On 17 November 2022, the State Administration Council (“SAC”) enacted the Law Amending the 2022 Union Tax Law (“2022 UTL Amendment”). This law provides tax exemptions for Battery Electric Vehicles (“BEVs”) and increases the corporate income tax rate of companies engaged in the oil and gas exploration and production sector in Myanmar. We highlight below the major changes under this law: 1 ...
Following the 2018 enactment of regulations governing contractual terms contained in vehicle hire-purchase agreements, the Office of the Consumer Protection Board (“OCPB”) has recently resolved to adjust such regulatory scheme as part of their initiatives to alleviate the ongoing economic downturn and financial hardships suffered by consumers as a result of the pandemic, and to prevent consumers being subject to any unfair contractual terms in this respect ...
While originally opened to great fanfare between 2017 and 2019, over the course of 2022 Shell has discreetly closed down all of its UK hydrogen filling stations, citing that "the prototype technology had reached the end of its life". This decision is perhaps not surprising, given the low volume of domestic fuel-cell electric vehicles (FCEVs) on UK roads ...
Shoosmiths’ head of energy and infrastructure (E&I) sector, James Wood-Robertson, details and reacts to the much-anticipated E&I developments and proposals set out in the UK government’s 2022 Autumn Statement ...
pAs many of our readers know, a recurring theme in the industry is volatility and market uncertainty. Like recent quarters, the impact of inflation, Federal Reserve action, and interest rate movements continues to create uncertainty. In light of these conditions and declines in stock prices, we have observed many clients exploring less traditional ways to raise capital. Our corporate, financing, private equity and tax practices have been active in assisting in these efforts ...
Following the issuance of Prakas 003 on 26 January 2022 on the Rules for the Management, Establishment, and Functioning of Trusts (“Prakas 003”), on 3 November 2022, the Non-Banking Financial Services Authority (“NBFSA”) issued Prakas 052 regarding the Accreditation of Valuation Companies and Valuation Specialists in the Trust Sector (“Prakas 052”) in order to ensure the accuracy of the existing registered trust in Cambodia ...
A recent decision by a federal court of appeals found a New Orleans’ city code limiting short-term rentals of residential properties (such as AirBnB, Vrbo, Vacasa, etc.) to only landlords who lived inside the city was unconstitutional.In Hignell-Stark v. City of New Orleans, 46 F.4th 317 (5th Cir. Aug. 22, 2022), the Court held the city ordinance was an undue burden on interstate commerce ...
Shoosmiths’ specialist construction and regulatory teams have provided a detailed response to the government’s consultation on implementing the new building control regime for higher-risk buildings under Part 3 of the Building Safety Act 2022. The firm’s response draws on its expertise working with key stakeholders in the construction industry and first-hand experience of the issues that are relevant to the proposed regulations ...
Does your contract contain a dispute resolution section that refers to the American Arbitration Association (“AAA”) rules, mediation and/or arbitration proceedings? If so, then you need to be aware of some changes that took effect last month. The AAA revised its Commercial Arbitration Rules and Mediation Procedures (“AAA Rules”) to update some existing rules and to add new rules ...
Please be informed that new Federal Law No. 332-FZ (“Law”) was passed on 14 July 2022 allowing the landlords to claim from the tenant the average monthly rent or to terminate the lease if the tenant's commercial activities are suspended. The Law establishes specific conditions under which the average rent could be claimed, imposes restrictions on landlord's right to terminate the lease agreement if foreign control over the lessee is terminated ...
RENT UPDATE COEFFICIENT FOR 2023 Law no. 19/2022 was published in Diário da República (Official Journal) on 21 October 2022 and, among other measures, it establishes the rent update coefficient for the calendar year of 2023. During the next year, the annual update coefficient for rents of the several types of leases, both urban and rural, established in article 24 of Law no. 6/2006 of 27 February, which approved the New Urban Lease Regime (NRAU), will not apply ...
pMany development authorities and other economic or industrial development authorities in the State of Georgia (each, an “Authority”) offer “Economic Development and Incentive” programs for private companies which commit to make new capital investments that promote trade and commerce and provide new employment or retain existing employment ...
With the government’s widely publicised plan to end the sale of new petrol and diesel cars in the UK by the end of the decade comes a secondary issue – the need for an extensive electric vehicle (EV) charging infrastructure to support an exponential increase in the number of EV cars on the road. Rollout of EV chargepoints is significantly behind what is needed to meet the predicted demand from 2030 ...
That’s the question Shoosmiths and Cornwall Insight’s recent report sought to answer, investigating the role the Battery-as-a-Service (BaaS) model could play as part of the UK’s electric vehicle charging network. In a new video, Jonathan Smart, partner and head of mobility at Shoosmiths, discusses the BaaS model, which enables electric vehicle owners and business fleets to swap out depleted batteries for fully charged ones at a service station via a subscription service ...
With the end of the year just around the corner, it’s a good time to reassess plans and action-items. When reviewing your year-end estate planning or business transition concerns, there are several things to contemplate and review, such as year-end gift giving and tax considerations. Below is a list of items we’ve identified that you might want to consider as you plan for the end of the year and future transitions ...
On Aug. 16, President Joe Biden signed into law the Inflation Reduction Act (IRA) of 2022. Although it garnered headlines mostly for its $80 billion commitment to the Internal Revenue Service, the IRA went a long way toward providing tax incentives to real estate and related industries. Selecting a few primary issues from the IRA, as with any large-scale legislation, can be a challenge ...
This article focuses on the key aspects of the New Homes Quality Code (NHQC), which developers must consider and implement at the reservation and pre-contract stages ...
What’s happened? Pursuant to a circular issued by the Dubai Land Department on 23 September 2022, the registration of all co-occupants that reside in residential properties in the Emirate of Dubai, whether owned or rented, must be completed today. Who does this apply to? The circular issued by the Dubai Land Department applies to real estate developers, real estate leasing and management companies, real estate owners and tenants ...
Levelling up was barely mentioned in the recent “mini budget”, reports say barely any of the levelling up funds have actually been spent and figures show that since the first time then PM Boris Johnson uttered those two words “levelling up” in 2020, our regional cities continue to lag behind the capital. Investment is 23% lower, take up 12% lower and average rents a whopping 54% lower ...
In a joint statement made by the UAE Ministry of Economy and the UAE Ministry of Justice the implementation of the new Anti-Money Laundering reporting requirements, which are set out in Circular No. 5/2022 (the ‘Circular’) and which will apply to specific (cash and virtual currency related) real estate transactions that are conducted in the UAE, was announced over the summer. As outlined in the Circular, these additional reporting requirements are now in force from 1 July 2022 ...
What’s happened? On 22 July 2022 Dubai Decree No. 22/2022 (the Decree) came into force with the purpose of encouraging further investment in the Dubai real estate market via the provision of various incentives and privileges aimed towards real estate investment funds ...
Since February 2022, Russia has adopted a number of regulations that aim to restrict real estate transactions involving persons/entities from certain foreign states. Such transactions require specific governmental approval prior to their conclusion. Further regulation has provided a number of exceptions to the previous prohibitions ...
The California Department of Housing and Community Development (HCD) has remained active in enforcing state housing laws through its Accountability and Enforcement unit. Notably, HCD has focused its attention on larger, coastal cities – most recently, the cities of San Diego and San Francisco ...
