News of a new federal law on foreign direct investment in the UAE has many people asking: “Does this mean I can now form a new company with majority foreign ownership?” The answer is the same as previously, “No, not yet”. Companies incorporated in the UAE require a minimum of 51 percent UAE ownership. As an exception to this rule, 100 percent foreign ownership is permitted in free zones. The new law may lead to further exceptions in the future ...
The introduction of the e-hailing system had changed the landscape of public transport in Malaysia and, at the same time, intensified the competition in the taxi industry. Whilst the taxi industry was subject to specific regulatory requirements there was previously no express law to regulate the operation of the e-hailing system ...
“Tax investigation” entails an examination of a taxpayer’s business books, records, and documents as well as his personal documents to ensure that the correct amount of income is reported and tax is calculated as well as paid by the taxpayer ...
In the last quarter of 2018, the Department of Labor (DOL) issued an opinion letter ending what had become known as the “80/20 rule” for tipped employees. The new rule, which eases restrictions on an employer’s application of the tip credit, is a reissuance of a 2009 opinion letter that had been supplanted by contrary guidance since 2011 ...
The Gambling Policy Division of the Irish Department of Justice has joined 14 other gambling regulators from around the globe in signing an International Declaration expressing concern about gambling in video games. The regulators presented a united front in addressing the "blurring of lines between gambling and other forms of digital entertainment". The increasing presence of gambling in the video gaming world has been raised as a growing concern ...
Today the Health Resources and Services Administration (HRSA) issued a notice of proposed rulemaking (NPRM) that will end HRSA’s delays in implementing a January 5, 2017 final rule concerning 340B drug price calculations and civil monetary penalties (CMPs) against manufacturers who knowingly and intentionally overcharge 340B covered entities for 340B drugs (the Final Rule) ...
Earlier this week, the UK Cryptoassets Taskforce published its Final Report on cryptoassets and distributed ledger technology (DLT). The Taskforce – which includes representatives from HM Treasury, the UK Financial Conduct Authority (FCA) and the Bank of England – was established in March 2018 to analyse and assess the risks and potential benefits of cryptoassets and DLT and “set out the path forward with respect to regulation [of these areas] in the UK” ...
"Slavery remains a reality in the modern world. Children, men and children are being exploited in our towns, communities and businesses every day. The victims are hidden from view and many people may never know this cruel practice is taking place on their streets and under their noses". Rt Hon Sajid Javid MP, Home Secretary, October 2018 ...
On October 31, 2018, the Treasury Department released proposed regulations (“the Proposed Regulations”) providing guidance on the application of Section 956 of the Internal Revenue Code of 1986, as amended (the “Code”) following recent tax law changes under the Tax Cuts and Jobs Act (the “Act”) ...
The South African Competition Amendment Bill, 2017 is a step closer to becoming operational. During its plenary sitting in late 2018, the South African National Assembly (“NA”) passed a revised version of the Bill.On 1 December 2017, the Minister of Economic Development announced the release of the Competition Amendment Bill for public comment ...
What needs to happen to secure the most sought-after international events on the sporting calendar? As Australia continues its reputation as a dependable major sports event host through the likes of the Gold Coast 2018 Commonwealth Games and the Invictus Games Sydney 2018, there has been an upsurge in interest from Australian cities, metropolitan and regional, to host major sporting events ...
The oil and gas sector has seen significant changes over the past few years, led by a significant reduction in global oil prices. This has increased the focus on operational efficiency and more flexible ways of working collaboratively to alleviate the effects of protracted price deflation ...
The Scottish financial sector has always punched above its weight due, in large part, to its appetite for innovation and sharp business acumen, which it has successfully exported around the globe. The successful early establishment in Scotland of current account banking and the investment trust speak to this, along with the undisputed influence of the Scottish diaspora, which established many of the great financial institutions from Paris to Hong Kong ...
Blockchain is a distributed ledger of data entries. The entries are processed and managed by a series of different computers, or ‘nodes’, which can be running on different servers. Every computer connected to the system keeps a copy of this ledger, meaning that different parties can view and manage the same information in real time. It also makes it exceptionally safe and secure. The energy sector has been relatively slow to adopt blockchain technology ...
On November 5, 2018, the amendments recently adopted by the Securities and Exchange Commission (the “SEC”) to update and simplify certain disclosure requirements will become effective ...
The Veterans Administration (VA) maintains the Vendor Information Pages (VIP) database of Veteran-owned small businesses (VOSB) and service-disabled Veteran-owned small businesses (SDVOSB). This database is available at www.vip.vetbiz.va.gov. The VIP database is managed by VA’s Center for Veterans Enterprise (CVE) who determines whether an offeror is eligible to be listed on the database ...
The role of the Millennial lawyers and the recent incorporation of Artificial Intelligence (“AI”) in law firms are current trending topics. As a 27-year old associate of a law firm based in Guatemala City, every time I read about AI and that global law firms are incorporating AI to their practice, I ask myself, will I be replaced by it (or IT) ...
Under Government Regulation Number 57 and Indonesian Competition Authority (KPPU) Guidelines Number 02 , the criteria for determining whether a foreign merger (the definition includes a share acquisition) conducted outside Indonesia is reportable under the current Indonesian merger control rule (please note that the current merger control rule are the following: The Asset and/or revenue thresholds The value thresholds for a reportable transaction are: a ...
With investors such as the Scottish Investment Bank, the soon-to-be-launched Scottish National Investment Bank and the Epidarex Life Sciences Fund all increasingly paying attention to the life sciences sector against the backdrop of an increasingly competitive life sciences market in Scotland, now is a great time to consider whether your business is ready for investment, and how it could be standing out in order to attract investors ...
As part of Budget 2019, the Irish Minister for Finance announced that Irish betting tax will increase from 1% to 2% of turnover. Betting intermediary tax will also increase from 15% to 25%. The tax increases will take effect from 1 January 2019. Parties in support of this increase have suggested that additional revenue generated by this increase should be directed towards gambling addiction services ...
The Abu Dhabi Global Market (the ADGM) recently announced the launch of a commercial license specifically catered towards tech start-ups that allows entrepreneurs to obtain an operational license in the ADGM and access to a Professional Services Support Program aimed at allowing entrepreneurs entry to a community of businesses, financial services and professional advisors ...
At the beginning of September, the Israeli Innovation Authority, a division of the Israeli Ministry of Economy and Industry and the successor to the Office of Chief Scientist “IIA”, issued new rules “New Rules”. The “New Rules” regarded the licensing of know-how developed and obtained by Israeli companies that received grants from the IIA “Funded Companies”, to multinational corporations ...
Under newly enacted Section 1400Z of the Internal Revenue Code of 1986 (the “Code”), beginning on December 22, 2017, taxpayers may defer, and in some cases partially eliminate, capital gains by making certain investments in “qualified opportunity zones.” A qualified opportunity zone is a “population census tract” in a state designated low-income community ...
