With the economy facing downward pressure, the Hong Kong Government is rolling out various supporting and funding measures to help enterprises. The $30 billion HK$ Anti-epidemic Fund The Legislative Council Finance Committee approved the $30 billion Anti-epidemic Fund on 21 February 2020, more than half of which - HK$16.9 billion - will serve as one-off cash injections to retailers, food and beverages service providers, start-ups and other businesses ...
Covid-19 (coronavirus) is already affecting business relationships in most parts of Europe. Starting February 26th The state of emergency announced by the Government of the Republic of Lithuania obliges businessmen, event organizers and other public figures to adjust even international long-term plans. Thus, the influence of coronavirus already manifests itself in supply chain disruptions, travel and import restrictions, event cancellations, and so on ...
On February 13th, 2020 was published in the Official Gazette the “Regulation of the Do Not Disturb or Antispam system”, with the purpose of regulating its existence and functionality. This Regulation seeks to clearly stablish consumer’s and supplier’s rights and duties, as well as the proceedings associated with the Do Not Disturb System, the website tool provided by the National Consumer Service (SERNAC) ...
SERNAC issued the new version of the Interpretative Guideline on the scope and content of compliance plans in regulations regarding the protection of consumer rights. This, with the purpose that companies can develop their compliance plans, strengthening their compliance culture in Chile. Amongst the main advantages of said plans are acting as attenuation of liability for companies that have infringed the consumer protection regulations ...
When a debtor, natural or legal person, is constituted in serious circumstances of insolvency in the face of a plurality of creditors, the legislator has foreseen as a mechanism to solve said problem three alternatives of action, depending on the qualities of the insolvent person: the insolvency creditors, bankruptcy and suspension of payments ...
At present, M&A transactions are frequently at least postponed because of uncertainties about the development of the target, the potentially unpredictable situation of the prospective buyer and its financing, and partly also because of practical problems to finalize the transaction. CARRYING OUT THE M&A PROCESS The impacts of the COVID-19 pandemic are most evident in actually carrying out an M&A transaction ...
The Ministry of Corporate affairs has recently notified Sections 230(11) and 230 (12) of the Companies Act, 2013 (“Companies Act”) and certain amendments to the Companies (Compromises, Arrangements and Amalgamation) Rules, 2020 (“M&A Rules”)[1] (together, the “Amendments”) ...
In a slightly surprising, but nevertheless welcome, South African 2020 Budget Speech today, the Honourable Minister of Finance announced that there would be no significant tax increases to the major taxes for the forthcoming tax year. Widely anticipated increases to value-added tax (“VAT”), income tax, capital gains tax and estate duty did not materialise ...
In response to the impact of COVID-19 and the partial withdrawal of EBA benefits – see our update here – the Cambodian government have issued a number of regulations which are intended to provide some relief to affected businesses in Cambodia. We outline these updates below: Letter 1313 MEF – dated 25 February 2020 Notification no ...
BVI government welcomes announcement. Blacklist expands to include 12 jurisdictions.On 18 February 2020, EU Finance Ministers updated the EU list of non-cooperative tax jurisdictions, upgrading the British Virgin Islands to whitelist status, which designates the country as a fully co-operative tax jurisdiction in line with all of the tax good-governance standards ...
The Companies and Intellectual Property Commission reported that between 2011 and 2018, a total of 2 867 South African companies initiated business rescue proceedings in terms of Chapter 6 of the Companies Act, 2008 (the “Companies Act”), with South African Airways SOC Limited (“SAA”) being the latest addition to this list ...
We have recently seen that the South African Revenue Service (“SARS”), in conducting audits in respect of taxpayer’s affairs, places reliance on section 99(4) of the Tax Administration Act, 2011 (“TAA”) to unilaterally extend the time period within which an assessment prescribes. Section 99(1) of the TAA deals with the period of limitation in respect of the issuance of assessments ...
With the growing globalisation of economic activity characterised by free movement of goods, capital and labour, more and more Rwandan residents are now working outside Rwanda, doing business with or in foreign countries, holding shares in non-resident companies and extending loans to non-resident borrowers. However, the tax treatment in Rwanda of foreign income earned from such activities is still the subject of some uncertainty, particularly with respect to double taxation relief ...
On 13 February 2020, the South African President announced the promulgation of certain significant sections of the Competition Amendment Act, 2018, including a change to the confidentiality regime, the new buyer power provision and the new price discrimination provision. The Minister of Trade and Industry has also published new regulations on buyer power and price discrimination ...
South African readers will know that Meghan Markle was a recent visitor to our shores. Meghan’s husband Prince Harry came too, but people weren’t too interested in him. As far as I am aware, Meghan had no problems with the South African press. She also had no copyright issues in South Africa. So, a far cry from what she is experiencing right now in the UK, her adopted home. Meghan is now involved in legal proceedings with the Mail on Sunday, a major British newspaper ...
Case Law The Tax Court of South Africa, Cape Town IT 24819 whether insufficiency of funds was not reasonably foreseeable, and therefore constitutes reasonable grounds for non-payment of employees tax, considered. correct interpretation of the number of days for payment of employees tax considered as a point in limine. find a copy of this judgment here ...
Market inquiries have become a prominent feature of the South African competition law landscape. Historically, the Competition Act, 1998 did not afford the Competition Commission (the“Commission”) the power to take binding remedial action. The Commission was limited to producing reports containing non-binding “recommendations” or lobbying for changes to the way business is done following a market inquiry ...
On Feb. 6, 2020, the Ohio Supreme Court affirmed a decision of the Ohio Board of Tax Appeals (“BTA”), finding the sale price of interests in a limited liability company (“LLC”) was the best evidence of the true value of the LLC’s real property for tax purposes. In Columbus City Schools Bd. of Edn. v. Franklin Cty. Bd. of Revision, Slip Opinion No ...
The Indonesian government has recently issued Government Regulation No. 3 of 2020 (“New GR”) amending Government Regulation No. 14 of 2018 (“GR 14/2018”) on Foreign Ownership in Insurance Companies, which came into effect on 20 January 2020 ...
Chairperson of the Information Regulator, Advocate Pansy Tlakula, recently sent a request to President Cyril Ramaphosa to declare that the remaining provisions of the Protection of Personal Information Act, 2013 (“POPIA”) commence on 1 April 2020(“Commencement Date”). It is expected that the president will act on this request ...
In light of ongoing litigation between General Motors and Fiat Chrysler, Dinsmore partner Mark Carter wrote an article for Automotive News explaining the basics of RICO actions: "Any person injured in his or her business or property by a pattern of racketeering activity may have standing to seek relief pursuant to the Organized Crime Control Act of 1970 ...
The sharing economy enters the home as rising property prices drive nomadic millennial singletons to seek an alternative to the inflexible rented apartment.An impromptu foosball game with your neighbour while waiting for the laundry. Cooking classes in a communal Masterchef-inspired kitchen. Movie screenings, board game nights, and in-house yoga and meditation sessions. These are but some of the activities to look forward to if you take up quarters in a co-living facility ...
Hon’ble Finance Minister, Government of India, while presenting the Union Budget 2020 today stated that her proposals are structured around the themes of ‘Aspirational India’, ‘Economic Development’, and a ‘Caring Society’. As we start decoding the fine print of her tax proposals please find hereinbelow key tax highlights of the Finance Bill, 2020 ...
Our partner, Jessica Power, and our associate, Ximena Silberman, contributed to the Q&A section of the Chilean chapter in the “Corporate Tax 2020” edition of the International Comparative Legal Guides. Jessica Power has been a partner at Carey since 2008 and is co-head of the Tax Group ...
