ETHIOPIA: Bills amending customs and VAT proclamations endorsed by Council of Ministers On 26 May 2019, the Council of Ministers endorsed a new bill amending Customs Proclamation No. 859/2014, expected to address practical problems and create a conducive business environment. The Council of Ministers also endorsed a bill amending a number of provisions of Value Added Tax Proclamation No. 285/2002 on 18 May 2019 ...
COMOROS: Treaty with United Arab Emirates enters into forceThe income tax treaty between the Comoros Islands and the United Arab Emirates, recently entered into force. GHANA: VAT withholding agents appointed In an attempt to improve value-added tax (“VAT”) compliance, the Ghana Revenue Authority (“GRA”) announced the appointment of identified VAT withholding agents per industry on 17 May 2018 ...
DJIBOUTI: International Free Trade Zone launchedThe first phase of the Djibouti International Free Trade Zone (“DIFTZ”), expected to be the largest free trade zone in Africa, was launched on 5 July 2018. The DIFTZ will house a variety of manufacturing plants and offer investors various incentives, including tax exemptions ...
AFRICA: African Continental Free Trade Area Agreement developments Botswana and Zambia signed the African Continental Free Trade Area Agreement (“ACFTA”) on 10 February 2019 at the 32nd summit of the African Union in Addis Ababa, whereas the Ethiopian Council of Ministers approved the ACFTA on 2 February 2019 and the Parliament of Senegal on 23 January 2019 ...
ANGOLA: Introduction of VAT postponed The introduction of value-added tax (“VAT”), scheduled for 1 July 2019, was postponed to October following discussions between the Angolan Government and the Business Technical Group (“GTE”), which advocated implementing VAT only in January 2020 ...
AFRICA: African Continental Free Trade Area Agreement enters into force The Parliament of Zimbabwe and the Ethiopian House of Representatives approved the African Continental Free Trade Area Agreement (“ACFTA”) on 14 March and 21 March 2019, respectively. The Moroccan Council of Government approved the ACFTA on 21 February 2019 ...
Traditionally investors have looked towards developed countries for investment opportunities and, more often than not, investment decisions have been based on the economic development and growth of such countries. However, recently investment strategies have shifted towards emerging markets rather than established markets and for this reason an ever increasing number of investors are turning their attention to the African market ...
Not long after President Trump announced that the U.S. would impose tariffs on steel and aluminum, the Department of Commerce launched an investigation that may lead to additional duties on imported vehicles and automotive parts. Effective, the Department will now examine whether imports of vehicles and auto parts threaten U.S. national security ...
One of the few things that is becoming clearer amidst the Brexit fog is that a ‘no-deal’ is no longer a fanciful possibility. The UK Government, in itsWhite Paper on Immigration Reformpublished at the end of last year, claimed the changes it proposed would lead to the most significant changes to immigration control in 45 years. However, that historic change, scheduled for December 2021, may come sooner than anticipated ...
An effective protection of Intellectual Property Rights. Success is the word that better describes the achievements obtained from the negotiations of CAFTA for the protection of intellectual property rights. Without a doubt, the negotiators that acted on behalf of Nicaragua were exceptional representatives of the needs for a better protection of these rights before evident infractions that have been produced and remain without punishment ...
On 17 February 2023, the People's Bank of China (PBoC) issued for public comments the Interim Measures for the Administration of Interconnection and Cooperation between the Interest Rate Swap Markets of the Mainland and Hong Kong (Draft for Comments)(the "Draft Swap Connect Measures"). The public comment period is open until 4 March 2023 ...
Contents Introduction of US style LLCs to Jersey Proceeds of Crime Law changes, including AMLSPs HMRC guidance on the registration of JPUTs Update on arranging as an additional limb of investment business Introduction of US style LLCs to Jersey In September 2022 Jersey enacted legislation which permits the formation of US-style limited liability companies or LLCs in Jersey ...
Contents The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 Updates to Natural Capital Fund framework HMRC guidance on the registration of GPUTs Changes to Guernsey’s insolvency regime Consultation on “six directorship” exemption for directors The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the “LCF Law”) came into partial force on 1 January 2023 and will c
1.1 Please identify the scope of claims that may Switzerland for breach of competition law. Under the Swiss Federal Act on Cartels and Other Restraints of Competition (LCart), civil competition actions can be brought before Swiss civil courts by enterprises impeded by an unlawful restraint of competition ...
For the first time, the Nasdaq has allowed common shares of a Canadian cannabis cultivator, Cronos Group Inc., to be cross-listed on the Nasdaq Global Market. This cross-listing for Cronos (TSX-V: MJN; Nasdaq: CRON) marks the first time a cannabis cultivator was allowed to list on any U.S. exchange. In 2015 and 2016, Nasdaq famously rejected the Colorado cannabis-focused social media company MassRoots Inc ...
The World Trade Organization (‘WTO’) has always been of the view that Indian export subsidy schemes like Merchandise Exports from India Scheme (‘MEIS’), Export Oriented Units (‘EOUs’), Service Export Incentive Schemes are principally in violation to the Subsidies and Countervailing Measures Agreement (‘SCM Agreement’) ...
Jersey offers a range of fund types and structures to suit the needs of sophisticated sponsors and investors including Jersey Private Funds, Notification Only Funds (also known as Eligible Investor Funds) and Collective Investment Funds (CIFs), such as Jersey Expert Funds and Jersey Listed Funds ...
On February 17, 2023, China Securities Regulatory Commission ("CSRC"), as approved by the State Council, released new rules for the filing-based administration of overseas securities offerings and listings by Chinese domestic companies ("New Filing Rules"). The New Filing Rules signal a new era of unified filing system for overseas offerings and listings by Chinese companies. We have summarized below five key points of the New Filing Rules for your quick reference ...
Bulgaria is the second largest producer of foie grasin the world (after France) with about 10% of the global production (approximately 2,600 tons per year). Furthermore, France is the largest consumer of foie gras globally, importing about 3,750 tons per year, 2/3 of which come from Bulgaria. Agroplasment-92-VJSC and Bulian SJSC are the leading Bulgarian producers of foie gras and other duck products. The two companies account for approximately 1/3 of all Bulgarian foie gras exports ...
Bulgaria is the second largest producer of raw tobacco in Europe after Italy and has been a leading exporter of cigarettes and tobacco products from the 1920s onward. Slance Stara Zagora Tabac is a leading Bulgarian producer of cigarettes and tobacco products with rich experience in the selection and skillful blending of classic American and Virginia blends ...
Companies venturing into international markets are confronted with a maze of legal complexities that can be as diverse as the markets themselves. The intersection of different legal systems, regulations, and cultures introduces a myriad of challenges that can influence the success or failure of cross-border enterprises.Thailand, in particular, poses a noteworthy challenge for new international investors due to its intricate legal framework ...
On March 21, 2023, Quebec?s Minister of Finance tabled his budget for the 2023-2024 fiscal year. One of the budget?s key measures is the introduction of a new tax holiday in connection with major investment projects. At first glance, the new measure does not appear to be specifically aimed at the mining industry, but some mining companies involved in the extraction of critical and strategic minerals and planning substantial investments in the near future could greatly benefit from it ...
