One of the amendments to the National Internal Revenue Code, as amended (the Tax Code), which was introduced by Republic Act (RA) No. 10963 (the Tax Reform for Acceleration and Inclusion (TRAIN) Law) and took effect on 1 January 2018, was the increase of value-added tax (VAT) from 0% to 12% on the sale of goods and services to export enterprises upon satisfaction of certain conditions under the TRAIN Law. On 11 April 2021, RA No ...
The UAE has issued substantive law on Value Added Tax (VAT) and Excise Tax. Federal decree law No.8 of 2017 deals with VAT. The imposition of VAT will commence in the UAE from 1 January 2018 at a rate of 5%. The VAT law provides a framework for implementation of VAT in the UAE ...
Background VAS Holdings & Investments LLC v. Commissioner of Revenue, No. SJC-13139, currently on appeal before the Massachusetts Supreme Judicial Court, seeks to answer whether a state can tax a nondomiciliary on 100%—or any—of its capital gain derived from the sale of its interest in a subsidiary solely because the subsidiary did business in that state ...
Various measures adopted by the MEF, the OSCE and PERÚCOMPRAS within the framework of the declaration of the State of Emergency established by Supreme Decree No. 044-2020-PCM. On March 17, 2020, the General Supply Directorate of the Ministry of Economy and Finance published Directorial Resolution No. 001-2020-EF-54 ...
Republic Act No. 9003, also known as the Ecological Solid Waste Management Act of 2000, is a landmark environmental legislation designed to meet the country’s waste management problems. It requires local government units to achieve 25% waste reduction through re-using, recycling, and composting activities and other resource recovery activities. However, two decades after its enactment, solid waste management remains to be a major challenge ...
The issue of the Dubai Law No. 4 of 2022 regulating Virtual Assets in Dubai (VA Law) issued in March 2022 created a lot of buzz and further strengthened Dubai’s position as a global hub for digital assets. The VA Law also established the Dubai Virtual Assets Regulatory Authority (VARA) which was tasked with creating a legal framework for virtual assets sector ...
According to the Institute for Family Business, over five million family businesses in the UK generate more than a third of UK GDP. In 2018, the family business sector paid £196 billion in tax (over a quarter of the Government's total revenue) and employed 14 million people in the UK (50% of private sector employment) ...
New regulations are in force that require occupational pension schemes providing defined contribution (DC) benefits to demonstrate value for members or face consolidation. The New Regulations The Occupational Pension Schemes (Administration, Investment, Charges and Governance) (Amendment) Regulations 2021 (the new regulations) came into force on 1 October 2021 ...
December 1, 2023 By: Leah Lively California Business and Professional Code sections 16600 to 16607 already invalidate agreements restricting California employees from pursuing any lawful profession, trade, or business, with limited exceptions mainly in the sale of businesses. Starting January 1, 2024, things are going to get more difficult (and potentially costly) for employers ...
From television commercials to naming rights for arenas, the topic of cryptocurrency has been hard to avoid. While cryptocurrency may be virtual, its creation or ’mining’ occurs in the real world. This mining poses a credit risk for utility companies, given the incredible amount of electricity required to operate a “mining” facility. For example, crypto mining company Core Scientific, Inc ...
By: Jack Darrington, Keven Rowe, and Landon Hardcastle Under a new Utah law, most providers of commercial financing or factors which are located in Utah or who lend to a Utah resident are required to register as a commercial financing provider with the Utah Department of Financial Institutions. Additionally, certain disclosures are required before engaging in most transactions. To some extent, the law mirrors Truth in Lending type acts passed in New York and California ...
The United States Trade Representative (USTR) announced a period for public comment on whether Section 301 product exclusions should be reinstated for certain Chinese-origin goods. The product exclusions eligible for potential reinstatement are the relatively small subset of exclusions for which the USTR had both previously granted an exclusion and an extension of the exclusion ...
The U.S.-China trade dispute continues to simmer with multiple significant developments in the past several weeks: The Office of the U.S. Trade Representative (USTR) announced the exclusion process for Chinese imports subject to List 4A Section 301 tariffs will open on Oct. 31, 2019 and conclude on Jan. 31, 2020. List 4A and 4B tariffs on an estimated $300 billion of goods imported from China, effective Sept. 1, 2019 and Dec ...
In a class action lawsuit filed Monday in the United States District Court for the Northern District of California, Binance.US (Binance), a major cryptocurrency exchange, has been accused of misleading investors surrounding the Terra blockchain ecosystem. This is the first major court filing in the United States relating to Terra, whose UST and LUNC tokens crashed in May, wiping out around $40 billion in investor funds ...
Last year, United States Patent and Trademark Office (USPTO) Director Andrei Iancu noted that artificial intelligence (AI) has the potential to “fundamentally chang[e]” “the legal concepts of inventor or author.”[i] The USPTO recently had cause to consider this issue. On petition, the USPTO considered whether an applicant can name an AI program as an inventor on a patent application ...
In the past few weeks, the United States Patent and Trademark Office (USPTO) has issued a number of press releases in connection with the COVID-19 pandemic. Calling the outbreak an “extraordinary situation,” the USPTO has announced that it will be providing additional time for the filing of certain patent and trademark documents and for payments of specific mandatory fees ...
As all court cases do, the Supreme Court's landmark decision in West Virginia v. EPA last month addressed a specific question: whether the Environmental Protection Agency had the statutory authority to shut down power plants and reshape significant parts of the energy sector in its effort to reduce emissions. The answer was a plain and simple no. Equally clear was the court's argument, which has implications for administrative actions well beyond this case ...
Financial Industry, ICC Commission Report on Financial Institutions and International Arbitration, International Financing The ICC Commission on Arbitration and ADR’s Task Force on Financial Institutions and International Arbitration recently published its ‘Report on Financial Institutions and International Arbitration’ (the “Report”) ...
The prospect of compliance disruptions from the COVID-19 pandemic prompted the United States Environmental Protection Agency (USEPA) to create a temporary policy outlining its enforcement discretion against certain regulated entities. As this is a federal policy, some entities may not enjoy the same enforcement discretion at their state and local level ...
On June 16, 2020 the German government released its Corona-Warn-App. There are some key points employers should be aware of concerning the app: NO OBLIGATION FOR EMPLOYEES TO USE THE APP ON THEIR PERSONAL SMARTPHONES An employer may be thinking about instructing its employees to install and use the Corona-Warn-App on their own devices to reduce the infection risk among its employees. That is not permitted ...
In a move aimed at speeding the processing of certain non-immigrant petitions, U.S. Citizenship and Immigration Services (USCIS) has announced it will suspend the biometrics requirements for certain I-539 applicants for a two-year period beginning on May 17, 2021. Form I-539 is used to change to or extend the authorized stay of non-immigrants holding (or seeking) A, B, F, G, I, J, M, T, U and V and dependents of those holding E, H, L, O, P, R and TN status ...
In a move that will improve the time for obtaining application approvals, the U.S. Citizenship and Immigration Service (USCIS) announced today it plans on resuming premium processing for Form I-129 (non-immigrant worker) and Form I-140 (immigrant worker) petitions in phases throughout June. On June 1, 2020, it will accept Premium Processing requests for all eligible Form I-140 petitions ...
