The EU ETS is a good step in the right direction towards reducing the EU’s total GHG emissions by 55% by 2030. The EU legislators have worked hard on this. But the respective IMO and the EU portals are still not aligned. And the EU ETS reporting starts in a few weeks ...
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 ...
It is highly documented that the transport sector is heavily male dominated. Indeed, reports suggest that while women account for 47% of the general UK workforce, within the transport sector women only account for 20% of the workforce and only 3% of HGV drivers in the UK. Many employers are aware of the work that needs to be done in this sector in terms of addressing and challenging behaviours, changing mindsets and creating inclusive cultures ...
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 ...
Introduction Block exemption regulations (BER) for liner shipping companies have been in place in one form or another since 1986, originally as «Conference» BER, and since 2008 as «Consortia» BER. With the discontinuation, the liner shipping segment joins other shipping segments as fully subject to the competition rules in the EU, including the prohibition against anti-competitive cooperation under Article 101 TFEU ...
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 ...
On the 1st of August 2023, Bill No. 63 entitled the Air Navigation Act (hereinafter referred to as the “Act”) was published in the Supplement to the Government Gazette. The proposed Act has reached the stage of the Third Reading and shall repeal the Civil Aviation (Air Operators’ Certificates) Act (Chapter 218 of the Laws of Malta), the Air Navigation Order (Subsidiary Legislation 499 ...
The U.S. Department of State has released details on a proposed pilot program testing the agency’s ability to resume domestic visa renewals for certain nonimmigrant visa categories and to study the effect the program has on reducing visa wait times worldwide. The program will begin on January 29, 2024 and end on April 1, 2024 ...
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 ...
Another great year for the Ocean team at SVW has ended. The Shipping industry had a great year, as we have witnessed it through our clients’ engagements. More steps have been taken toward environmentally smarter investments by many clients, not only within the fuel engine options in new-building orders, but also piloting strategic joint ventures and collaborations in the fuel terminals infrastructure (hydrogen/ammonia), as well as power plants ...
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 ...
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 ...
Jonathan Smart, head of the mobility sector at Shoosmiths, comments on upcoming trends and developments to expect in 2024 for the sector. The automotive industry is in the midst of a transformative era, marked by technological breakthroughs and shifting consumer preferences. Staying ahead of the curve is crucial for industry insiders. Let's delve into five pivotal trends that are reshaping the landscape of the automotive sector ...
On 11 January 2024 the Financial Conduct Authority (“FCA”) published policy statement PS24/1 (without consultation). The policy statement sets out temporary changes to the complaints handling rules for motor finance complaints, amid a rise in complaints against motor finance firms relating to commission ...
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 ...
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 ...
This newsletter features a look into notable recent case law and other developments in Finnish competition law and other regulatory issues. Finnish Market Court gives its first detailed ruling on joint bidding In November 2023 the Finnish Market Court gave its judgment concerning a case on joint bidding in the field of public transport. This was the first time a Finnish court has in detail examined the lawfulness of joint bidding ...
Following from the recent geopolitical developments in Ukraine, there has been a heightened interest in international sanctions ...
In December, the Government published MSL Regulations, together with guidance, specifying the minimum number of workers needed to operate public services in times of strike action; for more detail, please see our recent article. With the dispute between the ASLEF train drivers’ union and UK train operators still ongoing, industrial action has now been announced to take place between 30 January and 5 February, with significant disruption expected ...
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 ...
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 ...
The use of cryptocurrency or crypto assets in employee incentive arrangements is a relatively new and evolving area and it is therefore important to carefully consider the potential advantages and disadvantages of their use in incentive arrangements. Different types of crypto assets Crypto assets can take many forms including digital currency such as Bitcoin and Litecoin and NFTs (non-fungible tokens) such as art NFTs and collectible real estate NFTs ...
Recently, the General Directorate of Customs (DGA), under the provisions of art 440 of the Regulation of the Uniform Central American Customs Code (RECAUCA), has modified the period of stay for vehicles owned by foreign tourists, Salvadorans residing abroad, and Salvadoran students residing abroad ...
