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 ...
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 ...
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 ...
Law on the Management of Commercial Gambling, Royal Kram NS/RKM/1120/031 dated 14 November 2020 Overview On 14 November 2020, the Law on the Management of Commercial Gambling (“Gambling Law”), the first comprehensive legislation to regulate casinos and commercial gambling centers in Cambodia, was promulgated ...
On 15 November 2020, leaders of the ASEAN Member States, Australia, China, Japan, Republic of Korea and New Zealand witnessed the signing of the Regional Comprehensive Economic Partnership (“RCEP“) Agreement. The RCEP Agreement marks ASEAN’s biggest free trade pact to date, covering a market of 2.2 billion people with a combined size of US$26.2 trillion ...
The German Federal Commissioner for Data Protection and Freedom of Information (BfDI) sees the decision as a success: On November 11, 2020, the District Court of Bonn reduced the fine imposed on 1&1 Telekom GmbH for a data protection breach from an original EUR 9.55 million to EUR 990,000.00, thereby fundamentally calling into question the fine practices of the German supervisory authorities ...
The Court of Justice of the European Union delivers judgments regarding the concept of “communication to the public” faster than legal scholars can read and dissect them. While we are eagerly awaiting the Court’s analysis of different types of hyperlinking, it has taken less than two months to follow Advocate General Hogan’s opinion regarding the emailing of evidence containing copyrighted works to a court in legal proceedings ...
Following the introduction in the British Virgin Islands (BVI) of the Economic Substance (Companies and Limited Partnerships) Act, 2018 (ESA), which became effective on January 1st, 2019, some questioned the sustainability of BVI’s position as a leading international financial centre. While we cannot underestimate those concerns, we believe that there is also evidence that ESA will not have a negative impact on the BVI ...
Norway has acceded to the Cape Town Convention on International Interests in Mobile Equipment and its Protocol on Matters Specific to Aircraft Equipment (the «CTC»). The CTC has been implemented and given effect under Norwegian law as of 1 April 2011. It is still possible to register security interests over an aircraft with the Norwegian Civil Aircraft Registry («NCAR») ...
Proposition 19, which was marketed as a provision to benefit homeowners who are over 55, the disabled, and wildfire/disaster victims, actually contained major property tax increases. The increased property taxes will be paid by children and grandchildren that receive California real estate (primary residences and all other properties) from their parents and grandparents ...
Buyers’ Default Clause 13 of Saleform 2012 regulates Buyers’ default. The potential Buyers’ defaults are quite restricted to payment defaults. There are no Buyers’ default linked to failure to take over the Vessel (like you often find in shipbuilding contracts) or failure to provide the agreed documents. Nor is it likely that a Buyer will pay for the Vessel but not accept physical delivery ...
On June 5, 2020 the Department of the Treasury and the Internal Revenue Service (“IRS”) issued Notice 2020-43 (the “Notice”) proposing two alternative methods to satisfy tax capital account reporting requirements as the only methods for reporting partner’s capital accounts under the tax basis method for taxable years that end on or after December 31, 2020 ...
Strap: In a recent case of Samsung Heavy Industries, the Indian Supreme Court held that the Project Office of the company cannot be termed as PE under the provisions of India-Korea Tax Treaty as it is solely carrying out activities of an auxiliary nature ...
The 2020 election in California as pertains to national politics was never in doubt, but despite being a deeply blue state, Californians continued to show their divide on taxing businesses and making major changes to the statewide tax code. Several ballot initiatives, both at the state and municipal level, would have radically altered how businesses and executives are taxed ...
In the recent decision in Agracity Ltd. v. The Queen1, the Tax Court of Canada (the “Court”) endorsed the Canadian tax consequences of business transactions between a Canadian corporation (“Agracity”) and its Barbados affiliate (“NewAgco-Barbados”) within a group of companies operating in the agrochemical industry (the “Group”) ...
The supply of undeveloped (bare) land is exempt from value added tax (VAT) pursuant to Article 46 (3) of UAE Law No 8 of 2017. Bare land (as opposed to covered land) is defined as ‘land that is not covered by completed, partially completed buildings or civil engineering works’ pursuant to Article 44 of Cabinet Decision 52 of 2017 ...
The SyCipLaw T.I.P.S. for October cover the following tax issues: 1. When the taxpayer cannot be located, what are the options available to a Revenue Officer in serving an electronic Letter of Authority? 2. Is the sale, barter, exchange or other disposition through Initial Public Offering of shares of stock in closely held corporations subject to tax? 3 ...
Income tax The Income Tax (Prescribed Fees under Schedule 5 to the Act) Rules 2020 have been gazetted on 22 September 2020 and have come into operation on 25 September 2020. The following public rulings and guidelines have recently been published on the Inland Revenue Board of Malaysia’s official website:i. Appeal Against an Assessment and Application for Relief (Public Ruling No. 7/2020) issued on 7 October 2020 to replace Public Ruling No. 12/2017 dated 29 December 2017;ii ...
Introduction The balance of trade between India and China continues to be heavily tilted in favour of China. Trade remedies such as anti-dumping and countervailing duties have been used frequently by India to curtail import of Chinese goods. To overcome such barriers, India has long suspected that China has been routing its goods through the ASEAN countries by misusing the Free Trade Agreements (‘FTA’) ...
27.10.2020 –Emergency Ordinance no ...
The coronavirus disease (COVID-19) outbreak continues to put pressure on the public and private sectors alike. As we are entering new phases of the COVID-19 pandemic, we have to switch our focus towards safely and gradually reopening our businesses and economies while continuing to implement prevention measures ...
Facing Australia's first recession in 30 years, Australian businesses are attempting to steer a course not only for survival but for the growth needed to be a viable long term. But alongside uncertainty comes opportunity. Our new report, prepared in partnership with Acuris, explores the key steps for companies and investors to take advantage of the opportunities – and decisive, informed and proactive action is critical ...
On 25 September 2020 Parliament approved the final draft of the revised Data Protection Act (rev-DPA).(1) The rev-DPA is expected to enter into force in 2022. However, it is subject to a facultative referendum and the corresponding ordinance will be adapted accordingly – thus, the rev-DPA is still a work in progress ...
E-commerce: New VAT rules Law 47/2020 was published on 24 August to implement articles 2 and 3 of Council Directive (EU) 2017/2455 of 5 December 2017, and Council Directive (EU) 2019/1995 of 21 November 2019, modifying the operation of the Value Added Tax (“VAT”) system in intra-EU and international e-commerce. This legislation enters into force on 1 January 2021 ...
Defining your strategy and analysing the market are crucial when making the decision to invest in China, but the tax efficiency of the business has its own specific issues and investors should not neglect them either. The Chinese tax system has particular characteristics that you must get to know before investing. In this informative note, we will address some basic aspects of value added tax and the invoicing system ...
