On May 28, 2021, President Biden released some of the legislative items that would be added by his American Families Plan, which includes a provision that could impact tax information reporting by financial institutions. If enacted, this proposal could require substantial effort to implement and administer. President Biden’s American Families Plan includes a provision which would increase the information reporting compliance requirements for financial institutions ...
Complementary Law No. 182 was sanctioned on June 01, 2021, with the goal of improving the business environment and increasing the investment in entrepreneurship and innovation through the modernization of rules and enhancement of legal certainty and freedom of contract. Complementary Law No ...
From 1st July 2021, the brand-new national product traceability system in Russia will become mandatory in addition to the already existing Chestny ZNAK. The new system provides for reporting of data on turnover of the selected consumer products directly to the local tax authorities. The system will significantly affect the businesses of the concerned local companies and counterparties of the foreign suppliers ...
For the past 25 years, Peru has been undergoing comprehensive economic growth, followed by a modernization and development process, which includes the establishment of a reliable legal framework geared towards maintaining the stability required to promote private sector activity and investment. This continuous growth has been the best incentive to attract substantial foreign investment in various industries ...
On July 1, 2021, B.C. moved into Step 3 of its COVID-19 Restart Plan. As part of this phase, B.C. employers are no longer required to maintain a WorkSafeBC approved COVID-19 Safety Plan. Instead, they are required to transition to a Communicable Disease Prevention Plan. What is a Communicable Disease Prevention Plan? It is a plan that outlines the steps an employer is taking to reduce the risk to their workers from communicable diseases in their workplace ...
In many aspects, the Personal Data Protection Act B.E. 2562 (2019) (the “PDPA”) has posed considerable challenges to organizations. One of the biggest concerns and the most frequently asked questions center around the concept of data protection officer (“DPO”). Though the obligations regarding the appointment of a DPO apply to both data controllers and data processors, it is important to note that not every organization needs a DPO ...
Financial ServicesTransition from LIBORIn this article, Krystle Lui Shu Lin reports on the transition from LIBOR rates to risk-free rates ...
As most readers will now know either via the press or through other legal publications, the requirement for a limited liability company (LLC) to have at least 51 per cent UAE national ownership was removed on 30 March 2021 pursuant to Federal Decree-Law 26 of 2020 (Decree Law). Under the Decree Law, local licensing authorities (i.e ...
At the end of November 2020, the European Commission published a plan for getting the EU out of the mess that it’s in as a result of COVID-19. The report is entitled “.” Although the report is aimed at European authorities and businesses, there are aspects of the plan that have general application ...
Contents Please click on the links below to jump to the relevant section: Legislation Relevant entities Relevant activities Tax residence requirements Guidance General requirements Directed and managed Core-income generating activities (CIGA) Premises Employees and personnel Expenditure Enhanced requirements Reduced requirements Outsourcing Enforcement authorities Reporting formalities Demonstrating compliance Penalties Recent developments Legal framework Legisl
On June 27, Supreme Decree Nº 005-2021-IN was published in the Official Gazette “El Peruano” adopting the new “National Directive of Internal Order for the protection of National Critical Assets – ACN” (“New Directive”) ...
The economic substance requirements in the Cayman Islands, introduced by the International Tax Co-operation (Economic Substance) Act (as revised) (the “ES Act”) (Economic substance requirements in the Cayman Islands), have been extended to partnerships pursuant to the International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations 2021, which came into force on 30 June 2021 ...
A recent fine of €525,000 by the Autoriteit Persoonsgegevens (AP), the Dutch Data Protection Authority, has focused attention on one of the least discussed provisions of the GDPR – Article 27. This provision requires those who are subject to the GDPR but who do not have a base in the EU to appoint an EU representative to act as a point of contact for supervisory authorities such as the AP and individuals (data subjects) within the EU ...
From caterpillar cakes and “anti-establishment” IPA beer to gin, the issue of “copycat” own brands has been thrown into the spotlight by a series of recent court actions involving some of the country’s best-known food and drink producers and discount supermarket chains ...
On July 1st 2021, the Russian President signed a draft law on amendments to the Russian Civil Code, establishing the possi-bility of creation of a new type of non-commercial organization - a personal foundation- from March 1st 2022.Purposes of using personal foundationsThe personal foundation will become a new asset planning instrument, after the detailed legislation comes into force ...
Thailand’s Personal Data Protection Act B.E.2562 (“PDPA”) governs the cross-border transfer of personal data. The PDPA sets out a condition, among other things, that personal data may be transferred to another country or to an international organization (the “Recipient”) provided that they have in place an adequate level of personal data protection according to the adequacy decision as decided on by the Personal Data Protection Committee ...
By Ministerial Resolution Nº 174-2021-PRODUCE, published today July 1, 2021 in the extraordinary edition of “El Peruano”, is established the “Provisional Fishery Regime for the Hake Resource (Merluccius gayi) for the period July 2021 to June 2022, applicable to the industrial fleet and in the area between the northern end of the maritime domain and 07°00′ South Latitude ...
Dinsmore partner Kelvin Lawrence was published in Bloomberg Tax with co-author Bruce P. Ely from Bradley Arant Boult Cummings LLP. Their article, "The MTC Undertakes an Ambitious Study of Partnership Taxation," discusses the Multistate Tax Commission (MTC) Uniformity Committee's work group they created to study issues related to multistate taxation of pass-through entities ...
The ASA has taken further steps in their battle against influencers that fail to disclose when they are advertising to consumers on their social media channels. The ASA has taken further steps in their battle against influencers that fail to disclose when they are advertising to consumers on their social media channels ...
Following the latest government announcements, where do landlords and tenants stand in relation to the recovery of rent unpaid during the Coronavirus pandemic? The simple answer is there is a significant degree of uncertainty, and an awful lot of detail around the government’s proposals and that has yet to be resolved ...
Wednesday June 30 2021 is when the Stamp Duty ‘holiday’ in its current form at least will end. The Chancellor, Rishi Sunak, introduced the temporary Stamp Duty Land Tax (SDLT) in July 2020 to boost the housing market following the first national lockdown. The aim was to save buyers from paying stamp duty on any properties valued at up to £500,000 – a saving worth up to £15,000 ...
1. What are the new procedures for availing of tax treaty benefits? The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order (RMO) No. 14-2021, as amended by Revenue Memorandum Circular (RMC) No ...
Business succession planning for founders of privately held business enterprises can take many paths. One of the most common exit plans is ownership transfers to management or key employees and it is easy to see why: transferring ownership to key employees creates shared values-based goals and can give owners ample time to make their exit ...
According to an anonymous source, a ‘Centre for Economic Situation Administration’ (“CESA”) meeting chaired by Prime Minister Gen Prayut Chan-o-cha was held on Friday 4 June that approved (in-principle) a set of proposed stimulus measures aimed at encouraging wealthy expatriates to Thailand ...
Litigation between the Associated General Contractors of America (AGC) and the Small Business Administration (SBA) may be nearing an end (The Associated General Contractors of America, Inc. vs. United States Small Business Administration, et al.,United States District Court for the District of Columbia). AGC initially filed a lawsuit against SBA in December 2020, challenging the introductions of Form 3509 and Form 3510 (Loan Necessity Questionnaires) in October 2020 ...
