On 2 August 2021, the Fiscal Incentives Review Board (FIRB) adopted Resolution No. 19-21, a temporary measure to support the recovery of registered business enterprises (RBE) during the covid-19 pandemic. The resolution allowed all RBEs in the information technology-business process management (IT-BPM) sector to continue implementing work from home (WFH) arrangements until 31 March 2022 without affecting their fiscal incentives ...
Supreme Court Ruling Sets the Foundation for GST on Secondment of Employees AUTHOR: Reena Asthana Khair Senior Partner and Head International Trade & Indirect Taxation Kochhar & Co. EMAIL: [email protected] Japanese Multinational companies often share their talent pool across borders and jurisdictions by secondment of Japanese nationals ...
Throughout my career as a banker and as an attorney, as well as through experiences with friends and their families, I have noticed that there is no topic more taboo than talking to someone about their death and how they intend to distribute their accumulated assets during their lifetime. It is incredible that, for many, this topic is so difficult to face with an objective mind to leave their estate affairs in order, no matter how small it may be ...
What is important to consider? Many Ukrainian citizens are forced to stay abroad due to a full-scale Russian invasion. Some were there before the war and could not return, others had to leave Ukraine after February 24. It is clear that something is very difficult to predict at the moment and it can happen that, depending on your circumstances, your stay abroad can be long ...
Introduction Republic Act No. 11697, or An Act Providing for the Development of the Electric Vehicle Industry (EVIDA Law), became effective on 15 April 2022. The EVIDA Law outlines the regulatory framework and creates a comprehensive roadmap for the operation of electric vehicles (EVs) in the Philippines. It governs "the manufacture, assembly, importation, construction, installation, maintenance, trade and utilization, research and development, and regulation of electric vehicles" ...
Dear valued clients, colleagues and friends, We are pleased to bring you the latest legal updates for June 2022 ...
By Bashir Ahmed, Saurbh Kothari and Dimple Soni 7 June 2022 Last year we had reported that the Federal Tax Authority (the FTA) has started to impose penalties on entities 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 ...
1. Introduction After a long consultation period, the European Commission recently published the new Block Exemption Regulation for Vertical Agreements (Regulation (EU) 2022/720 "VBER"). The regulation will enter into force on 1 June 2022. New Guidelines on vertical restraints ("Guidelines") will accompany the new VBER. Both replace the previous set of rules from 2010 ...
Financial Products and Services Consumer Protection Act On May 06, 2022, Republic Act (RA) No. 11765, or the Financial Products and Services Consumer Protection Act, was signed into law ...
DFDL Myanmar’s Tax Team wishes to remind you: The deadline to file your annual tax returns is on 30 June! The submission deadline applies to all annual tax returns, specifically for Corporate Income Tax (“CIT”), Commercial Tax (“CT”), and the Personal Income Tax (“PIT”) Salary Statement for the financial year that ended 31 March 2022 (“FY 2021-2022”) ...
Following the launch of a real estate investment trust with buy-back condition (the “REIT buy-back”), which we extensively covered in our last article, “Overview of REITs with buy-back conditions: The new mechanisms to help real estate owners survive in the midst of Covid-19”, aiming to alleviate the woes that business operators, particularly the hospitality sector, have endured during the Covid-19 era, on May 10, 2022, according to information revealed by the Director of
Dear valued clients, colleagues and friends, In November 2020, Korean Air Lines Co Ltd had entered into a share subscription agreement with Asiana Airlines Inc which had been in a situation of financial distress. The merger of the two airlines required regulatory approval from competition and antitrust agencies of other jurisdictions, which included but were not limited to, Korea, UK, US, EU, Malaysia and Singapore ...
SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) has received Tier 1 rankings in “Patents” and “Copyrights/Trademarks” categories in the Philippines on Thomson Reuters’ Asian Legal Business (ALB) IP Rankings for 2022. ALB is a publication that provides insights on legal professionals throughout Asia and identifies and ranks top firms for intellectual property practice in Asia ...
We have extensive experience in assisting both established and emerging fund management companies relocate part or all of their business to Jersey. We are legal advisers to five of the largest hedge fund managers with offshore headquarters: BlueCrest, Brevan Howard, Systematica, Rokos and Autonomy, a clear reflection of the high regard in which our practice is held ...
Regulatory Sandbox Framework for Insurtech and Other Regulated Entities Only a small sliver of the Philippine population, less than 2%, avails itself of insurance. This is one of the lowest rates in Asia. Access to mobile phones, however, is ubiquitous and, as such, insurance providers are developing mobile applications to serve, and attract, customers better ...
Income tax The Income Tax (Deduction for Investment in a Venture Company or Venture Capital Company) Rules 2022 have been gazetted on 15 April 2022 and are deemed to have effect from year of assessment 2018 ...
On Jan. 1, 2023, comprehensive tax legislation will take effect in Kentucky, potentially reducing Kentucky’s personal income tax in an effort to promote economic growth. To offset revenue losses, the legislation broadens the sales and use tax base and imposes new taxes and fees on electric vehicles, ride sharing and car rental services. In the near term, businesses must consider whether they must now collect and remit taxes and the effect of these new taxes on existing contracts ...
Introduction On 7 April 2022, the Department of Finance (DOF) issued Revenue Regulation (RR) No. 3-2022 to implement Republic Act (RA) No. 11635. RA No. 11635 provides for income tax on proprietary educational institutions and hospitals, which are non-profit organisations. RR No ...
The Belgian Data Protection Authority (“DPA”) has fined Brussels Airport and Brussels South Charleroi Airport 200,000 and 100,000 EUR respectively for their use of thermal cameras during the Covid-19 pandemic. In two extensive decisions (Brussels decisionandCharleroi decision), the DPA has fined the two airports for their use ofthermal cameras ...
SmartAir, a social enterprise that educates the public about air pollution, has been shortlisted for the “Powered by Pro Bono Award” at this year’s TrustLaw Awards. This award highlights NGOs or social enterprises that have used pro bono legal advice to scale up their operations, improve the delivery of their social mission or pivot their activities to make a greater impact on the businesses and people they support ...
Introduction Prior to the implementation of the Corporate Recovery and Tax Incentives for Enterprises Act (the CREATE Act), the Philippines adhered to the "cross-border doctrine", under which ecozones and freeport zones were considered foreign territories, even if they were situated within the Philippines ...
Dear valued clients, colleagues and friends,We are pleased to bring you the latest legal updates for April 2022 ...
Under a new Ohio law, school boards, governmental bodies, and other third parties will be prohibited from filing complaints to increase the value of others’ Ohio real property for tax purposes, except under certain limited conditions. Am. Sub. H.B. 126 is expected to largely eliminate the practice of retroactive tax increases as a result of complaints filed based on a sale in the year currently subject to appeal ...
