The year 2023 was marked by the further strengthening of control over transactions involving the sale of Russian assets owned by “unfriendly” foreign entities, as well as over Russian strategic companies. As for antimonopoly regulation, after several years of discussions and revisions, the fifth antimonopoly package was adopted, and a number of precedent-setting cases were considered. Please see below for more details about the key developments and highlights of 2023. 1 ...
The last installment of our three-part series explains U.S. tax considerations of a divided interest strategy for the bare owner who is a U.S. person. In most situations involving global families, it is the bare owner, rather than the holder of the usufruct, who is a U.S. person. The usufruct holder is often a nonresident alien who puts in place the property division for foreign estate planning purposes. In many instances, one or more members of the younger generation move to the United States ...
Last year, the UK Government announced increases in fees for immigration and nationality applications as well as priority processing services which took effect from 4 October 2023. As mentioned in our previous article, these increases are substantial and likely to have a significant financial impact for applicants and their sponsors. In addition, the UK Government are increasing the Immigration Health Surcharge shortly on 6 February 2024 ...
On 31 January 2024, the UK government will bring into force HM Treasury’s proposed reforms to the financial promotion rules. The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO) contains restrictions on the issue of communications which amount to “promotions” of investments in securities ...
Recent bills in the U.S. House of Representatives and Senate demonstrate legislators’ concerns about several issues related to nonprofits, including: (1) admissions practices at institutions of higher education; (2) cross-border grantmaking by U.S ...
Last week, Shoosmiths hosted an event with leading industry body, Regen on REMA, The UK’s Review of Electricity Market Arrangements. During this event we heard directly from representatives from the Department for Energy Security and Net Zero, debating the most important issues for the clean energy sector to consider and discuss the key options for reform with leading developers and investors ...
Yesterday, the Oslo District Court issued its decision in the case. The court determined that all three PDO permits are invalid because the greenhouse gas emissions from the fields have not been adequately assessed for their environmental consequences. This is in violation of procedural rules in the petroleum law, interpreted in light of Article 112, paragraph two, of the Constitution, and the EU Project Directive ...
In recent years, there has been an increase in understanding the impacts of wind power development, which has also led to legislative changes in the sector. To reflect this development, the Finnish Ministry of the Environment is currently updating its Wind Power Guide, which was published in 2016. In this article, our Energy practice's Associates Teemu Huhtala and Janne Helaskoski discuss the key objectives and the main features of the revision of the Wind Power Guide ...
SyCipLaw's Tax Department has prepared Tax Issues and Practical Solutions (T.I.P.S.) for October. The October 2023 issue covers the following tax issues: 1. In cases of real property taxes ("RPT") on land covered by the Torrens system, can treasurers of local governments rely on the certificates of title to determine the owner of the land for purposes of sending notices of deficiency RPT? 2 ...
James Wood-Robertson, head of the energy & infrastructure sector at Shoosmiths, comments on some of the upcoming trends and developments to expect in 2024 for the sector. Corporate Power Purchase Agreements ("PPAs") Before the conclusion of 2023, the European PPA market had already achieved a ground-breaking record, thanks to a market-driven procurement strategy that played a pivotal role in fostering the much-needed expansion of renewable energy capacity in the region ...
Litigation arising from Winter Storm Uri remains active and ongoing since it began nearly three years ago. It has major implications for the Texas energy and power markets and businesses operating in those sectors ...
Please note the following press release. This press release is available at our homepage Roman Ettl-Steger, Salaried Partner based at the Munich office, and an interdisciplinary team from Heuking comprehensively advised a group of entrepreneurs and senior managers, led by family entrepreneur Martin Schoeller, on the structuring of GESI Green Energy Storage Initiative SE (GESI) ...
Guernsey: an ideal domicile for continuation funds Guernsey provides an ideal domicile for continuation funds, with proportionate, principle-based regulation, and a neutral tax environment, facilitating quick-to-market establishments and competitive ongoing costs ...
On November 17, 2023, New York State Governor Kathy Hochul signed into law Senate Bill 4516, amending General Obligation Law Section 5-336 (GOL 5-336). As set forth in our earlier alert from when the law was first enacted, Section 5-336 limited employers’ use of nondisclosure provisions in agreements releasing claims involving sexual harassment ...
Ownership of shares by companies usually results in tax being payable for dividends received or capital gains realised upon sale. However, in the UAE, the Corporate Tax law (Federal Decree No. 47 of 2022) ("CT Law") provides an exemption to Corporate Tax in a certain scenario referred to as the Participation Exemption. Article 23 of the CT Law states: "Participation Exemption" 1 ...
On December 21st, 2023, the Chilean Congress approved the bill that modifies Law No. 21,420, which amended the Mining Code as of January 1st, 2024; the Mining Code; the Constitutional Organic Law on Mining Concessions; and the law that creates the National Geology and Mining Service (the “Bill”). Main amendments introduced by the Bill 1 ...
Updated on 8 January 2024.Food law is extensively harmonized throughout the EU, but national law still has a role to play. In this short article, we look at three developments in Belgian food law that have taken place in 2023: the amendments to the Food Safety Agency’s administrative fining regime, the introduction of nutrivigilance, and the announced revision of the food hygiene legislation.1 ...
Changes to Stamp Duty, LTT & EPTT in Jersey Increase to the first-time buyer threshold The Law provides a welcome amendment to first time buyer stamp duty rates (and equivalent land taxes such as land transactions tax (LTT) in respect of share transfer properties and enveloped property transactions tax (EPTT)), with the maximum purchase price threshold for first-time buyers increasing from £500,000 to £700,000 ...
Renewable energy projects affecting the environment, such as wind and solar projects, currently require multiple permits from different authorities, which may make the permitting processes rather burdensome and unpredictable. To tackle this, the government is looking to streamline and standardize the permitting process by developing a "one stop shop" in order to boost new investments in Finland and make the processes more predictable ...
Introduction The International Convention for the Prevention of Pollution from Ships (“MARPOL” or the “Convention”) was promoted by the International Maritime Organisation (“IMO”). It was adopted on the 2nd of November 1973 to tackle the menace of marine pollution by oil, chemicals, and other hazardous materials from ships through operational or accidental causes ...
The UK is home to some of the most innovative and cutting-edge startups in the world, especially in fields like AI, semiconductors and quantum computing. These startups have the potential to transform various industries and sectors, from healthcare to finance to defence ...
SyCipLaw's Tax Department has prepared an international edition of its Tax Issues and Practical Solutions (T.I.P.S.) for the third quarter of 2023. Please read the full texthereor via thislink. The SyCipLaw T.I.P.S - International Edition covers the following tax issues: 1 ...
By means of Exempt Resolution No. 1,268 dated November 20, 2023, published in the Official Gazette on November 30 (the "Resolution"), the Ministry of the Environment (the "MMA") opened a public information period to receive background information to regulate photovoltaic panels in the draft Supreme Decree that will establish collection and recovery goals and other obligations associated with piles and electrical devices (the "Decree"). As a context, by means of Exempt Resolution No ...
