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Practice Industry: Crossborder Trade & Investment, Taxation

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Shearn Delamore & Co Legal Updates June (1)
Shearn Delamore & Co., June 2021

Financial ServicesBNM issues Corporate Strategic Plan policy document for DFIsOn 27 May 2021, Bank Negara Malaysia (“BNM”) issued the Corporate Strategic Plan (“CSP”) policy document, applicable to all development financial institutions (“DFIs”) prescribed under the Development Financial Institutions Act 2002...

Congress Approves Bill that Contemplates New Tax Measures for Micro, Small and Medium-Sized Companies
Carey, June 2021

On June 10, 2021, the National Congress approved the bill that establishes new tax measures to support micro, small and medium-sized companies in the context of the crisis generated by Covid-19. The bill, which is awaiting the final formalities of enactment and publication, includes the following tax measures: Temporary reduction of the penal interest rate for SMEs from 1...

Extension of Charitable Giving Benefits under the CARES Act for 2021
Schwabe, Williamson & Wyatt, June 2021

Starting in 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) expanded the deductibility of charitable contributions to incentivize charitable giving during 2020. The Consolidated Appropriations Act (the “CAA”), which was passed on December 27, 2020, extended and expanded many provisions of the CARES Act for 2021, which continues to make this a favorable time for making charitable contributions...

Legal Status of Digital Assets from the Corporate Income Tax Perspective According to the Thai Revenue Code
Kudun and Partners, June 2021

Saravut Krailadsiri, our tax partner and Pichaya Nimcharoen, our tax associate recently published a journal for Thailand’s Office of Judicial and Legal Affairs of the Court of Justice, Thailand as part of “Dunlaphaha: Journal of the Court of Justice...

Courting Billionaires
TSMP Law Corporation, June 2021

Fast becoming the Monaco of the East, Singapore is luring global UHNWIs to set up family offices here due to its wealth-friendly tax and regulatory regime, and its position at the global economic growth epicentre. Sergey Brin (net worth: US$104 billion). Google’s co-founder and the world’s ninth-richest person set up a branch of his single family office (SFO), Bayshore Global Management, in Singapore to manage his local assets late last year...

Share Transfers in a Cambodian Entity – 5 Critical Tax Issues You Need To Know!
DFDL, June 2021

2021 has continued to see steady activity with respect to acquisitions and re-structuring of businesses in the Cambodian market. There are a number of factors at the forefront of this activity, not least the pending capital gains tax implementation date of 1 January 2022, bargain hunting of distressed assets, and internal re-structuring of multi-national organizations, to name a few...

Tips for Planning Charitable Giving
Schwabe, Williamson & Wyatt, June 2021

Charitable giving is a way for businesses and individuals to save on taxes while supporting the causes that align with their values. At Schwabe, we can help clients to plan charitable gifts and make sure that their charitable giving works holistically with the plan they have created for the distribution of their entire estate. This article will cover common questions associated with charitable giving...

Political Agreement Reached on Public Country-by-Country Reporting
Arendt & Medernach, June 2021

POLITICAL AGREEMENT WITH THE EUROPEAN PARLIAMENT ON THE PROPOSED DIRECTIVE ON THE DISCLOSURE OF INCOME TAX INFORMATION BY CERTAIN UNDERTAKINGS AND BRANCHES _____________________________________ On 1 June 2021, the Council of the European Union (the “Council”) reached a political agreement with the European Parliament on the proposed directive on the disclosure of income tax information by certain undertakings and branches, commonly referred to as the public country-by-count

Tax Issues and Practical Solutions (T.I.P.S.) for May
SyCip Salazar Hernandez & Gatmaitan, June 2021

 1. What are the rules on the exclusion of land in the computation of the PhP100 million threshold on total assets in order to qualify for the reduced corporate income tax rate of 20% under the CREATE Law? The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular No. 62-2021 dated April 30, 2021 (RMC No. 62-2021) to clarify certain provisions of Revenue Regulations No. 5-2021 relative to corporate income taxation under Republic Act No...

Biden Tax Changes Preserve QSBS Benefits: and Make the Exclusion More Valuable
Hanson Bridgett LLP, June 2021

On May 28, the Treasury Department released the General Explanations of the Administration's Fiscal Year 2022 Revenue Proposals, known as the "Green Book," detailing the Biden administration's proposed changes to the Internal Revenue Code (IRC). For startup founders and early investors, the Green Book provides welcome relief...

Shearn Delamore & Co Legal Updates May 2021
Shearn Delamore & Co., May 2021

Financial ServicesBank Negara Malaysia seeks feedback on Alternative Reference Rate and Strategic Direction on KLIBOR and KLIRROn 19 May 2021, Bank Negara Malaysia invited written feedback by 18 June 2021 on its Alternative Reference Rate and Strategic Direction on the Kuala Lumpur Interbank Offered Rate (“KLIBOR”) and the Kuala Lumpur Islamic Reference Rate (“KLIRR”) for the Malaysian Financial Markets discussion paper...

Milestone in Hong Kong-Mainland China Cross Border Insolvency: Mutual Recognition of and Assistance to Insolvency Proceedings Between Hong Kong and Mainland China
Deacons, May 2021

On 14 May 2021, Hong Kong’s Secretary for Justice and the Vice-President of the Supreme People’s Court (SPC) signed a record of meeting concerning mutual recognition of and assistance to insolvency proceedings between the courts of Mainland China and Hong Kong (Record of Meeting), which signifies the consensus on the mutual recognition of and assistance to insolvency proceedings between the two jurisdictions in accordance with the principle of reciprocity and with a view to p

Taxation of E-Commerce in Southeast Asia
DFDL, May 2021

The digital transformation experienced over the last number of years has resulted in unprecedented global economic and societal changes. This has resulted in global debates around international tax and the digital economy and whether the existing international tax rules, developed in a “brick-and-mortar” economic environment more than a century ago, remain appropriate for the modern global economy...

Interoperating Central Bank Digital Currencies – An Alternative to Cryptocurrencies as the Future of Cross-Border Payments?
Deacons, May 2021

The Bank for International Settlements (BIS) recently discussed possible approaches to establishing an interoperating central bank digital currencies (CBDC) arrangement as the future of cross-border payments. Although not an “official” definition, CBDC generally refers to a new form of digital currency issued by a central bank, denominated in an existing unit of account operating as a store of value and a medium of exchange...

Legal Due Diligence and Human Rights: The Role of Companies and M&A Lawyers
PLMJ, May 2021

Legal due diligence processes are widely known in the context ofmergers and acquisitions (M&A) and corporate reorganisation projects. Their aim is to analyse the operations and organisation ofcompanies to identify their degree of compliance with applicable legal and contractual regulations, the level of risk of non-compliance, and the potential sources of legal and contractual liability...

Brazilian Government Initiates Public Consultation on Free Trade Agreements Between Mercosur and Vietnam and Indonesia
Veirano Advogados, May 2021

The Brazilian Secretariat of Foreign Trade, of the Ministry of Economy, published Notice nº 32/2021, initiating public consultations on the negotiations of Free Trade Agreements between Mercosur and Vietnam and Mercosur and Indonesia...

Shearn Delamore & Co Legal Updates May 2021
Shearn Delamore & Co., May 2021

Financial ServicesGuidance document on Climate Change and Principle-based TaxonomyOn 30 April 2021, Bank Negara Malaysia issued a finalised guidance document for financial institutions to assess and classify economic activities which contribute to climate change mitigation and adaption...

A Skeptical IRS Comments on Monetized Installment Sale Transactions
Dykema, May 2021

Even before the Biden Administration proposed an increase to the capital gains rate, it has been increasingly common for a seller (“Seller”) of business assets to be approached by consultants promoting a transaction structure whereby Seller can immediately receive nearly all of the cash proceeds of the sale while also deferring the corresponding tax for as long as 30 years...

New Dual-Use Regulation
Plesner, May 2021

The European Council has just adopted a new dual-use regulation. The new dual-use regulation is a recast of the current dual-use regulation and aims, among other things, to modernize European export controls in a number of areas. The regulation is directly applicable in all EU Member States and is expected to enter into force in 2021. In this Insight, Plesner's export control specialists outline the main changes resulting from the new dual-use regulation...

Tax Increment Financing Comes to Washington
Schwabe, Williamson & Wyatt, May 2021

Washington communities have a new tool to drive economic development: tax increment financing. Sometimes called “TIF,” this funding method allows local governments to self-finance public improvements that encourage development without imposing new taxes. The 2021 Washington legislature passed a TIF program and Governor Inslee signed it into law on Monday, May 10, 2021...

Corporate Practice of Medicine on Steroids
Buchalter, May 2021

By: Carol K. Lucas At a time when many are questioning the continued utility and viability of the corporate practice of medicine ban, California may be doubling down. On May 3, 2021, the California Senate Health Committee approved SB-642, the stated purpose of which is to protect medical decision-making from lay control. The bill is currently pending in the California Senate. Assembly Bill AB-705 is a substantially identical bill in the California Assembly...

Details About the Proposal for Changes in Taxation of Options for Employees in Start Ups
Simonsen Vogt Wiig AS, May 2021

Before going into the details of the proposal it should be mentioned that the actual rules of the proposal were not presented in the revised budget. The government stated that they aim to present the rules in the budget for 2022. The rules will also be subject to a hearing round and since the scheme constitutes state aid in accordance with the rules in the EEA Agreement, they will also require notification to and approval from ESA before implementation...

Amalgamation of GIEK and Export Credit Norway into Export Finance Norway
Simonsen Vogt Wiig AS, May 2021

The purpose of the amalgamation is to enhance quality and efficiency and is not intended to represent a change in the Norwegian export finance policy. The financing schemes and services currently available will therefore continue also after the amalgamation. Export Finance Norway will be a part of the Norwegian State...

Time to Apply for Subsidies for Open-Ended Fund Companies and REITs
Deacons, May 2021

Following announcements during the 2021-22 Budget by the Finance Secretary Paul Chan, the Securities and Futures Commission (SFC) issued on 10 May 2021 details of the grant scheme available for Hong Kong open-ended fund companies (OFCs) and real estate investment trusts (REITs)...

Salaries Tax Alert: Decision of the Court of First Instance in Dr Leung Ka-Lau v CIR [2021] HKCFI 1117
Deacons, May 2021

Factual background The taxpayer, Dr Leung, was a medical doctor employed by the Hospital Authority (“HA”). Part of the conditions of his employment was that he was required to be ‘on call’ on certain days including Sundays and public holidays. When ‘on call’, he was obligated, among other things, to be within the physical proximity of the hospital, to be ready to render medical services if the need arose, and to abstain from drinking alcohol...



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