The economic substance requirements in the Cayman Islands, introduced by the International Tax Co-operation (Economic Substance) Act (as revised) (the “ES Act”) (Economic substance requirements in the Cayman Islands), have been extended to partnerships pursuant to the International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations 2021, which came into force on 30 June 2021 ...
A recent fine of €525,000 by the Autoriteit Persoonsgegevens (AP), the Dutch Data Protection Authority, has focused attention on one of the least discussed provisions of the GDPR – Article 27. This provision requires those who are subject to the GDPR but who do not have a base in the EU to appoint an EU representative to act as a point of contact for supervisory authorities such as the AP and individuals (data subjects) within the EU ...
From caterpillar cakes and “anti-establishment” IPA beer to gin, the issue of “copycat” own brands has been thrown into the spotlight by a series of recent court actions involving some of the country’s best-known food and drink producers and discount supermarket chains ...
The Consumer Protection Act 1987 (the CPA) was enacted almost 35 years ago in order to implement EU law. The act introduced the concept of “strict liability” into the arena of product supply to certain users. This means that consumers who are injured by defective products can sue manufacturers without having to prove negligence. This practical guide provides an overview of the CPA for consumers and manufacturers, with reference to recent key cases ...
On July 1st 2021, the Russian President signed a draft law on amendments to the Russian Civil Code, establishing the possi-bility of creation of a new type of non-commercial organization - a personal foundation- from March 1st 2022.Purposes of using personal foundationsThe personal foundation will become a new asset planning instrument, after the detailed legislation comes into force ...
Thailand’s Personal Data Protection Act B.E.2562 (“PDPA”) governs the cross-border transfer of personal data. The PDPA sets out a condition, among other things, that personal data may be transferred to another country or to an international organization (the “Recipient”) provided that they have in place an adequate level of personal data protection according to the adequacy decision as decided on by the Personal Data Protection Committee ...
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 ...
1. What are the new procedures for availing of tax treaty benefits? The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order (RMO) No. 14-2021, as amended by Revenue Memorandum Circular (RMC) No ...
The ASA has taken further steps in their battle against influencers that fail to disclose when they are advertising to consumers on their social media channels. The ASA has taken further steps in their battle against influencers that fail to disclose when they are advertising to consumers on their social media channels ...
Wednesday June 30 2021 is when the Stamp Duty ‘holiday’ in its current form at least will end. The Chancellor, Rishi Sunak, introduced the temporary Stamp Duty Land Tax (SDLT) in July 2020 to boost the housing market following the first national lockdown. The aim was to save buyers from paying stamp duty on any properties valued at up to £500,000 – a saving worth up to £15,000 ...
According to an anonymous source, a ‘Centre for Economic Situation Administration’ (“CESA”) meeting chaired by Prime Minister Gen Prayut Chan-o-cha was held on Friday 4 June that approved (in-principle) a set of proposed stimulus measures aimed at encouraging wealthy expatriates to Thailand ...
On March 11, 2021, Christie’s auction house made a landmark sale by auctioning off an entirely digital artwork by the artist Beeple, a $69 million transaction in Ether, a cryptocurrency.1 In doing so, the famous auction house put non-fungible tokens (“NFT”), the product of a decentralized blockchain, in the spotlight ...
Half a decade after the Brexit vote and just before the interim solution was about to run out, the European Comission has (finally) confirmed that the UK is regarded as 'adequate' for data protection purposes. Here's what you need to know. For those not too familiar with the terminology of ‘adequacy’ it all sounds a tad underwhelming ...
On 15 June 2021, the Competition and Markets Authority (CMA) announced a market study into Apple’s and Google’s mobile ecosystems. A market study allows the CMA to examine if a market is working well and if not, provide further actions necessary to address the concerns that are raised ...
The term «næringsdrivende» (business activity) in the Norwegian Foundation Act shall be understood as activity with taxable profit («erverv til formål») The Ministry of Trade, Industry and Fisheries’ work on amending the Norwegian Foundation Act has been going on for several years, cf. proposals for a new Foundation Act in the NOU 2016: 21. Further law amendment proposals have now been proposed in a public hearing ...
On June 23, 2021, the Department of Telecom (“DoT”) released revised regulations relating to Other Service Providers (“OSP”) replacing the previous OSP regulations that were issued last year. This client update provides a summary of key issues that have been addressed by the new regulations. SUMMARY OF NEW OSP REGULATIONS Effective Date. The regulations are stated to come into force immediately ...
A primer on burgeoning crypto-asset regulation in Cyprus In Cyprus, the Prevention and Suppression of Money Laundering and Terrorist Financing Law, L188(I)/2007 (the “AML Law”) was amended earlier this year through L13(I)/2021 (the “Amending Law”), in order to harmonise domestic legislation with the provisions of the 4th and 5th AML Directives (Directives (EU) 2015/849 and 2018/843) ...
If you work in the Telephone Consumer Protection Act (TCPA) space, you are certainly aware of the landmark unanimous decision by the United States Supreme Court in Facebook v Duguid[1], in which the Court narrowed the definition of an automatic telephone dialing system (ATDS) to equipment that has the capacity to either store or produce numbers using a random or sequential number generator. On its face, this decision seemed benign (the definition of an ATDS is unchanged) ...
Dear valued clients, colleagues and friends, In this article, our partner, Anand Raj, and associate, Jeevitha Thurai Rathnam, discuss the Malaysia Competition Commission’s market review exercise into the transportation sector (port logistics ecosystem and motor vehicle warranty claims) ...
The IVAucher programme was set up to stimulate private consumption in the sectors worst affected by the economic impact of the COVID-19 pandemic (catering, accommodation and culture). With regard to these sectors, “catering” is used in the broad sense to cover restaurants, cafés, bars and catering companies providing food and beverage services, and “accommodation” refers to hotels and other short-stay accommodation for holidays and business travel ...
The Federal Tax Authority (the FTA) has started to impose penalties on businesses that have failed to submit their economic substance notifications by the set deadline of 30 June 2020 for the financial period ended on 31 December 2019, and the economic substance reports by the set deadline of 31 December 2020 for the financial period ended on 31 December 2019 ...
Matter in question Inclusion of royalties in the customs’ value of imported goods, which is one of the most disputable matters of recent years, is receiving new and rapid development in Russia ...
Thailand’s Securities and Exchange Commission (“SEC”) Board on 11 June 2021 approved new rules prohibiting the trading on national exchange platforms of utility tokens and certain types of ‘novelty’ cryptocurrencies such as DogeCoin, SafeMoon or MonaCoin. The Securities and Exchange Commission’s Notification No. Kor Thor. 18/2564 Re: Rules, Conditions and Procedures for Undertaking Digital Asset Businesses (No ...
Dear valued clients, colleagues and friends,Our Head of the Intellectual Property Practice Group, Karen Abraham, has authored the Malaysian chapter of The Intellectual Property Review, 10th Edition published by The Law Reviews. The chapter provides a summary and overview of the types of intellectual property coverage available in Malaysia, together with updates of recent legal developments.1 ...
