The Crypto Assets Regulatory Working Group (“CAR WG”) of the Intergovernmental Fintech Working Group (“IFWG”) has released its long-anticipated position paper on crypto assets. The position paper proposes that a clear regulatory policy for crypto assets be adopted in South Africa. However, it is still recommend that crypto assets not be regarded as legal tender or public money ...
Key Points: Since Governor Newsom announced a state of emergency due to the COVID-19 outbreak, private Proposition 65 enforcement has increased by about 50%. Effective April 1st, new regulations clarify how manufacturers can satisfy their Proposition 65 warning obligations. These new regulations also clarify when retail sellers assume the burden under Proposition 65 to warn Californians ...
The U.S. Food and Drug Administration (FDA) recently issued a burst of COVID-19-related guidance documents to facilitate expanded availability of medical products during the current public health emergency created by COVID-19. FDA-regulated products under these temporary policies include: PPE, diagnostic tests, hand sanitizers, disinfectant devices, remote monitoring devices, ventilators, and electronic thermometers for clinical use ...
Paycheck Protection Program On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the “Act”) to provide emergency assistance for individuals, families, and businesses affected by the coronavirus pandemic ...
The IRS issued Notice 2020-23 on April 9, 2020, which amplifies Notice 2020-18 and Notice 2020-20 (see our prior coverage here) and provides additional relief to affected taxpayers. In this Notice 2020-23, the IRS determined that any person (i.e ...
In the age of COVID-19, “irrevocable” doesn’t always mean “forever.” The IRS is providing significant tax advantages to companies that are now permitted to take back their once irrevocable elections regarding the deduction of interest expenses for improvements to non-residential real estate ...
In light of the state of emergency declared in the Republic of Latvia as a result of the spread of COVID-19 infection, we have summarized the most essential aspects of the government business support programs.The aggregated information is based on the Act on Measures for Prevention and Management of National Threats and Their Consequences in Relation to COVID 19 Proliferation, in force (amendments) on 05.04.2020 (available here) and other legal acts ...
While stock exchanges worldwide have experienced dramatic downturns and the economy is apparently heading for a global recession, supervisory organs are taking measures to respond to the situation by means of financial market regulation ...
VAT payers, who have monthly obligations, may no longer be oriented in the flood of newly adopted tax measures to help taxpayers to overcome the current situation caused by the spread of the coronavirus. For this reason, we provide a brief overview of the tax measures specifically related to VAT and add some important remarks that should be kept in mind ...
The Ministry of Finance published Decree 535 of 2020, which establishes a simplified procedure for the reimbursement or compensation of balances in favor of Income Tax and Value added Tax ("VAT") amid the COVID-19 outbreak. According to the Decree, the simplified procedure implies that requests for the reimbursement or compensation that are duly filed within the health emergency, will be decided by the Tax Office within 15 working days after their submission ...
ThThe Italian Government has adopted Law Decree no. 23 of 8 April 2020 (the "Liquidity Decree"), published in the Official Journal of the Italian Republic no. 94 of 8 April 2020, which provides for additional measures to support companies in the current COVID-19 emergency ...
Powers to legislate on tax matters are delegated to the executive branch regarding COVID-19.- Law No. 31011 approved the delegation of powers to the executive branch for a period of 45 calendar days to legislate on the following tax matters: i) Temporary suspension of existing fiscal rules and establishment of measures for the national economic recovery. ii) Payment facilities for tax liabilities administered by SUNAT ...
New extension of deadlines is established for the submission of the PLAME.- Due to the extension of the State of National Emergency until April 26, 2020, through Superintendence Resolution No. 069-2020/SUNAT published on April 13, 2020, new expiration dates are established for the declaration and payment of the items contained in the PDT Electronic Sheet - PLAME, Virtual Form No. 0601: A ...
On Thursday, April 9, 2020, the U.S. Department of the Treasury issued Notice 2020-23 (the “Notice”), updating and expanding the relief granted by Notices 2020-18 and 2020-20. Notice 2020-23 postpones tax filing and payment deadlines until July 15, 2020, for many taxpayers in order to grant some amount of relief to individuals, businesses, non-profit organizations and trusts/estates amid the coronavirus/COVID-19 crisis ...
On April 10, 2020, the Internal Revenue Service (the “IRS”) issued Revenue Procedure 2020-22 to provide guidance related to business interest expense limitations and elections available for certain real property trade and farming businesses under Section 163(j)(7) of the Internal Revenue Code (the “Code”) ...
The Government of Serbia adoptedthe Regulation on Fiscal Benefits and Direct Aid to Private Sector Entities and Financial Aid to Citizens to Mitigate the Economic Impact ofCOVID-19 (“Regulation”) on 10 April 2020, ten days after the announcement of the proposalof the Program of economic measures aimedat reducing the negative effects caused by the COVID-19 pandemic. The Regulation provides tax benefits and direct payments to private sector companies ...
On Wednesday, April 8, 2020, Michigan Governor Gretchen Whitmer issued Executive Order 2020-41 (the “Order”), which relaxes the witness and notary requirements for documents that would otherwise require in-person witnessing and/or notarization, such as Michigan estate planning documents, executed during the Coronavirus/COVID-19 pandemic ...
On April 8, 2020, the Internal Revenue Service (the “IRS”) issued Revenue Procedure 2020-23, which allows eligible partnerships to file amended partnership returns for taxable years beginning in 2018 and 2019 in order to take advantage of the various tax incentives provided under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) ...
Does the COVID-19 pandemic (or actions taken to counter the spread of COVID-19) constitute Force Majeure and is there any implied remedy (e.g. implied force majeure relief) arising as a result of the COVID-19 pandemic? Under English law, unlike civil law systems, force majeure is neither defined nor automatically applicable to commercial contracts ...
Upon the ongoing spread of coronavirus disease (“COVID-19”) pandemic, the Indonesian Government has declared the COVID-19 as a national emergency situation. Following the nation’s COVID-19 emergency, the Indonesian Government have issued sets of regulations and policies in various sectors in order to control and mitigate the adverse impacts of the COVID-19 pandemic ...
Aware of the political and economic challenges facing by the European Union, the European Commission has decided to act swiftly as part of its task of monitoring state aids under Articles 107et seq.of the Treaty on the Functioning of the European Union, which require Member States to notify, prior to their implementation, measures that are likely to distort competition within the EU ...
On April 8, 2020, the IRS published Revenue Procedure 2020-23 (Rev. Proc. 2020-23) that provides partnerships a limited opportunity to amend their 2018 and 2019 tax returns and issue amended Schedule K-1s to partners to take advantage of the retrospective Coronavirus Aid, Relief, and Economic Security (CARES) Act changes ...
