are required to file their most recent audited financial statements along with a summary sheet (to be generated through their AXS portal account) on or before 31 October 2022. Entities are required to make these filings through their respective AXS portal accounts ...
All entities (free zone limited liability companies and branch offices) registered under the jurisdiction of Dubai Development Authority (DDA) are required to file their most recent audited financial statements along with a summary sheet (to be generated through their AXS portal account) on or before 31 October 2022. Entities are required to make these filings through their respective AXS portal accounts ...
Ekachai Chotpitayasunon, Pariyapol Kamolsilp, and Kongkoch Yongsavasdikul, partners of Kudun and Partners together with senior associates; Kongwat Akaramanee and Supatra Kerinsaguna, were invited to speak at a seminar organized by the Association of Family Business Entrepreneurs (AFBE) under the topic “Holding & Tax Management – Game Plan for Family Business Sustainability” ...
