Following the publication of the proposal a few days ago, on 19 March the European Commission adopted the communication introducing a new temporary legal framework for State aid measures to support the economy in the current COVID-19 outbreak1. The last time the Commission had adopted a similar temporary framework was during the global financial crisis in 2008 ...
To create the most favorable environment for the intensive development of the IT industry and pooling resources for the new projects, the Russian Government has adopted a Law introducing a number of changes and tax incentives for the IT and Technology Companies. It will be effective starting from January 1st, 2021. Below, we provide our consolidated analysis of the new rules and recommendations on steps to be taken to prepare for the forthcoming changes ...
In January 2010, the decree-law that enacts the Accounting Standardisation System and repeals the Official Chart of Accounts (POC) will enter into force. This legislation was passed as part of a reform that is intended to be structural in nature and apply horizontally across the national accounting system ...
On June 27, Supreme Decree Nº 005-2021-IN was published in the Official Gazette “El Peruano” adopting the new “National Directive of Internal Order for the protection of National Critical Assets – ACN” (“New Directive”) ...
Uganda has taken a bold and long overdue step to revamp its 24-year old environmental law, the National Environment Act (Cap. 153) (the “NEA”). An amendment was necessary given the massive infrastructure projects in the energy sector, the planned infrastructure of a refinery and pipelines in the oil and gas space, the imminent production of oil, increasing urbanisation and the consequent pressures on land, and climate change ...
Dinsmore partner Kelvin Lawrence was published in Bloomberg Tax with co-author Bruce P. Ely from Bradley Arant Boult Cummings LLP. Their article, "The MTC Undertakes an Ambitious Study of Partnership Taxation," discusses the Multistate Tax Commission (MTC) Uniformity Committee's work group they created to study issues related to multistate taxation of pass-through entities ...
Last Friday, on 12 May 2023, the UAE Ministry of Finance (Ministry) published an Explanatory Guide which provides an explanation of the meaning and intended effect of each article of the Corporate Tax (CT) Law. The Explanatory Guide may be accessedHere ...
The Ministry of Energy published the General Administrative Rules on Social Impact Assessment of Projects in the Energy Sector (“Rules”). The Rules set forth requirements for drafting and filing an Assessment report, as well as the procedure for the issuance of a Resolution and Recommendations. After a 3-year public consultation process, on June 1st, 2018, the Rules were finally published on the Official Gazette of the Federation, entering into force on June 2nd ...
At the end of February 2020, the Minister of Energy and Mineral Resources (MEMR) issued Regulation No. 4 of 2020 (Reg. 4/2020), as a second amendment to MEMR Regulation No. 50 of 2017 on the Use of Renewable Energy for the Provision of Electric Power which was initially amended through MEMR Regulation No. 53 of 2018 (“Reg. 50/2017”). Reg ...
Earlier this year, Mexico´s Senate approved the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”) formerly known as the Trans-Pacific Partnership ("TPP"). The CPTPP will enter into force once six of its members ratify the Treaty pursuant to their internal legal procedures. Mexico is the first member to ratify the Treaty ...
On May 5, 2020, two (2) relatively rare notices of violation involving marijuana smoke were filed with the California Department of Justice. I refer to them as rare, because in the one year period prior to these notices (May 1, 2019-May 8, 2020), there have only been four (4) notices of violation filed involving marijuana smoke. That is a miniscule number considering there were two thousand four hundred and ten (2,410) 60- day notices of violation filed in 2019 ...
The Panamanian Limited Liability Partnership has been a part of Panama’s trade laws since 1916, when the Panamanian Commercial Code was issued. However, during 2009 it was subject to a profound reform in order to adapt it to an always demanding and changing market. As its “younger sister”, the worldwide famous “Sociedad Anonima” (1927), the limited liability partnership shall be filed at the Public Registry ...
I. The Liechtenstein Tax ReformThe former Liechtenstein Tax Act dated back to 1961. It was completely revised and the new Tax Act entered into force on 1 January 2011 (hereafter referred to as "Tax Reform"). The ratio for the year 2008 between the overall tax revenues in Liechtenstein and its GDP was 16.9%. In comparison, the equivalent figure in the USA was 20.3% and 23.1% in Germany.Liechtenstein has AAA rating and is totally debt free ...
It has a long been a principle of company law that the debts of a company are not the debts of its shareholders. It may be a surprise to some that this principle does not apply to certain tax debts thanks to section 181 of the Tax Administration Act No.28 of 2011 (“section 181”). This section allows shareholders to be held jointly or individually liable for the tax debts of their company. At first glance it seems unfair to punish those who do not manage the day-to-day running of a company ...
On 1 April 2008, the market for non-household water and sewerage services in Scotland 'went live'. For the first time, business customers were able to choose their water and sewerage retailer in much the same way as they are accustomed to doing for other utility services, such as telecommunications, electricity and gas ...
Speaking of compliance with tax obligations comes to our mind the duty to pay taxes (noun) as the Tax on the Transfer of Goods and Provision of Services (VAT) or Income Tax (ISR), which undoubtedly It is true; but equally certain it is that with the payment obligation exists another set of obligations formal or adjective. In this dual context of formal and substantive tax obligations, is of great relevance filing tax returns ...
Shoosmiths’ legal experts outline the key legal changes set to impact the UK’s real estate industry in 2024 and beyond. Introduction of biodiversity net gain in England New biodiversity net gain requirements will be introduced for large development sites from 12 February 2024 and are set to also apply to smaller sites from 2 April 2024. Biodiversity net gain aims to create and improve natural habitats by measuring the impact of a development on biodiversity ...
On 29 May 2017, Judge Fabricius delivered judgment in the Gauteng High Court in the case of Pienaar Brothers (Pty) Ltd vs Commissioner for the South African Revenue Service and the Minister of Finance, in a case dealing with the Taxation Laws Amendment Act, 2007 (the “Amending Act”) which inserted section 44(9A) into the Income Tax Act, 1962 (the “Act”) ...
When the National Environmental Management: Waste Act, 59 of 2008 (“NEMWA”) came into operation, in July 2009, the operation Part 8 of Chapter 4 (the “Contaminated Land Provisions”) was deferred to a later date. In terms of a recent government gazette, [1] the Contaminated Land Provisions will now come into operation on 2 May 2014 ...
A wastewater facility on the island of Maui, Hawaii, collects sewage, treats it, and pumps the treated water through underground wells. The water then travels half a mile, through groundwater, into the Pacific Ocean. Must the facility possess an EPA permit to do this? In April, the Supreme Court of the United States answered this question with a rather drawn-out "maybe ...
The King's Speech 2023 unveiled an ambitious vision for the future of transportation - heralding a new era of self-driving vehicles in the UK. The speech introduced a comprehensive plan to integrate autonomous vehicles into daily lives, as part of the government's commitment to advancing transportation technology. The proposed Automated Vehicles Bill will provide the Department for Transport with the necessary authority to certify the safety of driverless vehicles ...
A summary of the key takeaways from a recent webinar on reducing scope 3 waste-related emissions. Shoosmiths is delighted to be sponsoring United Nation Global Compact Network (UNGC) UK’s series of webinars on ‘Reducing Scope 3 Emissions’ ...
A summary of the key takeaways from a recent webinar on reducing scope 3 transportation and distribution emissions. Shoosmiths is delighted to be sponsoring United Nation Global Compact Network (UNGC) UK’s series of webinars on ‘Reducing Scope 3 Emissions’ ...
