On December 5, 2022, the Supreme Court issued the Supreme Court resolution No. 258-2022 regulating the criteria for the authorization of exceptional operation of the courts, as regulated in Articles 47 D and 68 bis of the Organic Code of Courts. The approval of the Courts of Appeals for the exceptional operation may become effective as of December 12, 2022, which may be extended for a period of one year, extendable for one more year without the need for a new request ...
Having elapsed the period contemplated for the transitory regime of Law No. 21,934, published on November 30, 2021 (the "Law"), by means of which a set of reforms to the justice system were introduced, the permanent regime provided by the Law, whose general rule is attendance regime, notwithstanding the exceptions contemplated by the Organic Code of Courts, is now in force. The main provisions of the permanent regime may be found in ours News Alert 454 and News Alert 453 ...
Kudun and Partners represented Altitude Development Co., Ltd., one of Thailand’s leading real estate development, in the offering of newly issued shares to Lotus Global Investment, a foreign PE fund, representing 12.49 percent of its total issued share capital, with a transaction value of THB 500 million (approximately USD 13.8 million). This transaction is an important milestone prior to the client’s initial public offering in the Stock Exchange of Thailand ...
In a Pre-Budget Report (PBR) announced to Parliament last week, the Government has set out its priorities for next year's budget. These include proposals to increase revenues via significant changes to the current employment tax regime. Perhaps the most headline-grabbing aspect of these potential reforms is the proposal to increase the employer portion of payroll tax for exempted companies, from 10.25% to 10.75% ...
With office attendance down and face to face events less frequent, the ability to meet and network with industry peers has been somewhat stymied in recent years. This is particularly true for the in-house lawyer community who, having worked through a period of sustained legislative, societal, economic and regulatory change, have arguably been one of the groups to have suffered the most from the inability hear how other IHLs across the industry have managed these challenges ...
Companies face the loss of a major tax break on research and experimental ("R&E") costs for 2022, absent Congressional action. Since 1954, Internal Revenue Code section 174 has allowed taxpayers to immediately deduct R&E costs. Effective January 1, 2022, the Tax Cuts and Jobs Act of 2017 ("TCJA") amended section 174 to eliminate the deduction of R&E costs. Instead, costs for R&E activities in the U.S ...
Here’s the Scenario: After months of working with a new developer client (and providing hours of unreimbursed value engineering) and hard negotiations over the cost plus GMP contract (fighting over indemnity/escalation/savings/liquidated damage clauses), you have a deal. You pop a cork with all involved since the developer has said this is one of many future projects. Your very patient subcontractors have held their prices ...
Google LLC v. Hammond Development International, Inc., Appeal No. 2021-2218 (Fed. Cir. Dec. 8, 2022) In the only precedential patent decision this week, the Federal Circuit issued a decision concerning the effect of collateral estoppel in an inter partes review (IPR) based on a previous IPR decision ...
What is ATAD III? In December 2021, the European Commission (“EC”) published its proposed Anti-Tax Avoidance Directive (known as “ATAD III”). ATAD III is intended to discourage the misuse of shell companies within the European Union (“EU”). The Directive is aimed at EU-resident entities which claim benefits under double taxation treaties and other EU Directives, but which lack a minimum level of economic substance ...
In Commissioner of Internal Revenue v Ruben U Yu,(1) the Court of Tax Appeals (CTA) en banc clarified that the 180-day period referred to in section 228 of the Tax Code, as amended, applies only to the period within which the Commissioner of Internal Revenue (CIR), or their duly authorised representative, may act on a protest against a tax assessment ...
Due to the covid-19 pandemic, registered business enterprises (RBEs) in the information technology-business process management (IT-BPM) sector have adopted work from home (WFH) arrangements to continue business operations. Now that movement restrictions have been relaxed, a balance must be struck between the requirement for RBEs to operate within economic zones and the clamour of RBEs to continue hybrid work arrangements while maintaining their fiscal incentives ...
The EU’s Digital Markets Act (DMA) [1] entered into force on 1 November 2022. A business that considers the platform it uses will likely be designated as a ‘gatekeeper’ and that the platform’s rules/behaviour are unfair can take certain steps now [2]. Q1 2023 to Q2 2023 - Engage with the platform to change its rules/behaviour ...
Meta continues to make headlines for the wrong reasons in the data protection field as this week the Irish data regulator, the DPC fined the tech company €265 million ($275 million) for infringements of Articles 25(1) and 25(2) GDPR. It is nothing new that Meta pushes data protection boundaries ...
As the Procurement Bill has made its way through Parliament, there has been much talk of giving 'smaller companies a bigger slice of the procurement pie'. It remains to be seen if, and to what extent, the relevant proposed amendments to the Bill are retained in the final version of the legislation. However, what is striking is the significant challenges many SMEs would continue to face in the event of a breach (or suspected breach) of the procurement rules ...
Looking back on 2022, what were some of the major events/trends that impacted the work you did as an offshore law firm? Do you see these impacts being felt going into 2023? Anthony McKenzie (AM): 2021 was a blockbuster year for many offshore law firms in Asia. Booming deal flow saw revenues and profits surge. In order to service their clients, law firms increased their headcount. Fast forward to 2022 and beyond and the economic outlook is very different ...
On 1 January 2023, the BVI Business Companies Act, 2004 will be amended by the: (1) BVI Business Companies (Amendment) Act, 2022; and (2) the BVI Business Companies (Amendment) Regulations, 2022 (together the “Amendments”). The Amendments will impact all companies incorporated or registered in the BVI (“Companies”) ...
The EU revenue cap which limits certain electricity generators' revenues has raised many questions within the energy sector. In Finland, the revenue cap will likely be implemented in the form of a temporary windfall tax which would apply to profits made in 2023. Our energy team's associate Nelli Rönkkö has summarised the key points regarding the implementation of the EU revenue cap in Finland ...
The Supreme Court will decide if historic holiday pay claims can be brought where there are gaps of three months or more between a series of underpayments. The outcome could have significant implications for employers across the UK ...
The SEC has published its final rule for the recovery of erroneously awarded compensation (“final rule”) ...
Thailand’s traditional alcoholic beverages have been developed for centuries and their growth potential has been recognized in the global market. Several indigenous alcoholic beverage brands have received international recognition and are sold globally. This has continued even though Thailand’s manufacturing of alcoholic beverages-related laws (the “Laws”) are very restrictive ...
December 6, 2022 By: Alexander Davis and Manuel Fishman In March 2020, the voters of San Francisco approved Proposition D, also known as the Commercial Vacancy Tax. The ordinance applies to ground floor, street-facing, commercial properties within any of the 32 districts listed in Section 201 of the Planning Code (which the regulation defines as “Taxable Commercial Space”) ...
