The value-added services (VAS) subsector in Nigeria is projected to generate USD500 million by theend of 2021. The subsector, which is regulated by the Nigerian Communications Commission, requires licences and approval before any intending player can operate or participate thereof. In thisarticle, our Rapheal Irenenexamines the relevant regulations in Nigeria and considers the impact of VAS on the telecommunication sector ...
On April 11 2013, the Philippine Bureau of Internal Revenue issued Revenue Regulations No 6-2013 (RR 6-2013) amending certain provisions of Revenue Regulations No 6- 2008, which provides for, among other things, therules involving the determination of the fair market value of shares of stock not listed and traded in the local stock exchanges ...
Although the start of 2020 also shook up the M&A world, the market recovered especially in the second half of the year. At Van Doorne, the M&A specialists experienced this in the number of transactions: 32 of them. This puts the firm in 8th place in the Mergermarket Benelux League Table, based on the number of deals. In 2020, in Europe almost $850 billion was spent on a total of 6,658 transactions. This is an increase of 5.6% compared to 2019 ...
The Virtual Assets Regulatory Authority (VARA) is a regulatory body established by the government of Dubai to oversee and regulate the virtual assets industry. In line with its mandate, VARA has issued a number of rule books, in particular the Compliance and Risk Management Rulebook (CRM), which sets out the regulatory framework for virtual asset service providers (VASPs) operating in Dubai ...
We have recently assisted a well known fashion retailer in successfully defending an unlawful deduction from wages claim in relation to furlough payments received by the employee. This is an important decision, not only for our client, but also other employers who have made use of the Coronavirus Job Retention Scheme (“the Scheme”). Background The employee’s contract of employment stated the employee had a contractual entitlement to a minimum of 20 hours per week ...
Background VAS Holdings & Investments LLC v. Commissioner of Revenue, No. SJC-13139, currently on appeal before the Massachusetts Supreme Judicial Court, seeks to answer whether a state can tax a nondomiciliary on 100%—or any—of its capital gain derived from the sale of its interest in a subsidiary solely because the subsidiary did business in that state ...
The UAE has issued substantive law on Value Added Tax (VAT) and Excise Tax. Federal decree law No.8 of 2017 deals with VAT. The imposition of VAT will commence in the UAE from 1 January 2018 at a rate of 5%. The VAT law provides a framework for implementation of VAT in the UAE ...
One of the amendments to the National Internal Revenue Code, as amended (the Tax Code), which was introduced by Republic Act (RA) No. 10963 (the Tax Reform for Acceleration and Inclusion (TRAIN) Law) and took effect on 1 January 2018, was the increase of value-added tax (VAT) from 0% to 12% on the sale of goods and services to export enterprises upon satisfaction of certain conditions under the TRAIN Law. On 11 April 2021, RA No ...
“On the other side of a storm is the strength that comes from having navigated through it. Raise your sail and begin.” Gregory S. Williams Your business and employees have just experienced an extraordinary year. We have learned new ways of working, embraced new technology, and incorporated many new legal requirements, but most importantly, we have persevered ...
With the well-known challenges of the last ten months or so, market conditions deteriorated substantially over 2022 and the venture capital (VC) market became a far more challenging one in which to agree a valuation and raise money. While those challenges are not over, from speaking to VC clients and others, there's a cautious optimism that as 2023 progresses the market will slowly improve ...
This inBrief highlights the different aspects of venture capital, animportant source of raising money for start-up companies which donot have access to capital markets. We discuss the different types ofventure financing through which start-ups can raise money andwhich are taken into account when assessing valuations ...
Children are precious, and their health, safety and well-being are at the very heart of childcare providers’ responsibilities. Several actors work with or alongside children on a daily or occasional basis in order to provide them care and education. In selecting people who work with children, providers collect and use a great deal of information about them, including their studies, experience, qualifications and abilities ...
Carmen Verdonck and Stefanie Vyncke wrote the chapter onBelgian Law in the 2009 edition of 'Getting The Deal Through: VerticalAgreements'. This updated edition examines the regulation of distribution practices in jurisdictions worldwide.Antitrust law1 ...
As anyone who’s interested in trade mark law knows, it is possible to protect product shapes through trade mark registrations, but it isn’t easy. In some countries, it’s particularly difficult, as two recent cases show. Vespa Let's start with the positive news. Piaggio recently secured an important victory in its home country, with an Italian court ruling that a three-dimensional trade mark registration for the shape of the famous Vespa scooter is valid ...
As a veteran of the United States Marine Corps and someone who has seen the challenges that veterans face firsthand, I can attest to the benefits of giving veterans an opportunity to return to work following periods of service and providing families with the opportunity to manage the needs of their servicemembers. At Spilman, we feel that employers should adhere to best practices guidelines and prepare to implement and facilitate such enforcement ...
Before heading into the pre-election recess, the Senate passed the Veterans’ Benefits Act of 2010 on September 28, 2010. See H.R. 3219, 111th Cong. (2d Sess. 2010). The Act, which passed in the House over one year ago, is a compromise measure between the House and the Senate and encompasses several veterans’ benefits bills. Of notable importance to employers is the Act’s expansion of employee protection under the Uniformed Services Employment and Reemployment Rights Act (“USERRA”) ...
The Norwegian Data Protection Authority has notified Stortinget of an infringement fine of two million kroner and imposed an infringement fine of four million kroner on Østre Toten municipality. In both cases, the Authority emphasizes that it is a clear management responsibility to secure the business against such attacks, and that two-factor authentication, awareness-raising and an appropriate risk and vulnerability analysis are key measures ...
On 18 June 2019, the Council for Arbitration Development at the Ministry of Justice of the Russian Federation, authorized Vienna International Arbitral Centre («VIAC») to administer arbitration disputes with the seat (place of the arbitration) in Russia. According to Secretary General of VIAC, Dr. Alice Fremuth-Wolf, the arbitration institution receives approximately 60 – 70 claims per year, with 5 – 7 involving Russian parties ...
On 18 June 2019, the Council for Arbitration Development at the Ministry of Justice of the Russian Federation, authorized Vienna International Arbitral Centre (“VIAC”) to administer arbitration disputes with the seat (place of the arbitration) in Russia. According to Secretary General of VIAC, Dr. Alice Fremuth-Wolf, the arbitration institution receives approximately 60 – 70 claims per year, with 5 – 7 involving Russian parties ...
The Vietnam Competition and Consumer Authority has released several documents related to the merger notification regime that was effectively implemented on 15 May 2020, the effective date of Decree 35. As the National Competition Committee has not yet been appointed, the documents clarify that, in accordance with its responsibility under Article 7 ...
In light of the continuing Covid-19 outbreak in Vietnam and various regulations issued by the Government and the Ministry of Labor, Invalids and Social Affairs (“MOLISA”), some key considerations remain with respect to employee entitlements that employers must address and make due preparations for, as outlined below: 1 ...
The Government of Vietnam recently released a draft decree (“Draft Decree”) amending Decree 153/2020/ND-CP that was issued on 31 December 2020 on the trading of privately placed corporate bonds on the domestic market and selling corporate bonds on the international market (“Current Decree”). The Draft Decree was designed to facilitate a more transparent and effective corporate bond market ...
On 30 December 2020, the Government of Vietnam issued Decree No. 152/2020/ND-CP (“Decree 152”) which will take effect on 15 February 2021 and replace Decree No. 11/2016/ND-CP of the Government of Vietnam dated 3 February 2016 (“Decree 11”), Decree No. 75/2014/ND-CP of the Government of Vietnam dated 28 July 2014 (“Decree 75”) and its corresponding amendments and supplemental decrees ...