In the context of the current COVID-19 pandemic, new measures were approved to enable companies to increase their cash flows. Payments on account (FY2021) Taxpayers who are cooperatives or have obtained in the 2020 fiscal period a turnover up to the maximum limit set for their classification as medium-sized enterprises (i.e ...
Another wave of COVID-19 has spread all over Thailand and is raising understandable concerns and generating uncertainty among the business community. With our series of infographics, we take this opportunity to guide you on the key measures and best practices to help you mitigate the effects of the COVID-19 pandemic on your business. Today, we highlight 4 practical steps with noteworthy considerations when implementing workforce restructuring options available to employers in Thailand ...
On September 2, 2021, Resolution of the Board of Directors Nº 017-2021-OEFA/CD (the “Resolution”) was published in the Official Gazette El Peruano, which amends the Regulation of the environmental emergency report of the activities under the purview of the Agency for Environmental Assessment and Enforcement- OEFA ...
On September 2, 2021, Resolution of the Board of Directors Nº 016-2021-OEFA/CD (the “Resolution”), which amends the Supervision Regulation adopted by Resolution of the Board of Directors Nº 006-2019-OEFA/CD (the “Regulation”), was published in the Official Gazette El Peruano. Some of the most important aspects of the Resolution are as follows: – The Resolution amends Articles 7, 29 and 36 of the Regulation ...
This is the first article in 'Back to Basics', a series of articles looking at insolvency processes in Scotland. In this article I examine the court process for winding up a company. A winding up petition is a form of legal action that can be used when a company is unable to pay its debts as they fall due. Sections 122 to 124 of the Insolvency Act 1986 (‘the Act’) deal with how to wind up a company in Scotland ...
Partner Peter Petrov has authored the Bulgaria chapter in the 2022 edition of Lexology Getting The Deal Through on Merger Control. Lexology Getting The Deal Through provides international expert analysis in key areas of law, practice, and regulation for corporate counsel, cross-border legal practitioners, and company directors and officers. In its sixteenth edition, the Merger Controls guide addresses key questions on all matters of concern regarding labour law in multiple countries worldwide ...
The National Treasury (“NT”’) published its draft Taxation Laws Amendment Bill with accompanying Explanatory Memorandum on 28 July 2021 (the “draft Bill”). By now it is well known that the draft Bill contains a fairly radical proposal: section 20 of the Income Tax Act, 1962 (“the Act”) will be amended to limit the amount of an assessed tax loss that may be set-off against taxable income ...
It seems like an eternity ago since the World Health Organisation declared a pandemic on 11 March 2020. Governments around the world have responded to the pandemic in different ways, including various degrees of lockdowns, travel restrictions and fiscal and monetary support for some of the most affected industries. This has led to unprecedented disruptions of the global economy and affected business models of many multinational enterprises (“MNEs”) ...
As consolidation in the domestic energy supply market continues, a new report has been commissioned by Shoosmiths and produced by Cornwall Insight. It considers what is driving the consolidation, whether this looks set to continue and the outlook for the market. Current situation At its peak in 2018, there were 62 suppliers of domestic energy in the UK market ...
[!<CDATA[ With the United States’ recent withdrawal from Afghanistan, it is only a matter of time before the government begins terminating certain federal contracts for the convenience of the government. Accordingly, government contractors need to know their rights and obligations so that they can be best positioned if one or more of their contracts are terminated. This article provides a user-friendly guide for government contractors on these important rights and obligations ...
[!<CDATA[ Effective September 1, 2021: HB 1578 closes the loophole of the previous version of Chapter 38 of the Texas Civil Practice & Remedies Code so that parties will be able to recover attorneys’ fees from LLCs, LLPs, LPs, or other organizations in lawsuits for breach of contract. Generally, Texas law provides that each party to a lawsuit is responsible for her attorneys’ fees ...
Last night, only days ahead of a general election the minority Government in Norway is likely not to win, a proposal for dramatic changes to the upstream petroleum tax regime. It was announced at 18.00 hours Oslo time in a hastily called press conference by the Minister of Finance Mr Sanner (Conservative) and the Minister of Petroleum and Energy Ms Bru (Conservative) ...
[!<CDATA[ In one of its recent opinions, Kellogg Brown & Root Services, Inc. v. Sec’y of the Army, the Federal Circuit issued new guidance on what contractors must show to prove the reasonableness of costs incurred following an (alleged) government-caused delay. The U.S. Army (the “Army”) and Kellogg Brown & Root Services, Inc. (“KBR”) contracted for KBR to deliver thousands of trailers to Iraq by an agreed-upon deadline ...
[!<CDATA[ Multi-building condominium projects often raise unique legal issues as they do not squarely fall within the definitions used in state statutes. The Minnesota Supreme Court recently addressed the unique nature of multi-building condominium projects in Village Lofts at St. Anthony Falls Association v. Housing Partners III-Lofts ...
[!<CDATA[ This term the Supreme Court is set to resolve a circuit split over the extent of a federal district court’s power to order a person “who resides in or is found” in its district “to give testimony or statement or to produce a document or other thing for use in a proceeding in a foreign or international tribunal” pursuant to 28 U.S.C Section 1782(a) ...
[!<CDATA[ In May of this year, the Supreme Court of Wyoming held that a subsidiary of Sinclair Oil could invoke statutory bad faith damages after prevailing in a coverage dispute with its insurer, Infrassure. The court rejected the district court’s analysis that accepted the insurer’s narrow interpretation of Wyoming’s insurance code ...
On August 31st, 2021, with 64 votes the Congress approved the Law regarding the Creation of the Bitcoin Trust (“FIDEBITCOIN”), by means of which a trust is constituted in the Development Bank of the Republic of El Salvador (“BANDESAL”), to benefit the users of the National Wallet, represented by the Republic of El Salvador, whose purpose will be to support the alternatives for bitcoin convertibility provided by the Salvadoran Government ...
Margin ratchets are a concept that the banking and finance world are familiar with. Increasingly these are linked to ESG loans with both lender and borrower engagement. How do they work in practice, what are the benefits and what are the potential risks? Typically margin ratchets are linked to financial covenants – more often than not leverage – they incentivise borrowers to improve their financial health over the life of a loan ...
