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 ...
On 13 January 2022 UK and India launched negotiations for a free trade agreement. Intended to provide net benefits to businesses, not all will benefit from the agreement. This article identifies some topics that business may wish to raise with government ...
The much-anticipated levelling up white paper has finally been published, including 12 legally binding ‘missions’ to improve health, living standards, transport, crime and wellbeing by the end of the decade. When it comes to the devolution of powers to help to realise these outcomes, rather than marking a radical departure from earlier policy, the white paper advocates a continuation of the devolution process in England ...
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 ...
Regulation (EU) 536/2014 of the Parliament and of the Council of 16 April 2014 on clinical trials on medicinal products for human use (“Regulation”) came into force on 31 January 2022. The Regulation was adopted by the European Parliament in 2014 and released in May of the same year. It was subsequently officially published in the Official Journal of the European Union on 31 July 2021 and came into force six months after that date ...
On December 25, 2021, the federal government passed proposed regulations that, as the name implies, prohibit (or restrict, in some cases) the manufacture, import and sale of certain single-use plastics that pose a threat to the environment. Provided that such regulations are adopted, the government intends for them to come into force as early as the end of 2022 ...
On December 25, 2021, the federal government passed proposed regulations that, as the name implies, prohibit (or restrict, in some cases) the manufacture, import and sale of certain single-use plastics that pose a threat to the environment. Provided that such regulations are adopted, the government intends for them to come into force as early as the end of 2022 ...
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 ...
Article by Anne Coulon, Regional Legal Adviser, DFDL Thailand This article considers the various modes of dispute resolution used the most in Thailand, with particular reference to several key industry sectors of Thailand. Even where significant commercial interests are at stake, a dispute need not necessarily lead to an all-out confrontation. The opposing parties may attempt to settle their dispute through negotiation, and sometimes, mediation ...
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 ...
The Food Standards Agency (FSA) is seeking views on potential approaches to precautionary allergen labelling for prepacked and non-prepacked foods. This consultation follows new rules that came into force in relation to allergen labelling on prepacked for direct sale foods last year (see our article about Natasha’s Law here) and will consider how precautionary allergen labelling can be communicated more clearly and consistently to consumers ...
On January 25, 2022, Law No. 21,412 (hereinafter, the "New Law") entered into force, which amends: (i) Law No. 17,798 on Arms Control; (ii) Law No. 18,216 which establishes alternative penalties to custodial or restrictive sentences; (iii) the Criminal Procedure Code; and (iv) Law No. 20,393 on Criminal Liability of Legal Entities ...
On January 28, 2022, the Small Business Administration announced that it had issued its Tribal Consultation Policy of 2022. In this policy, SBA stated that “it is the policy of the U.S ...
Nature Simulation Systems Inc. v. Autodesk, Inc., Appeal No. 2020-2257 (Fed. Cir. Jan. 27, 2022) In its only precedential patent decision this week, the Court of Appeals for the Federal Circuit corrected what it considered to be an incorrect standard for claim indefiniteness applied by the U.S. District Court for the Northern District of California. In doing so, the Federal Circuit reversed the lower court’s holding that claims of Nature Simulation Systems, Inc ...
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 ...
Kudun and Partners is pleased to announce the promotion of Peerasanti Somritutai, a senior associate, to the firm’s partnership, with effect from February 1, 2022. His promotion will strengthen our highly regarded Corporate and M&A Practice and further expand our expertise in real estate. He is our youngest partner to date, at only 34 years old, and is recognized as a rising star for corporate and M&A by Asialaw, 2022 ...
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
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 ...
