It is fair to say that we are in an era of unprecedented multilateralism and convergence in tax matters. The Bahamas has already committed to the implementation of the Common Reporting Standard, having already signed onto the Multilateral Competent Authority Agreement and published its list of exchange partners with automatic exchanges that commence in September 2018 ...
To contain the spread of COVID-19, the Office of the Prime Minister of The Bahamas (“the Competent Authority”) has extended the state of public emergency to the 31st May, 2020. New regulations have been introduced to minimize spread of the virus while allowing for a phased re-opening of the economy. This update summarizes those measures to date ...
The recent Argos decision has partially overturned the Bakers of Nailsea decision in relation to summary only offences and the requirements of Criminal Procedure Rules. Public prosecutions begin after an authorised body applies to the magistrates’ court for a summons alleging an offence. The rules underpinning this process are in the Criminal Procedure Rules (CrimPR) Part 7 (and associated Practice Direction). One such rule, CrimPR 7 ...
On July 16, 2023 the President of the Russian Federation signed Decree 'On Amendments to the List of Movable and Immovable Property, Securities, Shares in the Authorized (share) Capital of Russian Legal Entities and Property Rights, in respect of which Interim Administration is introduced, approved by the Decree of the President of the Russian Federation dated April 25, 2023 No. 302' No. 520 (“Decree No. 520”)1. Decree No ...
The FDIC and other banking and credit agencies provided specific guidance to FDIC-supervised financial institutions that are working with borrowers affected by COVID-19. The Interagency Statement on Loan Modifications and Reporting by Financial Institutions Working with Customers Affected by the Coronavirus, issued on March 22, encourages lenders to “work constructively with borrowers” and offers the following guidance ...
1. Background and Rationale The Thai financial market has been revolutionized by rapid changes in technology, particularly, with the advent of distributed ledger technology (“DLT”) and digital assets in recent years. This has led to a surge of interest from traditional investors and corporate entities, both small and large, eager to participate in this dynamic market. These technologies have been driving financial innovation and progress ...
The Federal banking agencies recently issued an interim final rule (Regulatory Capital Rule: Revised Transition of the Current Expected Credit Losses Methodology for Allowances) permitting banks to mitigate the effects of the current expected credit loss, or CECL, accounting standard. Introduced in 2016 by the Financial Accounting Standards Board, CECL replaces the incurred loss methodology for financial assets and requires banks to recognize lifetime expected credit losses ...
Introduction I have been asked to speak on the Base Erosion Profit Sharing of the OECD, or better know as BEPS. This is a new acronym that, similar to CRS and the harmful tax initiative program, is geared at a multilateral approach to the application of uniform tax rules and standards. Unlike the CRS and the harmful tax practices initiatives of the past, BEPS has a focus not necessarily on the private client, but on the multinational commercial organization ...
On May 28, 2021, Exempt Resolution No. 310, dated April 16, 2021 of the Ministry of the Environment was published in the Official Gazette. By means of such resolution, the Ministry of the Environment initiates the process of drafting the Supreme Decree that will set forth collection and recovery goals and other related obligations for batteries and electrical and electronic devices. Regulated priority products: "Batteries" and "Electrical and Electronic devices" ...
Key Points: Bay Area counties issued new Shelter Orders on April 29, 2020 allowing all construction to resume. The new Shelter Orders include detailed Construction Safety Protocols that construction jobsites must comply with. There is one Construction Safety Protocol for “small” construction projects, and a more rigorous Construction Safety Protocol for “large” construction projects ...
On September 11, 2020, the Philippine President signed into law Republic Act No. 11494, otherwise known as the “Bayanihan to Recover as One Act” (Bayanihan 2). It is intended to, among other things, accelerate the recovery of the Philippine economy from the downturn caused by the COVID-19 pandemic. Bayanihan 2 will become effective immediately upon its publication in a newspaper of general circulation or in the Official Gazette ...
On Monday October 29, 2012 the B.C. Property Assessment Appeal Board released an important decision reducing the assessed value for property tax of the upland land and improvements at the Horseshoe Bay Ferry Terminal to a nominal value ...
The South African Revenue Service (“SARS”) has introduced a new Tax Compliance Status System (“TCS”) from 18 April 2016 in an effort to improve compliance and to make it easier for taxpayers to manage their tax affairs. The Tax Compliance Status System is a holistic view of the tax compliance level across all registered tax types ...
It has already been in the public domain for a while that VAT will be applicable in the UAE (and the GCC) from the beginning of 2018. Under the VAT regime, businesses will be collecting taxes on behalf of the government and will file tax returns accordingly. Although the tax is collected at each stage of value addition, the burden of tax falls only on the end consumer. For all the other stages, one can claim a refund. For this reason VAT is called ‘consumption tax’ ...
The System for Award Management (SAM.gov) is an official website of the U.S. government that federal contractors must use to register to do business with the federal government, including updating and maintaining their entity registration and including representations and certifications regarding size, location, and socio-economic status. In order to maintain and update an entity’s SAM.gov registration, federal contractors assign Entity Administrator, Data Entry, or Viewer to individuals ...
Having elapsed the period contemplated for the transitory regime of Law No. 21,934, published on November 30, 2021 (the "Law"), by means of which a set of reforms to the justice system were introduced, the permanent regime provided by the Law, whose general rule is attendance regime, notwithstanding the exceptions contemplated by the Organic Code of Courts, is now in force. The main provisions of the permanent regime may be found in ours News Alert 454 and News Alert 453 ...
“Belarus will become the first government in the world that opens wide opportunities for the use of blockchain technology”, said in a statement on the official website of the President of Belarus. Alexander Lukashenko, who signed the new law of the land, believes that his county “has every chance of becoming a regional center in this area.” The Presidential Decree of the Republic of Belarus No ...
In the Horizon Pleiades case, the Council of State was confronted with an interesting question: if a public authority organises a procedure to select its partner for a PPP company, which will perform works or services which would normally be covered by the Procurement Directives, does the selection procedure have to comply with the rules laid down in the Procurement Directives or can a “light” selection procedure be used? In its ruling, dated 19 June 2009, the Council of Stat
The Supreme Court (“Hof van Cassatie/Court of Cassation”) overruled on 26 May 2023 a decision that determined that Article 1722 (old) Civil Code (a partial or total “destruction” of the leased premises) does not apply for the tenant that can not operate its premises due to the measures taken by the Belgian Government in order to prevent the spread of the COVID-19 pandemic, because there was only a temporary impossibility and thus only a temporary loss of enjoyment ...
One of the main action items identified by South Africa’s National Treasury in its summary of the country’s position on the G20/Organisation for Economic Co-operation and Development (“OECD”) action plan on base erosion and profit shifting (“BEPS”), is the requirement for the South African Revenue Service (“SARS”) to update the Transfer Pricing Practice Note in line with the OECD Transfer Pricing Guidelines to include new guidance on the ar
Contents Government attitude and definition Cryptocurrency regulation Ongoing obligations Sales regulation Taxation Money transmission laws and anti-money laundering requirements Promotion and testing Ownership and licensing requirements Mining Border restrictions and declaration Reporting requirements Estate planning and testamentary succession Government attitude and definition Bermuda has been recognised as a global leader in the regulation of blockchain and cryptocurrency-b
The President characterised this initiative as one necessary to counter "a pandemic of the unvaccinated", stating, "This is not about freedom or personal choice. It’s about protecting yourself and those around you" ...
In a Pre-Budget Report (PBR) announced to Parliament last week, the Government has set out its priorities for next year's budget. These include proposals to increase revenues via significant changes to the current employment tax regime. Perhaps the most headline-grabbing aspect of these potential reforms is the proposal to increase the employer portion of payroll tax for exempted companies, from 10.25% to 10.75% ...
