The Corona virus has dramatic consequences for most Austrian enterprises. But could it even have an impact on their 2019 financial statements (provided they were not resolved and filed yet)? Will it be possible to use the crises negative effects for claiming deductions in the 2019 tax return? Will it reduce the capacity of an entity that was profitable 2019 to distribute dividends? We limit this short overview on the most common forms of Austrian entities, i.e ...
Will the civil courts remain in operation? As of 16 March 2020, a regulation amending the rules of procedure for courts of first and second instance will come into force. This regulation provides for a restriction of court services limited to the strict minimum. In the implementation decree, the Federal Ministry of Justice clarified that the courts will remain in operation only to the extent necessary ...
On March 12, 2020, the California Supreme Court decided Kim v. Reins International California, Inc. (Case No. S246911) (“Reins”) a case in which Plaintiff Justin Kim (“Kim”) settled his individual claims against his employer Reins International California, Inc. (“Reins”), then tried to continue his Private Attorneys General Act (“PAGA”) suit against Reins ...
On 16 March 2020, following the Prevention and Control of Infectious Diseases (Declaration of Infected Local Areas) Order 2020, all the states in Malaysia have been declared as infected areas by the infectious disease, Covid-19. On the same day, the Malaysian Government issued a formal Movement Control Order ("Order”) under thePrevention and Control of Infectious Diseases Act 1988and thePolice Act 1967 ...
The GST Council in its 39th meeting held on 14 March 2020 has made the following recommendations: Movement in Tax Rate Goods Increase in GST rates on mobile phones and specified parts to 18% from 12% Handmade and other than handmade matches rates rationalised to 12 %, thereby solving the HSN classification issue: Increase in handmade matches from 5% to 12 % Decrease in other matches from 18% to 12% Services Reduction in GST rates on maintenance, re
Pursuant to Decree no. 195/March 16th, 2020, published in the Official Gazette of Romania no. 212/March 16th, 2020, the President of Romania instated a state of emergency on the entire territory of Romania, for a period of 30 days, starting from March 16th, 2020 ...
ESMA DECISION The European Securities and Markets Authority („ESMA“) announced today the decision to lower the initial reporting threshold for net short positions under the EU Short Selling Regulation to 0.1 percent (the „ESMA Decision“). The ESMA Decision has entered into force immediately after its publication on ESMA’s website. INITIAL REPORTING THRESHOLD NOW 0.1 PERCENT (PRIOR: 0 ...
During the press conference of 13 March 2020, Executive Vice-President Margrethe Vestager made a statement regarding the enforcement of EU State aid in connection with measures adopted by Member States to combat the negative repercussions of COVID-19 on the economy ...
This is an update with regard to the recent order issued by NCLT, Mumbai in the miscellaneous application of Videocon Group vs CGST Department in the matter of State Bank of India vs Videocon Industries Limited, wherein section 14 of Insolvency and Bankruptcy Code (‘IBC’) has been invoked prohibiting initiation or continuation of any proceedings by any authority against the debtor during the moratorium period ...
This Tax Alert summarizes a recent ruling of the Karnataka Appellate Authority for Advance Rulings[1] which upheld that ‘Pre-sale and Marketing Services’ rendered by an Indian subsidiary (‘service provider’/ ‘supplier’) to its foreign parent entity ( (‘service recipient’) qualify as intermediary services, thereby subject to GST ...
This Tax Alert summarizes a recent ruling of the Gujarat High Court[1] which discussed the issue that whether a taxpayer is entitled to refund of the IGST paid on import of capital goods under Export Promotion Capital Goods (‘EPCG’) Scheme for the interim period between 1 July 2017 i.e ...
Plaintiffs’ counsel in pharmaceutical product liability cases continue to pursue depositions of company sales representatives and seek to elicit testimony supporting their common theme that pharmaceutical companies disregard the health and safety of their consumers in the dogged, single-minded pursuit of sales and profits ...
The State Taxation Administration (STA) released several announcements in the beginning of February which established preferential tax policies for facilitating the prevention and control of the outbreak of the novel coronavirus (COVID-19) and supporting enterprises to resume their business operations. Certain preferential tax treatments are specifically offered to enterprises and individuals that are directly involved in the prevention and control of the outbreak of COVID-19 ...
The ongoing global outbreak and spread of Novel Coronavirus 2019 (COVID-19), commonly known as coronavirus, is a dramatic event of global proportions, with far-reaching implications in a wide range of areas. The spread of coronavirus directly affects capital markets, global supply chains, worldwide transportation, large-scale events and conferences, and many other aspects of commerce and business, domestic and international ...
It is normal that an insurance contract does not cover all the different events that are part of the entire risk, since this would imply that the contract was becoming more expensive every day, in the face of the appearance of catastrophic risks or risks that due to different factors do existed before. In this sense, the delimitation of the scope of the insurance contract becomes an important situation to analyze ...
In the recent Appeal Court case of Airtel Uganda Limited v. Uganda Revenue Authority, the provisions of section 15 of Uganda’s Tax Appeals Tribunal Act (TAT Act) and their wider implications came under scrutiny. In the case at hand, Airtel Uganda Limited (Airtel), a telecommunication company, lodged an objection to an assessment raised by the Uganda Revenue Authority (URA) on 25 February 2004 with the Tax Appeals Tribunal (TAT) ...
Given the difference between the effective rate of tax on capital gains and the highest marginal rate of tax imposed on income, in particular for individuals, it is important to determine whether the proceeds from the disposal of an asset are subject to capital gains tax or to income tax. In the Pick ‘n Pay case, the proceeds from the sale of certain shares were found to be capital in nature ...
A recent report published by the White House Council of Economic Advisers (“CEA”) on drug pricing in the United States of America has put the cost of medicine and the access thereto by the poor, firmly back in the spotlight. And on a global scale. In the CEA report, President Donald Trump’s administration argues that the USA pays higher prices for pharmaceuticals because other developed countries have systems in place to actively force down drug pricing ...
The Finance Minister Smt. Nirmala Sitharaman envisages a holistic vision of healthcare that translates into wellness of the citizen ...
1. Changes in rules relating to determination of ‘residence’ in IndiaThe scope of income of a person liable to tax in India depends upon his residential status in a particular financial year. Indian Income Tax Act 1961 (the Act) recognizes three statuses, namely, Resident and Ordinarily resident’ (ROR), ‘Resident but not ordinarily resident’ (RNOR), and Non-resident (NR) ...
Union Budget 2020- Changes in provisions relating to Educational Institutions, Hospitals, Trusts, etc. engaged in Public Charitable or Research activities Current Position:Currently, the income of public charitable trusts and not-for-profit organisations, engaged in public charitable activities and registered with Income Tax department under Sections 12A or 12AA of the Income Tax Act, 1961 (the Act), is exempt if the same is applied to the objects of the trust or accumulated for doing so ...
The sudden rise in the number Covid-19 (“Coronavirus”) cases in Lombardy and other Italian Regions has prompted the relevant governmental authorities to adopt urgent measures to prevent and limit the spread of the virus, and this is starting to have an impact on the economy. In connection with these measures, on 31 January Italian government has declared a six-month state of emergency, which expires on 31 July 2020 (unless it is extended) ...
On February 26, 2020, the Supreme Court ruled in Intel Corp. Investment Policy Committee v. Sulyma, 589 U.S. ___ (2020) (Sulyma) that an ERISA1 plaintiff’s admitted receipt of disclosures about his retirement plan investments was insufficient to prove he had “actual knowledge” of the information therein — the effect of which would have been to trigger a shorter three-year statute of limitations period that would have barred his lawsuit altogether ...
INTRODUCTION In one of his last speeches as Attorney General of the United States, Jeff Sessions proudly boasted: “We are sending a clear message to criminals across the country: we will find you. We will bring you to justice. And you will pay a very high price for what you have done.” This type of rhetoric is often reserved for serious criminal offenders ...
When a debtor, natural or legal person, is constituted in serious circumstances of insolvency in the face of a plurality of creditors, the legislator has foreseen as a mechanism to solve said problem three alternatives of action, depending on the qualities of the insolvent person: the insolvency creditors, bankruptcy and suspension of payments ...
