Instruction No. 26118 GDT on the Use of Official Exchange Rate for Self-Assessment Taxpayers dated 28 October 2022 (“Instruction 26118”) has abrogated Instruction No. 10362 GDT, dated May 17, 2022 (“Instruction 10362”) ...
With this continued interest, a number of Singapore are managers using Jersey as the jurisdiction in which to domicile their funds. This choice is driven by several factors. Singapore tax treatment of digital assets. Digital assets do not fall within the definition of a “designated investment” for the purposes of Singapore tax legislation. This means that a Singapore domiciled fund will be subject to tax in the country, and such tax leakage is hugely unattractive to investors ...
The Royal Government of Cambodia will continue its relief measures to mitigate the economic impact of Covid-19 and support the recovery of the country’s tourism sector, according to an official announcement on 25 October 2022 ...
Alleged base erosion and profit shifting activities of multinational enterprises (“MNEs”) have been a hot issue globally and therefore the chances of an MNE being confronted with a transfer pricing audit have increased substantially over the last few years ...
On 6 October 2022, as part of the ongoing work of the OECD/G20 Inclusive Framework (“IF”) on Base Erosion and Profit Shifting (“BEPS”) to implement the Two-Pillar solution to address the tax challenges arising from the digitalisation of the economy, the OECD released its progress report for comment. Background The report was prepared for the purposes of obtaining further input from stakeholders on the administration and tax certainty aspects of Amount A ...
Due to the impact of the COVID-19 pandemic, many employers have seen an increased demand for international remote working arrangements. We have briefly touched upon the OECD guidelines relevant to these arrangements in a prior article ...
Under the Renewable Energy Act (Republic Act No. 9513) (the “RE Act”), it is a policy of the state to increase the utilization of renewable energy (“RE”) by institutionalizing the development of national and local capabilities in the use of RE systems ...
October 20, 2022 By: Gwenneth O’Hara and Samir Hafez On September 21, 2022 the California Energy Commission (CEC) issued its draft report of the Lithium Valley Commission, which includes 44 recommendations concerning the opportunities and challenges associated with the expansion of geothermal energy production and lithium extraction in the Salton Sea region ...
The world’s energy shortage crisis immensely affects the fluctuation of prices of natural gas and fuel, as well as the global economy. Many leading countries have encouraged and promoted the development and use of clean and renewable energy for sustainability ...
It has been a little over a year since the Financial Action Task Force (“FATF”), an international initiative established to combat money laundering published its Mutual Evaluation Report (“MER”) on South Africa in which it identified major “weak spots” in our compliance processes. The FATF gave the country a deadline of February 2023 to remedy all the deficiencies or face possible grey listing ...
On 10 October, the Government submitted the State Budget Law Proposal for 2023 Parliament Bill 38/XV/1st to the Portuguese Parliament. This budget proposal comes in a demanding economic environment that is characterised by high inflation and the prospects of a slowdown in most economies ...
After more than 10 years, the Department of Finance has finally issued Revenue Regulations (RR) 7-2022, which provides "the policies and guidelines for the availment of tax incentives under the Renewable Energy Act of 2008" ...
Annex II is a list of cooperative jurisdictions maintained by the EU that reflects ongoing cooperation between the EU and its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards. Its purpose is to recognise ongoing constructive work in the field of taxation, and to encourage the positive approach taken by cooperative jurisdictions to implement tax good governance principles ...
The 2022 Chambers Global Practice Guide: Oil & Gas Law and Practice The Simonsen Vogt Wiig Oil & Gas team, has contributed to the Chambers 2022 Global Practice Guide: Oil & Gas Law and Practice by writing the Norway chapter. It describes the legal framework for the upstream petroleum sector in Norway in addition to the most important developments of the framework during the past year ...
Resource rent tax on aquaculture The government proposes to introduce a resource rent tax on aquaculture from 1st of January 2023. The proposal will be circulated for consultation today with a deadline of 3rd of January 2023. The proposal includes a resource rent tax with an effective rate of 40% applicable to the production of salmon, trout, and rainbow trout. The proposal includes a tax-free allowance of between 4,000 and 5,000 tonnes ...
As African countries grapple with the measures necessary to meet their nationally determined commitments (“NDCs”) under the Paris Agreement, it is critical to be primed to attract sustainable finance, and for central banks and regulators in each country to create a fertile environment for this redirection of capital ...
In August 2022, the House of Representatives’ Committee on Ways and Means approved a bill proposing a new fiscal regime for the Philippine mining industry, following the previous proposal of the Department of Finance (DOF)and which will cover existing and prospective large-scale metallic mine, regardless of location ...
The present government is looking to the mining industry to aid in the country’s economic recovery. Finance Secretary Benjamin Diokno has stated that the Marcos administration seeks to create an enabling environment for the growth of the mining industry while adhering to responsible and sustainable mining practices ...
We would like to take this opportunity to remind our readers that the immovable property tax (“TOIP”) and Unused Land Tax deadlines for 2022 of 30 September 2022 are fast approaching. The 2022 TOIP and Unused Land Tax payment can be submitted at any tax branch or any branches of the following banks: Canadia, ACLEDA, Vattanac, Cambodia Public Bank or ABA Bank ...
<p>Dear valued clients, colleagues and friends,</p><p> </p><p>We are pleased to bring you the latest legal updates for September 2022.</p><p> </p><h2><strong>Financial Services</strong></h2><p><a href="http://www.shearndelamore.com/alerts/2022/Legal_Updates_Sept_1_2022.pdf">Expansion of SRI Sukuk and Bond Grant Scheme</a></p><p><a href="http://www ...
Many are still of the belief that business income tax (also called corporate income tax (CT)) is only under discussion and its introduction uncertain. That is certainly not the case. The UAE federal government has announced the application of income tax for business activities as of 1 June 2023. Although the law for CT has not yet been issued, we know that the Federal Tax Authority (FTA) (which also administers the VAT) is busy preparing for the introduction of CT ...
As data centers play a crucial role in the growing digital world, many businesses undoubtedly need reliable data hosting services to facilitate better data management ...
As we begin 2022, the renewable energy industry in the United States has much for which to be thankful: A strong demand for clean power, increasing recognition of the need for an accelerated energy transition, and a thriving, successful base of developers and contractors working toward this common goal ...
September 1, 2022 By: Nora Sheriff, Gwenneth O’Hara, and Lillian Rafii On August 19, 2022, the California investor-owned utilities filed a joint motion for official notice at the California Public Utilities Commission (CPUC), saying that the recently adopted Inflation Reduction Act of 2022 (HR 5376) is “directly relevant” to the CPUC’s open net energy metering (NEM) proceeding. The CPUC is currently contemplating a revision to its NEM tariff (referred to as NEM 2 ...
