In an admiralty action, can an intervener, not being the proper defendant, apply to set aside a warrant of arrest of a vessel on non-traditional grounds. The traditional grounds of setting aside warrant of arrest are, inter alia: in excess or lack of jurisdiction ...
Canadian newspapers' loss of advertising revenues to the hands of internet giants over the past several years has jeopardized the very existence of many such newspapers. In 2018, our governments announced several advantageous tax measures in order to ensure the survival of independent print media ...
Key Points The CARES Act provides that PPP loans may be forgiven without causing the borrower to incur cancellation of debt income, but did not address whether business expenses could be deducted if paid for by PPP loan proceeds. On April 30, 2020, the IRS published Notice 2020-32 clarifying that taxpayers whose PPP loans were forgiven could not deduct business expenses covered by such loan proceeds ...
Key Points Effective January 1, 2021, public colleges, universities, and governmental entities whose primary purpose is providing medical or hospital care are eligible for the employee retention and rehiring tax credit. The amount of the credit is equal to 70 percent of up to $10,000 in eligible wages per employee per quarter for the first two quarters of 2021. The tax credit is claimed as an offset to employment taxes otherwise payable by the employer ...
In this article, Yeoh Yu Xian sets out the key highlights from Malaysia’s 2021 budget. INTRODUCTION On 6 November 2020, the Malaysian Minister of Finance, Tengku Datuk Seri Zafrul Tengku Abdul Aziz, unveiled the Malaysian Budget 2021 (“Budget”). This Budget’s allocation of RM 322.5 billion is the largest on record for the country1 ...
In general, individuals admitted into Hong Kong under various types of visa may apply for extension of stay within four weeks before the date of expiry, and they must be physically present in Hong Kong at the time of submitting the application and the collection of visa label upon approval. Due to the ongoing pandemic across the globe, this restriction has brought extra hurdles to a lot of applicants who are employees of companies and/or members of families ...
Over the last 4 years, the Belgian Competition Authority (“BCA”) has increasingly scrutinised anticompetitive restraints in vertical agreements and assessed these restraints under Article IV.1 of the Belgian Code of Economic Law and Article 101 TFEU ...
Application of the exemption method conditional on fulfillment of requirements with regards to ownership fraction and period The Norwegian rules regarding participation exemption have in general entailed that companies tax resident in Norway investing in companies tax resident in the UK have benefited from participation exemption rules with regards to dividends and capital gains on such shares, and the same has been the case for UK companies investing in Norwegian companies ...
The Magistrates' Court in Bat Yam recently heard a claim brought against the company Sun d'Or which concerned the question of whether under Israeli law a person who purchased a flight ticket could transfer or assign their ticket to a different person ...
The underlying dispute relates to the MV «Cheshire» incident in 2017, where a cargo of fertiliser was subject to a major decomposition incident. The fertiliser that was carried on the vessel was damaged, and the vessel was declared a total loss. In February 2020, Oslo District Court ruled in favour of the cargo interests, holding the carriers liable for the cargo loss (approx. USD 25 million) (TOSLO-2017-180657-1). The carriers have appealed the judgement ...
The underlying dispute relates to the MV «Cheshire»-incident in 2017, where a cargo of fertiliser was subject to a major decomposition incident. The fertiliser that was carried on the vessel was damaged, and the vessel was declared a total loss. In February 2020, Oslo District Court ruled in favour of the cargo interests, holding the carriers liable for the cargo loss (approx. USD 25 million) (TOSLO-2017-180657-1). The carriers have appealed the judgement ...
FINANCIAL SERVICES BURSA MALAYSIA SECURITIES EXPANDS MARKET MAKING FRAMEWORK Bursa Malaysia Securities Berhad (“Bursa”) has, via Participating Organisations’ Circular No. R/R 13 of 2020 issued on 24 November 2020, made amendments to the rules and directives of Bursa in relation to the expansion of the market making framework ...
The SyCipLaw T.I.P.S. for December covers the following tax issues: 1. When is the extended deadline to avail of the benefits of the Bureau of Internal Revenue’s Voluntary Assessment and Payment Program for Taxable Year 2018 (VAPP)? The Bureau of Internal Revenue (BIR) has issued Revenue Regulations No. 33-2020 (RR No ...
Through National Executive Branch Decree No. 1034/2020, published in the Official Gazette on December 21, 2020: (i) Regulations of Law No. 27,506 and its amendments -also known as “Knowledge Economy Promotion Regime” (hereinafter, the “Regime” or the “Law”)- were approved; and (ii) the export duties applicable to the provision of services included in subparagraph c), of paragraph 2, of section 10 of Law No ...
On Dec. 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (the Act), which provides additional COVID-19 relief to individuals and businesses. The long-anticipated COVID-19 relief bill will now head to President Trump for approval or veto. The Act does not extend requirements for employers to provide emergency paid sick leave or emergency paid family and medical leave under the Families First Coronavirus Response Act (FFCRA) past the original Dec ...
The Families First Coronavirus Relief Act ("FFCRA") was passed by Congress this spring to mandate two weeks of paid sick leave for COVID-19 reasons and to extend the FMLA by creating a new reason for FMLA leave relating to the need for child care because of COVID-19. The details of the FFCRA were covered by the Spilman COVID-19 Task Force at the time of passage here ...
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) ...
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 ...
The Federal Ministry of Transport and Digital Infrastructure (BMVI) is providing EUR 50 million annually until 2023 to promote computer games in order to strengthen Germany as a location for developers. In the now launched second phase, large-volume projects are being funded ...
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 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 ...
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 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 ...
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 ...
