On 24 September 2020, Statistics Indonesia (Badan Pusat Statistik ─ “BPS”) issued BPS Regulation No. 2 of 2020 on Indonesian Standard Business Classifications (Klasifikasi Baku Lapangan Usaha Indonesia ─ “KBLI”), which is known as the 2020 KBLI. The 2020 KBLI came into force on its issuance date and revoked BPS Regulation No. 95 of 2015 on the KBLIs, as amended by BPS Regulation No. 19 of 2017, which is known as the 2017 KBLI ...
Law No. 11 of 2020 on Job Creation (the “Job Creation Law” or known as the Omnibus Law) was issued and came into effect on 2 November 2020. It is mainly based on the principles of the equalization of rights, legal certainty, greater ease of doing business, togetherness, and independence ...
KPPU has recently issued its long-anticipated guidelines on the Indonesian merger control rules (“KPPU Guidelines”) under KPPU Regulation No. 3 of 2019 on The Assessment of Mergers or Consolidations of Business Entities or Acquisitions of Shares in Companies (“KPPU Regulation 3/2019”) issued at the end of last year. The guidelines are relatively long and detailed (almost 100 pages), and some of their content is still subject to the KPPU’s interpretation ...
With the rapid development of technology and the rise of new finance products and players in the fintech industry, banks are pushed to produce new products and innovative services in order to serve their customers and keep abreast of the behaviour of consumers who appreciate the convenience of digital services. In response to this, the Financial Services Authority (Otoritas Jasa Keuangan -- OJK) has issued OJK Regulation No. 12/POJK ...
On 29 September 2020, the Minister of Law and Human Rights (“MOLHR”) issued Minister of Law and Human Rights’ Regulation Number 26 of 2020 on Visas and Stay Permits During the Adaptation to the New Normal Period (“MOLHR Reg. No ...
It is clear that government restrictions and trading difficulties have created an environment in which existing transfer pricing policies will not always be appropriate. The OECD has done well to reach rapid consensus among its members on four key transfer pricing topics, namely: comparability analysis, losses and the allocation of COVID-19-specific costs, government assistance programmes and advance pricing agreements (APAs) ...
From 1 January 2021, debtors insolvent due to COVID-19 pandemic will benefit from suspension of duty to file for insolvency until 31 January 2021 for companies expecting COVID-19 financial assistance related to November and December 2020 lock-down easier access to protective shield proceedings and self-administration proceedings, shorter prognosis period for over-indebtedness test (four months instead of twelve) SanInsFoG becomes effective 1 January 2020 The Act for the Further
California voters signaled that privacy is a top priority by overwhelmingly approving Proposition 24 on Nov. 3, 2020—the California Privacy Rights Act (CPRA). The CPRA amends and significantly strengthens the recently enacted California Consumer Privacy Act and moves California's privacy laws toward those of the EU General Data Protection Regulation (GDPR) ...
In November, California voters narrowly passed Proposition 19, which makes significant changes to existing real property tax reassessment rules. Effective after Feb. 15, 2021, Proposition 19 significantly restricts property owners' ability to preserve the current assessed value of California real property transferred between parents and children. Effective Apr ...
On 10th December 2020, the Central Bank of Nigeria (CBN) issued a circular on “New License Categorisations for the Nigerian Payments System”. The introduction of the policies highlighted in the circular may impact significantly on the fintech landscape in Nigeria as the CBN now clearly sets out the activities that can be carried out by fintechs that operate in the electronic payments system space in Nigeria ...
AELEX POWER SECTOR GUIDE - % ǼLEX Legal .avada-select-parent .select-arrow{background-color:#ffffff}.select-arrow{background-color:#ffffff} With the country proceeding to fundamentally restructure the industry to secure the supply of reliable, affordable and, ultimately, sustainable energy, the Nigerian government has introduced some new policies to curb some of these fundamental limitations ...
In a recent Malaya High Court decision, the owner of the vessel My Ferry 2 made a claimed based on a maritime lien pursuant to Section 21(3) of the UK Supreme Court Act 1981, which applies in Malaysia pursuant to Section 24(b) of the Courts of Judicature Act 1964.(1) The plaintiff alleged that the first defendant (tug KKD000132-T which had towed the second defendant's dumb barge Wantas 17) had collided into the plaintiff's vessel, the My Ferry 2 ...
I Banking and Finance The Government of Latvia has approved a business support program that provides for financial measures ensured in cooperation with state development agency Altum. The program is planned to continue until mid-2021. Depending on individual needs, companies, regardless of industry, can use six crisis alleviation programs: Working capital loan – a liquidity support for companies, whose activities have been affected by Covid-19 ...
In response to the extraordinary economic and social impact of the ongoing Covid-19 public health crisis, the Government of Hong Kong has sought to provide support to the beleaguered commercial property sector. In the 2020 Policy Address, the Chief Executive announced the abolition of the Double Ad Valorem Stamp Duty (DSD) on non-residential property (NRP) transactions pursuant to the Public Revenue Protection (Stamp Duty) Order 2020 taking effect from 26 November 2020 ...
The German government has decided to block the proposed acquisition of IMST GmbH, a German company active in satellite and radar technology, by China Aerospace Science and Industry Corporation (CASIC). Foreign investment control regulations have been tightened by various amendments in 2020 ...
Regional Insights [VIDEO] Salary Arrangements & Restructuring in the Time of COVID-19: Market Views & Legal Implementation Watch our latest video to gain a clearer view on the salary arrangement options available to human resources departments in light of the disruption caused by the COVID-19 global pandemic ...
In the recent judgment of The Center (76) Limited V Victory Serviced Office (HK) Limited HCA 1020/2020; [2020] HKCFI 2881, the Hong Kong Court of First Instance rejected a tenant’s argument that the tenancy agreement was frustrated due to the COVID-19 pandemic and social disruption ...
The November edition of the SyCipLaw T.I.P.S. is on the Voluntary Assessment and Payment Program for Taxable Year 2018 (VAPP) under Revenue Regulations No. 21-2020. Under the VAPP, taxpayers may pay “all internal revenue taxes covering the taxable year ending December 31, 2018, and fiscal year 2018 ending on the last day of the months of July 2018 to June 2019 ...
DISPUTE RESOLUTION The National Code (Revised 2020) Act 828 (“the Act”) came into force on 15 November 2020. It replaces its predecessor the National Land Code (Act 56 of 1965) that was in force since 1 January 1966. The Act was revised by the Commissioner of Law Revision under the authority of the Revision of Laws Act 1968 ...
Facts The recent high court decision in Straits Bunkering Pte Ltd v Ketua Pengarah Kementerian Perdagangan Dalam Negeri dan Hal Ehwal Pengguna Johor concerned an application with regard to the vessel MT Abbas, which had been arrested by the Southern Region Marine Department pursuant to Sections 491B(1)(k) and 491C of the Merchant Shipping Ordinance 1952 (MSO 1952).(1) Sections 491B(1)(k) and 491C of the MSO 1952 provide as follows: 491B ...
A registered trademark in the British Virgin Islands is transmissible in the same way as other personal or moveable property. Transmission can be completed by assignment, testamentary disposition, or operation of law. When a trademark is assigned, the owner’s right, title, and interest with respect to the trademark is transferred to the new owner ...
British Virgin Islands entities and structures are frequently used to hold assets located onshore, outside the BVI. Sometimes these assets represent the proceeds of wrong-doing including breach of fiduciary duty, breach of express trust, or pure fraud. The vast majority of the 400,000 active BVI companies on the register tend to be holding companies, holding real property, investments, or shares in other companies including shares in trading companies ...
Trademark owners with registrations in EU where the UK is designated should soon receive notification for treatment of registrations and applications following the Brexit transition period. The Brexit transitional period, during which EU laws and rights have continued in force in the UK, will end on December 31, 2020. Thereafter, EU Trade Mark and Design applications and registrations (and designations of the EU) will only cover the remaining 27 EU member states ...
On November 18, 2020, the IRS released Revenue Ruling 2020-27 stating that a taxpayer who received a Paycheck Protection Program (PPP) loan cannot deduct eligible business expenses (i.e., payroll costs, mortgage loan interest, rent payments and utility payments) paid or incurred in 2020 during the covered period (as defined below) if the taxpayer reasonably expects that the PPP loan will be forgiven in the future ...
