On August 24, 2022, the IRS issued Notice 2022-36, 2021-15 I.R.B. 986, (the "Notice"), which grants significant penalty relief for taxpayers who failed to file certain tax or information returns for tax years 2019 and 2020. However taxpayers must file their missing returns on or before September 30, 2022, in order to obtain the penalty relief. This Notice presents a rare opportunity to taxpayers who have not filed the requisite returns to avoid onerous penalties ...
The SBA has published a notice of “Tribal Consultation for Ownership and Control and Contractual Assistance; Requirements for the 8(a) Business Development (BD) Program and other Planned 8(a) BD Program Regulatory Proposals.” The notice states that SBA is “planning to issue a proposed rule concerning the 8(a) BD program regulations . . ...
In July, the Antimonopoly Committee asked the Ministry of Strategic Industries to update the conditions for providing state aid to companies that develop, manufacture, repair, and service aviation equipment and engines. What to update and how, the committee wrote in recently adopted recommendations . Asters lawyer Olena Gadomska told Mind what the latter envisage, why AMCU is resorting to such changes and who they will affect ...
The Philippines is party to double taxation agreements (DTAs) with 43 countries. These DTAs contain exchange of information (EOI) provisions, which oblige contracting parties to exchange details that are needed to carry out the provisions of the DTAs or the domestic laws that concern the taxes applicable to the DTAs. To this end, the Bureau of Internal Revenue (BIR) consistently develops its EOI programme and has, in the past decade, circulated administrative issuances to facilitate EOI ...
On Thursday, August 19, 2022, as mandated by Executive Order 14063, issued by President Biden February 4, the Federal Acquisition Regulatory Council proposed a rule to amend the Federal Acquisition Regulations (FARs) to require that federal contractors and their subcontractors enter into project labor agreements (PLAs) with unions as a condition to receiving federal construction contracts worth $35 million or more ...
On Thursday, August 19, 2022, as mandated by Executive Order 14063, issued by President Biden February 4, the Federal Acquisition Regulatory Council proposed a rule to amend the Federal Acquisition Regulations (FARs) to require that federal contractors and their subcontractors enter into project labor agreements (PLAs) with unions as a condition to receiving federal construction contracts worth $35 million or more ...
Ekachai Chotpitayasunon, Pariyapol Kamolsilp, and Kongkoch Yongsavasdikul, partners of Kudun and Partners together with senior associates; Kongwat Akaramanee and Supatra Kerinsaguna, were invited to speak at a seminar organized by the Association of Family Business Entrepreneurs (AFBE) under the topic “Holding & Tax Management – Game Plan for Family Business Sustainability” ...
The decision will be relevant for parties seeking to bring claims in the BVI courts where there are competing jurisdictions and systems of law at play. Funders and ATE insurers will also find the decision of interest where they are considering the merits of funding cross-border claims involving BVI defendants. A copy of the judgment is available here. Background WWRT had commenced proceedings in the BVI against Carosan, a BVI company, and BK, a Ukrainian businessman ...
August 19, 2022 By: Gwenneth O’Hara, Jonathan Kendrick, Mercedes Martin, and Aaron Elster Over the next decade, the United States, through enactment of the Inflation Reduction Act of 2022 (IRA), is primed to make a $369 billion investment in clean energy and climate change programs ...
At the end of July, the 11th Circuit Court of Appeals affirmed the dismissal of a roofing contractor’s complaint against another roofing contractor for allegedly interfering with its contract with a condominium association for roof repairs relating to Hurricane Irma. The case illustrates the importance of timing and advancing work related to insurance claims and should serve as a warning to those that regularly wait on insurance payments before beginning work ...
The Leasehold Reform (Ground Rent) Act 2022 (the Act) came into force on 30 June 2022. Headlined as one of the ‘most significant changes to property law in a generation’, the Act restricts ground rents on newly created long residential leases. Ground rents have been replaced by a token one peppercorn per year – effectively zero in monetary value. By restricting ground rent, the government is aiming to make leasehold ownership more affordable ...
Last month the Scottish Government published “Land Reform in a Net Zero Nation”, a consultation paper on a new Land Reform Bill. The paper sets out the proposals for the bill and seeks views on various related issues, including measures aimed at “large-scale holdings”, changes to subsidies, the introduction of a new type of agricultural tenancy, and transparency of land ownership ...
Under article 253(d) of the National Internal Revenue Code (NIRC), when an association, partnership or corporation commits an act or omission that violates the Tax Code, the penalty "shall be imposed on the partner, president, general manager, branch manager, treasurer, officer-in-charge, and the employees responsible for the violation". This means that any of the persons enumerated may be criminally prosecuted for the corporation or partnership's criminal act or omission under the code ...
On June 21, 2022, the government adopted Resolution No. 702 , which regulates the procedure for receiving partial unemployment benefits. From now on , self-employed persons and employees who have lost part of their income can count on assistance from the state. However, it should be noted that it is not the employee, but the employer who should seek help ...
In light of the sanctions imposed, ALRUD experts have prepared an Overview of Russian Counter-Sanctions measures that have been taken in response to the actions of unfriendly countries since 24 February 2022. The overview focuses on: Russian counter-sanctions measures Liability Prospects for foreign business Recent trends in litigation and arbitration Assumptions and limitations The review is updated on an ongoing basis. Follow the link to learn more ...
Daniil Lozovsky, Senior Attorney of the Competition/Antitrust Practice, and Grigory Viktorov, Junior Attorney of Competition/Antitrust Practice prepared an article “The new foreign direct investments regime in Russia” in Mergers & Acquisitions Expert Guide 2022 published by the Corporate LiveWire magazine. The article is aimed at informing the readers on the new FDI regime, the corresponding legal basis and the related matters ...
The Ministry of Public Works and Housing (“MPW”) has issued the Circular Letter No. 21/SE/M/2021 on The Procedures for Fulfillment of the Business License Requirements, the Implementation of Construction Work Competence Certification, and the Implementation of Business Entity Certificates and Construction Work Competence Certificates (“Circular Letter”) ...
In order to provide clarity regarding the tax obligations of financial technology providers and users in Indonesia, Indonesia’s Minister of Finance (“MOF”) issued MOF Regulation No. 69/PMK.03/2022 on the Income Tax and Value Added Tax on the Organization of Financial Technology (“MOF Reg 69/2022”) on 30 March 2022, which came into force on 1 May 2022 ...
The Government of India has recently issued several clarifications under both Customs as well as Goods and Services Tax (GST) Laws ...
The Government of India has recently issued several clarifications under both Customs as well as Goods and Services Tax (GST) Laws ...
Changes made consequent to the 47 meeting of the GST CouncilØ Enhanced refunds under inverted duty structure Ø Transfer of credit between distinct persons allowed Ø Concessional rate supplies made eligible for inverted duty refunds Ø No Interest liability on availment of credit without utilisationØ Time limits for demands and recovery extended till September 2023 for FY 2017-18 Ø Penalty applicable on persons involved in the issuance and credit of fake i
