Following President Trump’s Aug. 8 presidential memorandum directing the Treasury Secretary to defer the withholding and payment of certain employee payroll taxes, the Internal Revenue Service released Notice 2020-65 on Aug. 28 The two-page notice gives necessary but sparse guidance on implementing the Presidential Memorandum ...
At the beginning of astartup’slife,the use of financial resources in the most efficient way is of vital importance.It is for this reasonthatthe incentives that a country can provide to an entrepreneurand hisnewlyformed company can potentially determine how and how much that company willgrow ...
Key Points On Aug. 31, 2020, the California Assembly passed Assembly Bill 1281 (AB 1281). AB 1281, if signed, will guarantee that certain California Consumer Privacy Act (CCPA) exemptions will be extended beyond their initial deadline, December 2020. Importantly, AB 1281 will give covered businesses at least another year before they need to comply with CCPA’s provisions when collecting and using employee data or business-to-business related personal information ...
Key Points Employers can, but are not required to, delay withholding and paying the employee portion of Social Security taxes for certain employees until Jan. 1, 2021. The deferral only applies to Social Security taxes due from Sept. 1, 2020, to Dec. 31, 2020, by employees who earn less than $4,000 in a bi-weekly pay period. From Jan. 1, 2021 through Apr ...
Following the August 8, 2020 Presidential Memorandum directing the Treasury Secretary to defer the withholding, deposit, and payment of certain payroll taxes, the Internal Revenue Service released Notice 2020-65 late Friday, August 28. The brief notice gives necessary but sparse guidance on implementing the Presidential Memorandum. We expect (and hope for) further guidance soon ...
On Aug. 28, 2020, the U.S. Department of Treasury and the Internal Revenue Service (IRS) issued Notice 2020-65 (the Notice). The Notice implements President Donald Trump’s Aug. 8, 2020 directive (the Directive) to defer withholding, deposit, and payment of the 6.2 percent employee share of Social Security tax and railroad retirement equivalent tax on certain wages and compensation paid to employees ...
The installation of CCTV cameras is a highly emotive and controversial issue in many countries. Hong Kong’s data privacy law does not contain any specific provisions regarding the use of CCTV, although the Privacy Commissioner (PC) has issued guidance on CCTV surveillance and the use of drones ...
This Article was originally published in Issue 7.5 of the CEE Legal Matters Magazine. Companies around the globe are having to make urgent decisions to keep their employees safe and ensure business continuity in the midst of the COVID-19 outbreak. In order to fulfil these goals, companies need to find the right balance between providing a safe working environment and respecting their employees’ privacy, which can prove to be quite difficult in practice ...
On August 18, the Chamber of Deputies and the Senate approved a bill introduced by the government on June 25, which establishes the emergency plan to promote economic recovery and employment. Although in its first phase, the project was modified and approved by the Chamber of Deputies, and rejected by the Senate, the new proposal submitted by the Joint Commission was approved in its entirety by the Congress ...
On Tuesday, August 18, the Congress approved a bill that contemplates several tax measures in order to inject liquidity and promote economic reactivation (the "Bill"). Among other measures, the Bill grants the possibility to Corporate Tax taxpayers who declare effective income according to complete accounting, to instantly depreciate 100% of the value of new or imported fixed assets acquired between June 1, 2020 and December 31, 2022 ...
While many of us are working from home due to the current pandemic, criminals and scammers are also hard at work from home and have been increasingly more brazen since the stay-at-home orders have been put into effect. In popular media, we see television shows such as “90 Day Fiancé,” “Catfish: The TV Show,” and others depicting people being scammed by unscrupulous individuals online who are pretending to be someone they are not ...
A major economic crisis has been caused by the pandemic associated with the new SARS-CoV-2 Coronavirus and the COVID-19 disease. In this context, Law 29/2020 was published on 31 July to establish new tax measures to support cooperatives, micro, small and medium-sized enterprises. The aim of these measures it to mitigate the impacts of the pandemic on these businesses ...
The Algarve has been seriously affected by the social and economic impacts of the COVID-19 pandemic. In this context, on 29 July 2020, the Portuguese Parliament published Resolution no. 51/2020 in which it recommend the adoption of a social and economic emergency plan for the Algarve (“Plano de emergência social e económico para o Algarve”) by the Portuguese Government. The recommended measures set out in Resolution no ...
The Financial Action Task Force (FATF) recently published a report on its 12-month review of the Revised FATF Standards on Virtual Assets and Virtual Asset Service Providers, and a report on so-called stablecoins which highlighted associated risks of money laundering/terrorism financing (“ML/TF”) ...
The GFMA recently provided its response to the Financial Stability Board’s (“FSB”) consultation paper (“the Paper”) titled Addressing The Regulatory, Supervisory And Oversight Challenges Raised By “Global Stablecoin” Arrangements. The GFMA put forward certain recommendations to support the implementation of global stablecoin (“GSC”) arrangements provided for in the Paper ...
This tax newsletter summarises the recent ruling of CESTAT, Chennai in the case of Commissioner of Service Tax, Chennai vs M/ Repco Home Finance Limited on non - applicability of Service tax on loan foreclosure charges ...
How Wirecard skirted regulatory scrutiny by jurisdiction-shopping and canny intra-group structuring. It would have been the quintessential business success story. Founded in Munich in 1999, this small payment processor for online gambling and pornography sites grew so massive that, by 2018, it had displaced Commerzbank from Germany’s prestigious Dax 30 index. At its peak, the juggernaut was valued at more than €24 billion (S$38.6 billion) ...
Retired Navy SEALs apparently have a persistence that other taxpayers may not have. Case in point (literally)—Noell Industries, Inc. v. Idaho State Tax Commission, decided on May 22, 2020, by the Idaho Supreme Court ...
This is a briefing on the CIAC Memorandum Circular No. 01-2020 dated June 10, 2020,1 a COVID-19 related issuance. A. Authority to Hold Virtual Proceedings B. No Change in the Deadline for the Issuance of Final Awards C. In-Person Proceedings D. Conduct of Virtual Proceedings ______________________________________________________________________________________________________________ CIAC’s Memorandum Circular No ...
The COVID-19 pandemic hit the world in an unprecedented manner and, in just a few months, it has had such a profound impact on the world of work. As a result, physical office premises were shut down and many employees were forced to work from home with little or no security policy in place or a viable data backup and recovery plan ...
International Filings via Madrid ProtocolOn 27 December 2019, Malaysia acceded to the Madrid Protocol, opening Malaysia up to the international trademark filing system. Parallel to the accession, as many are aware, the new Trademarks Act 2019 also came into force on the same date, establishing, amongst others, the law and practical guidelines for the international filing system.With over 1 ...
Tax and Revenue Income tax The following technical guidelines have recently been published on the Inland Revenue Board of Malaysia’s official website: Garis Panduan Mengenai Duti Setem ke atas Suratcara Pindah Milik Saham bagi Saham dalam Syarikat yang Tidak Tersenarai di Bursa Malaysia Berhad (available in Malay language only) — issued on 23 June 2020 to replace Technical Guideline dated 6 November 2019;Garis Panduan Permohonan untuk Kelulusan Ketua Pengarah Hasil Dal
The pandemic revealed a great need to remotely execute acts and contracts, avoiding the need to meet to sign the documents or appear before a notary. This increased the doubts about the regulation on electronic signatures, especially in order to understand under what circumstances they can be used and when not ...
Cyber frauds, in particular email scams, have become a common trend of crime in Hong Kong in recent years. Fraudsters use various means to deceive the victims into transferring money to unauthorised bank accounts. Upon discovery of the fraud and based on information obtained from the bank, the victim may apply for an injunction from the court to freeze the recipients’ bank accounts and if the victim is lucky enough, there will be some credit balance left to recover ...
