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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...

Landmark Decision Clarifies Hong Kong Law on Parallel Imports and Liability of Online Platforms for IP Infringement as well as the Jurisdiction of Hong Kong Courts in Relation to Online Sales by Platforms Based Outside of Hong Kong
Deacons, June 2021

The liability of online platforms for the activities of third-party vendors has always been a controversial area. With the explosion of online shopping as a result of the pandemic, the issue has come under increased scrutiny. Although cases in the UK and EU have discussed the factors that the Court will consider in deciding whether the operator of an online platform is jointly liable, the position in Hong Kong remained uncertain, until now...

Trade Marks: You Gotta Have (Good) Faith
ENSafrica, June 2021

Some opening words In South Africa, as in many jurisdictions, the concept of good faith (bona fides) crops up a lot. So, for example, in order to get registration of a trade mark, the applicant must have a good faith intention to use the trade mark. Once the trade mark is registered the owner must use it in good faith in order to keep the registration alive. In the words of George Michael, “You gotta have faith". Good faith...

Confusingly Similar Trade Marks: What’s Happening in Europe?
ENSafrica, June 2021

We tend to keep an eye on trade mark developments in Europe. It makes sense because South African trade mark law is very similar to EU trade mark law and there’s far more activity in the EU. South African courts do, of course, often consider EU trade mark judgments. Here are a few recent cases:  Rounded curves, thicker lines and a horizontal orientation…was the judge’s mind wandering a little? This was an interesting one...

Thai Cabinet Approves Ministerial Regulation Authorizing Personal Vehicle Registrations for Ride-Hailing Applications
DFDL, June 2021

On Tuesday 25 May 2021 at its regular weekly meeting, the Thai Cabinet approved the Department of Land Transport’s draft Ministerial Regulation (“Regulation”) that will open the way for ride-hailing companies to register for an operating license. This will allow drivers to register their personal vehicles (with a maximum capacity of seven people) as taxis to be used with such ride-hailing applications...

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...

Competition Commission Prohibits Merger on New Public Interest Ground
ENSafrica, June 2021

On 1 June 2021, the Competition Commission released a media statement indicating that it had, on public interest grounds, prohibited a proposed transaction whereby a private equity firm, ECP Africa, intended to acquire Burger King (South Africa) and Grand Foods Meat Plant from Grand Parade Investments...

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...

Allegations That COVID-19 was Physically Present and Altered Property are Sufficient to Sustain COVID-19 Business Interruption Suit
Hunton Andrews Kurth LLP, June 2021

On Wednesday, a federal judge in Texas denied Factory Mutual’s Rule 12(c) motion for judgment on the pleadings, finding that the plaintiffs adequately alleged that the presence of COVID-19 on their property caused covered physical loss or damage in the case of Cinemark Holdings, Inc. v. Factory Mutual Insurance Co., No. 4:21-CV-00011 (E.D. Tex. May 5, 2021)...

Amendments to the Business Corporations Act Permit Virtual Meetings in British Columbia
Lawson Lundell LLP, June 2021

Virtual shareholder meetings have become ubiquitous for both public and private companies since the onset of the COVID-19 pandemic. Canadian securities regulators, stock exchanges and federal and provincial governments quickly responded to accommodate electronic meetings where it was otherwise not permitted. In British Columbia, Ministerial Order No...

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...

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...

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...

Panama: Changes to the Requirements for the Temporary Residence Permit and the Permanent Residence Permit as Forest Investor
Morgan & Morgan, June 2021

The Ministry of Security, through theExecutive Decree No. 199 of May 7th, 2021(hereinafter the “Decree”), adjusts the requirements for obtaining atemporary residence permitand apermanent residence permitas a Forest Investor, as follows: The forest investor residence permit may be requested in the following modalities: (i) temporary residence permit, (ii) permanent residence permit in 2 stages, and (iii) permanent residence permit in 1 stage...

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...

Panama: Changes to the Requirements to Obtain the “Residence Permit as Friendly Nations”
Morgan & Morgan, May 2021

The Ministry of Public Security modifies the requirements to request the residence permit for foreigners from specific countries who maintain friendly professional, economic and investment relationship with the Republic of Panama. Panama, May 24, 2021. The Ministry of Public Security through Executive Decree No...

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...

Electronic Ship Registration in NIS/NOR
Simonsen Vogt Wiig AS, May 2021

Electronic registration The Norwegian Maritime Authority («NMA«) has developed a new system for electronic ship registration and has proposed certain amendments to the Norwegian Maritime Code and appurtenant regulations. The amendments are currently circulated in a memo subject to public hearing...

A Breakthrough in Thai Airways’ Business Rehabilitation Proceedings
Kudun and Partners, May 2021

Following the latest creditors’ meetings on May 12 and May 19, 2021, Kudun and Partners is pleased to announce that Thai Airways Public Company Limited (THAI)’s business rehabilitation plan and its amendment proposal has been widely accepted by the majority of THAI’s creditors...

When Can Companies Recoup Advancement of Executives’ Criminal Defense Costs? A Recent Decision Highlights Some Limits
Buchalter, May 2021

  When corporate executives are charged with crimes, their companies often foot the bill for their defenses. Sometimes those bills can be hefty. And while companies sometimes seek to recoup the expenses when the executives are convicted, a recent decision from the influential Judge Jed Rakoff of the Southern District of New York makes clear that the criminal restitution process may not be their best approach...

Business Ethics: The Key Issues Surrounding the Code of Ethics
PLMJ, May 2021

There is a growing consensus among business stakeholders and society at large that mere compliance with legal rules is not enough tolive up to the requirements of business integrity. Moreover, legal rules often use vague concepts and ethics are also useful to give concrete expression to the required practices...

 

 

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