The draft Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021 (‘Regulations’) have been laid before parliament and are due to come into effect on 1 October this year. The Pensions Minister announced on June 8 the final version of the Regulations which are designed to regulate how trustees of certain trust-based occupational schemes must engage with, and report on, climate change risk as part of their duties ...
Dear valued clients, colleagues and friends, In this article, our partner, Anand Raj, and associate, Jeevitha Thurai Rathnam, discuss the Malaysia Competition Commission’s market review exercise into the transportation sector (port logistics ecosystem and motor vehicle warranty claims) ...
The IVAucher programme was set up to stimulate private consumption in the sectors worst affected by the economic impact of the COVID-19 pandemic (catering, accommodation and culture). With regard to these sectors, “catering” is used in the broad sense to cover restaurants, cafés, bars and catering companies providing food and beverage services, and “accommodation” refers to hotels and other short-stay accommodation for holidays and business travel ...
The Federal Tax Authority (the FTA) has started to impose penalties on businesses that have failed to submit their economic substance notifications by the set deadline of 30 June 2020 for the financial period ended on 31 December 2019, and the economic substance reports by the set deadline of 31 December 2020 for the financial period ended on 31 December 2019 ...
Given the new trends and styles that emanate regularly from its players, the fashion industry is one that is constantly evolving. This industry, which is largely characterised by the production, display and sale of clothing, shoes, and perfume products has contributed immensely to the global gross domestic product ...
There are a plethora of issues that parties need to work through to make a strategic land project viable; not least, the UK tax system which has a number of potential pitfalls that can materially impact returns. At present, there is no single tax efficient model catered for in UK legislation to enable parties to come together ...
Six months from now, companies, and equally so other employers, are expected to offer a cogent system for the receipt and settlement of reports regarding illegal or unethical practices. ‹‹“Minimal” may be sufficient and “maximal” may prove not to serve the purpose›› says Adriana I ...
Financial ServicesBNM issues Corporate Strategic Plan policy document for DFIsOn 27 May 2021, Bank Negara Malaysia (“BNM”) issued the Corporate Strategic Plan (“CSP”) policy document, applicable to all development financial institutions (“DFIs”) prescribed under the Development Financial Institutions Act 2002 ...
On June 17, 2021, the Law No. 21,353 was published, which contemplates the following new tax measures to support micro, small and medium-sized companies in the context of the crisis generated by Covid-19: Temporary reduction of the penal interest rate for SMEs from 1.5% to 0%, for each month or fraction of a month, in case of default in the payment of all or part of any kind of taxes and contributions due ...
On June 10, 2021, the National Congress approved the bill that establishes new tax measures to support micro, small and medium-sized companies in the context of the crisis generated by Covid-19. The bill, which is awaiting the final formalities of enactment and publication, includes the following tax measures: Temporary reduction of the penal interest rate for SMEs from 1 ...
In El Salvador, the Bitcoin Law was approved by the Legislative Assembly and published in the Official Gazette last June 9th of this year, establishing avacatio legisof ninety days from its publication; in that sense, its entry into force is scheduled for next September 7th ...
The National Information Technology Development Agency (NITDA) had set a revised deadline (June 30 2021) for filing of data protection audit by data controllers. With the deadline fast approaching, we share somefrequently asked questions (FAQ) on Data Protection in our publication, accessiblehere,which may aid in undersanding what companies need to do in order to comply with NITDA’s directives ...
The liability of online platforms for the activities of third-party vendors has always been a controversial area. With the explosion of online shopping as a result of the pandemic, the issue has come under increased scrutiny. Although cases in the UK and EU have discussed the factors that the Court will consider in deciding whether the operator of an online platform is jointly liable, the position in Hong Kong remained uncertain, until now ...
Some opening words In South Africa, as in many jurisdictions, the concept of good faith (bona fides) crops up a lot. So, for example, in order to get registration of a trade mark, the applicant must have a good faith intention to use the trade mark. Once the trade mark is registered the owner must use it in good faith in order to keep the registration alive. In the words of George Michael, “You gotta have faith". Good faith ...
We tend to keep an eye on trade mark developments in Europe. It makes sense because South African trade mark law is very similar to EU trade mark law and there’s far more activity in the EU. South African courts do, of course, often consider EU trade mark judgments. Here are a few recent cases: Rounded curves, thicker lines and a horizontal orientation…was the judge’s mind wandering a little? This was an interesting one ...
On 9thDecember 2020, the Central Bank of Nigeria (CBN) the Central Bank of Nigeria (CBN) issued a circular on “New License Categorisations for the Nigerian Payments System” (NPS Circular). The NPS Circular set out the different licences, their permissible activities and the share capital requirements. You may access our earlier article on the NPS Circularhere ...
On 25 May 2021, the Central Bank of Nigeria (“CBN”) issued a circular to deposit money banks, payment service providers and other financial institutions notifying them of the release of the Regulatory Framework for Non-Bank Acquiring in Nigeria (“the Framework”). In this article, our Olubusola Oyeyosola Diya examines the provisions of the Framework and considers its impact on financial service providers ...
Starting in 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) expanded the deductibility of charitable contributions to incentivize charitable giving during 2020. The Consolidated Appropriations Act (the “CAA”), which was passed on December 27, 2020, extended and expanded many provisions of the CARES Act for 2021, which continues to make this a favorable time for making charitable contributions ...
Saravut Krailadsiri, our tax partner and Pichaya Nimcharoen, our tax associate recently published a journal for Thailand’s Office of Judicial and Legal Affairs of the Court of Justice, Thailand as part of “Dunlaphaha: Journal of the Court of Justice ...
Fast becoming the Monaco of the East, Singapore is luring global UHNWIs to set up family offices here due to its wealth-friendly tax and regulatory regime, and its position at the global economic growth epicentre. Sergey Brin (net worth: US$104 billion). Google’s co-founder and the world’s ninth-richest person set up a branch of his single family office (SFO), Bayshore Global Management, in Singapore to manage his local assets late last year ...
On Friday, May 30, 2021, the U.S. Department of Treasury released its “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals” (the “Green Book”). The Green Book, a copy of which is locatedhere, provides detailed descriptions of the Biden Administration’s legislative tax proposals, which the White House formally announced on May 28, 2021, when it released its fiscal year 2022 Budget proposals ...
On 1 June 2021, the Competition Commission released a media statement indicating that it had, on public interest grounds, prohibited a proposed transaction whereby a private equity firm, ECP Africa, intended to acquire Burger King (South Africa) and Grand Foods Meat Plant from Grand Parade Investments ...
On Wednesday, a federal judge in Texas denied Factory Mutual’s Rule 12(c) motion for judgment on the pleadings, finding that the plaintiffs adequately alleged that the presence of COVID-19 on their property caused covered physical loss or damage in the case of Cinemark Holdings, Inc. v. Factory Mutual Insurance Co., No. 4:21-CV-00011 (E.D. Tex. May 5, 2021) ...
Virtual shareholder meetings have become ubiquitous for both public and private companies since the onset of the COVID-19 pandemic. Canadian securities regulators, stock exchanges and federal and provincial governments quickly responded to accommodate electronic meetings where it was otherwise not permitted. In British Columbia, Ministerial Order No ...
