By Board Resolution Nº 368-2021-MINEM/DGH and Board Resolution Nº 369-2021-MINEM/DGH, published on September 21, 2021 in the Official Gazette “El Peruano”, the drafts of the “Operating Procedure for the electronic market of the auctions for the transfer of natural gas supply volume and/or transport capacity (MECAP)” (“MECAP Operating Procedure“) and of the “Operating Procedure for the Transfer of Information in the Natural Gas Market&rd
Background On 15 July 2021 the States of Deliberation (Guernsey's parliament) approved the Income Tax (Guernsey) (Amendment) Ordinance, 2021 (the "Ordinance") which makes a number of important amendments to Guernsey's Income Tax Law ...
A key concern for shipowners and lenders will be where to register these new vessels. In this briefing, we consider three factors that usually influence the choice of flag state: (1) financing considerations, (2) recognition for the flag and (3) speed, responsiveness and certainty. Introduction Choosing the flag state where a ship will be registered requires balancing different factors ...
We would like to take this opportunity to remind our readers that the immovable property tax (“TOIP”) and Unused Land Tax deadlines for 2021 are fast approaching next Thursday (the 30th) of September 2021. The 2021 TOIP and Unused Land Tax payment can be submitted at any tax branch or any branches of the following banks: Canadia, ACLEDA, Vattanac, Cambodia Public Bank or ABA Bank ...
The UK government’s Hydrogen Strategy, published in August 2021, confirms that developing a thriving low carbon hydrogen sector in the UK is a key plank of the government’s plan to build back better with a cleaner, greener energy system ...
On 17 August 2021, the UK Government presented its Hydrogen Strategy (the “Strategy”) to Parliament. The 120-page document set out the Government’s ambition to develop a thriving hydrogen sector in the UK and to place it at the forefront of hydrogen technology. What does it say and how might hydrogen feature in the future? Throughout this article, we will be referring to different colours of hydrogen (primarily blue and green) ...
On Monday, September 13, 2021, the House Ways and Means Committee released several markups of proposed legislation (the “House Tax Proposals”) intended to pay for various proposed spending initiatives. Importantly, the House Tax Proposals are not entirely consistent with the “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals” (the “Green Book”) released by the U.S ...
House Democrats recently released additional legislative proposals that, if passed, would affect several commonly used estate planning techniques. Among those proposals are three that would significantly impact some of the more common wealth transfer strategies. It is too early to tell whether this legislation has any chance of passing, but clients who are planning to use strategies that would be affected by these changes should watch carefully for future developments ...
On Sept. 13, 2021, the House Committee on Ways and Means released the remainder of its numerous tax reform proposals. The proposals will be subject to continued negotiations and are not law. But, the proposals are an indication of what may be coming soon ...
Another wave of COVID-19 has spread all over Thailand and is raising understandable concerns and generating uncertainty among the business community. With this series of infographics, we take this opportunity to guide you on the key measures and best practices to help you mitigate the effects of the COVID-19 pandemic on your business. Today, we guide you through the debt restructuring options available in Thailand for local or foreign investors ...
Another wave of COVID-19 has spread all over Thailand and is raising understandable concerns and generating uncertainty among the business community. With this series of infographics, we take this opportunity to guide you on the key measures and best practices to help you mitigate the effects of the COVID-19 pandemic on your business ...
On Saturday, September 11, 2021, Resolution Nº 0041-2021-CD-OSITRAN was published in the Official Gazette “El Peruano”, extending the deadline for receiving comments and suggestions to the “General Guidelines to be applied in the tariff procedures under the price cap methodology or RPI-X mechanism” (the “Resolution 041”) for a period of 15 working days from its publication, that is, until October 1, 2021 ...
Employee Retention Credits (“ERC” or “credits”) are available to eligible employers that paid qualified wages after March 12, 2020, and before January 1, 2022. Multiple pieces of legislation and Internal Revenue Service (“IRS”) guidance expanded and modified the ERC rules and determination of eligibility for ERC, and computation of the credits may vary based on each individual calendar quarter in 2020 and 2021 ...
Corporate/M&A Amendments to the Main Market Listing Requirements following Enhanced IPO Framework On 11 August 2021, Bursa Malaysia Securities Berhad (“Bursa Securities”) reviewed the Main Market Listing Requirements (“MMLR”) to ensure parity of regulation with the Securities Commission Malaysia’s (“SC”) introduction of an enhanced initial public offering (“IPO”) framework which took effect on 1 January 2021 ...
The government has confirmed its intention to establish eight new Freeports in Solent, East Midlands Airport, Felixstowe & Harwich, Humber, Liverpool City Region, Plymouth & South Devon, Teesside and Thames. In our latest Freeport bitesize briefing, we look at some of the potential commercial contracts and supply chain opportunities for businesses looking to operate in these Freeports. There are generous customs and taxation benefits within Freeport sites ...
The National Treasury (“NT”’) published its draft Taxation Laws Amendment Bill with accompanying Explanatory Memorandum on 28 July 2021 (the “draft Bill”). By now it is well known that the draft Bill contains a fairly radical proposal: section 20 of the Income Tax Act, 1962 (“the Act”) will be amended to limit the amount of an assessed tax loss that may be set-off against taxable income ...
Since the G7 meeting on 5 June when the G7 finance ministers announced a global corporation tax of at least 15%, there has been much written and spoken about the new proposed global minimum tax rate. Janet Yellen, the US Treasury Secretary, called the agreement a “historic day for economic diplomacy” ...
It seems like an eternity ago since the World Health Organisation declared a pandemic on 11 March 2020. Governments around the world have responded to the pandemic in different ways, including various degrees of lockdowns, travel restrictions and fiscal and monetary support for some of the most affected industries. This has led to unprecedented disruptions of the global economy and affected business models of many multinational enterprises (“MNEs”) ...
Last night, only days ahead of a general election the minority Government in Norway is likely not to win, a proposal for dramatic changes to the upstream petroleum tax regime. It was announced at 18.00 hours Oslo time in a hastily called press conference by the Minister of Finance Mr Sanner (Conservative) and the Minister of Petroleum and Energy Ms Bru (Conservative) ...
As consolidation in the domestic energy supply market continues, a new report has been commissioned by Shoosmiths and produced by Cornwall Insight. It considers what is driving the consolidation, whether this looks set to continue and the outlook for the market. Current situation At its peak in 2018, there were 62 suppliers of domestic energy in the UK market ...
1. May the Bureau of Internal Revenue issue assessments against a taxpayer based on third-party information? Yes, provided that such third-party information is verified or confirmed with the relevant customers or suppliers. In Commissioner of Internal Revenue v. Mercury Group of Companies, Inc. (CTA EB No. 2215 (CTA Case No ...
The World Trade Organization (‘WTO’) has always been of the view that Indian export subsidy schemes like Merchandise Exports from India Scheme (‘MEIS’), Export Oriented Units (‘EOUs’), Service Export Incentive Schemes are principally in violation to the Subsidies and Countervailing Measures Agreement (‘SCM Agreement’) ...
