Hong Kong’s Securities and Futures Commission (SFC) held two virtual briefing sessions in October 2021 and provided useful guidance on its newest climate-related risk management requirements for fund managers, as detailed in the Consultation Conclusions on the Management and Disclosure of Climate-related Risks by Fund Managers (with amendments to the Fund Manager Code of Conduct (FMCC)) and the Circular issued on 20 August 2021 ...
South Africa is in lockdown in the face of the coronavirus (COVID-19) outbreak, and although we aren’t able to meet face-to-face over this period, we know how important it is to stay in touch, and we will continue to keep you up-to-date on recent tax developments. In this regard, it feels like a lifetime ago that the South African Minister of Finance delivered his 2020 Budget Speech on 26 February 2020 ...
The U.S. Government Accountability Office's recently issued annual bid protest report is noteworthy because it shows that 31% of bid protests were sustained — more than double the rate for prior years— and that protesters received some form of relief from the procuring agency in more than half of the protests filed with the GAO in fiscal year 2023 ...
To mark the launch of EG's latest UK Cities Investor Guide at MIPIM 2023, Shoosmiths real estate partner Patrick Duffy joined a panel discussion on public-private partnerships. The session explored the opportunities and challenges that will affect the growth of UK cities, as well as what more can be done to attract innovation and investment ...
The White House announced on Monday, Sept. 20, 2021, that in early November of this year, it intends to end the COVID-19 travel bans imposed in 2020 and replace them with vaccination and COVID-19 testing requirements for almost all travelers ...
On June 30, 2020, the Senate passed an extension of the Paycheck Protection Program (PPP) to keep the program operating until August 8, 2020. On July 1, 2020, the House also approved the extension for the program which was set to end on June 30. The President is expected to sign the extension shortly ...
The historically low interest rates recently announced by the Internal Revenue Service (“IRS”) and the depressed value of certain assets offer opportunities for estate planning techniques that can reduce the cost of transferring wealth to younger generations. The federal estate and gift tax exemption for 2020 is $11,580,000 per person ($23,160,000 for a married couple) ...
GLIMPSES OF UNION BUDGET 2022 With the economy riding on the twin waves of rapid economic growth and increased tax collections, the Union Budget for 2022-23 was presented by the Hon’ble Finance Minister on February 1, 2022. A wide gamut policy and tax matters were outlined by the Minister in her speech, many of which found its way into the Finance Bill. We have put together the key takeaways for direct tax and indirect tax from the Union Budget. Trust this would be helpful ...
Union budget 2022-2023 Expectations Overview The economy of the resurgent India is expecting a road map with the upcoming Union Budget 2022-23. The Budget speech is likely to pen down new reforms and policies that helps the economy to maintain a sustained growth rate. Accomplishing this shall rather be dependent on the ability and the capacity to locate additional revenue sources by striking a balancing of the expenses ...
Union budget 2022-2023 Expectations Overview The economy of the resurgent India is expecting a road map with the upcoming Union Budget 2022-23. The Budget speech is likely to pen down new reforms and policies that helps the economy to maintain a sustained growth rate ...
In the 2017 South African Budget speech, the Minister of Finance raised government’s concern that the current Controlled Foreign Company (“CFC”) rules do not capture foreign companies held by interposed trusts or foundations, and it was announced that countermeasures for the treatment of foreign companies held by trusts or foundations will be considered ...
In a recent case, a unilateral termination clause in the relevant contract had no bearing on whether termination via agreement between the parties was available, and the court held that novation of the contract by the conduct of the parties was valid ...
Section 99 of the Tax Administration Act, 28 of 2011 (“Tax Admin Act”), which regulates prescription in relation to tax assessments, provides that a three-year prescription period applies where the South African Revenue Service (“SARS”) has had a previous opportunity to assess a taxpayer (e.g. income tax) and a five-year prescription period applies in the case of self-assessment (e.g. value added tax and employees’ tax) ...
We have recently seen that the South African Revenue Service (“SARS”), in conducting audits in respect of taxpayer’s affairs, places reliance on section 99(4) of the Tax Administration Act, 2011 (“TAA”) to unilaterally extend the time period within which an assessment prescribes. Section 99(1) of the TAA deals with the period of limitation in respect of the issuance of assessments ...
The Unified Patent Court (the “UPC”), which will have jurisdiction over most European patents, is due to commence operations at some point between the final quarter of 2022 and early 2023. It has been a long time coming and is part of the ‘Unitary Patent Package’. The aim of this package is to establish unitary patent protection within Europe, and to make it cheaper and easier for patentees to obtain and enforce patents ...
The Russian Federation, the Kazakhstan Republic and the Belarus Republic (hereinafter also referred to as the “Member States”) have formed Customs Union in accordance with the Treaty on Creation of Unified Customs Territory and Formation of Customs Union (Dushanbe, October 6, 2007) ...
The Public Service Vehicles (Accessible Information) Regulations 2023 (the “Regulations”) implement certain basic informational requirements that bus operators of local services need to implement in their vehicles in order to improve the accessibility of information for passengers on local bus services ...
On June 27, 2023, the Pregnant Workers Fairness Act (“PWFA”) went into effect. This new law requires covered employers to provide “reasonable accommodations” for the known limitations of a worker relating to pregnancy, childbirth, or related medical conditions, unless the accommodation would cause the employer “undue hardship ...
After months of predictions of a possible Democratic wave,Tuesday’s election delivered mixed results. Joe Biden appears poised to narrowly defeat President Trump after one of the most contentious election cycles in recent memory. Republicans are favored to retain their Senate majority despite having to defend twice as many seats as their Democratic counterparts ...
At the same time, the effective rate of tax on dividends for high earners will rise from 25% to 36%. No changes are currently proposed to the rate of capital gains tax which means it will remain at 18%. However, both main parties have now admitted that further tax increases are likely. With the gap between income tax and capital gains being a massive 32%, it seems unlikely that the current generous rate of capital gains tax will remain in place ...
By way of -providing guidelines for implementing the Tax Law No.106/2016/QH13 (Law 106) effective from 1 July 2016, the government has issued Decree 100/2016/ND-CP (Decree 100) on 1 July 2016 and the Ministry of Finance has issued Official Letter 10315/BTC-TCT dated 25 July 2016 (OL 10315) and Circular 130/2016/TT-BTC dated 12 August 2016 (Circular 130) ...
A summary of the visa concessions open to Ukrainian nationals and their family members. The UK’s initial response to help Ukrainian citizens affected by the Russian military invasion was somewhat underwhelming, limiting the aid offered to immediate family members of British citizens and offering concessions for Ukrainian citizens already in the UK. Now the Home Secretary has announced a second phase of support measures available to those fleeing the conflict ...
The government have introduced various visa concessions for Ukrainian citizens affected by the conflict. Legal director of immigration, Rachel Harvey and Pavan Sumal, associate specialising in immigration law discuss the routes available and what you can do to assist. In country options Concessions are available for those who were in the UK at the start of the conflict ...
Ukraine is an EU candidate: Can we soon file patent applications for Ukraine at the European Patent Office? The European Council granted Ukraine EU candidate status on 23 June 2022. Will patents granted by the European Patent Office soon also apply in Ukraine? Not immediately, because on the one hand the candidate status legally creates neither rights nor obligations ...
