OECD's minimum global corporate tax The most significant recent development in the arena of taxation internationally must be the Organisation for Economic Co-operation & Development's (the OECD) members' agreement in late 2021, to ensure that multinational enterprises (MNEs) with global revenue above EUR 750 million will be subject to a 15% tax rate ...
The State Budget Law for 2022, Law 12/2022 of 27 June (“SBL2022”) was published on 27 June 2022 and came into force on the following day. SBL2022 is framed in a context of expectations for the economic recovery of the country in what is hoped will be a post-pandemic period. It has been presented as a budget that promotes economic recovery and reinforces policies favourable to investment. However, the greatest changes that have been proposed relate to the taxation of individuals ...
Prior to the Tax Cuts and Jobs Act of 2017 (TCJA), taxpayers who itemized could annually deduct state and local taxes (SALT) paid on their personal federal tax returns. The TCJA added in IRC Section 164(b)(6), effectively placing a $10,000 cap on taxpayers' federal itemized SALT deductions.1 The cap on SALT deductions applies for tax years ending December 31, 2017 through December 31, 2025 ...
A summary of the key takeaways from a recent webinar on reducing scope 3 Sold Products emissions. Shoosmiths is delighted to be sponsoring United Nation Global Compact Network (UNGC) UK’s series of webinars on ‘Reducing Scope 3 Emissions’. The event featured guest speakers: Emma Watson, Net Zero Senior Manager, CDP & Science Based Targets initiative’s (SBTi); Mark Lancelott, Consulting Director, PA Consulting; and Emma Darroch, Responsible Business Manager, Sky ...
Through an announcement issued by the Ministry of Finance, Mario Marcel, the government presented the general outlines of its tax reform proposal. This reform would consist of four bills (two of which would be submitted to Congress during July, and the remaining ones during the fourth quarter), which will be relevant to know in order to analyze the details of this announcement. On our web page (https://reformatributaria.carey ...
On 2 August 2021, the Fiscal Incentives Review Board (FIRB) adopted Resolution No. 19-21, a temporary measure to support the recovery of registered business enterprises (RBE) during the covid-19 pandemic. The resolution allowed all RBEs in the information technology-business process management (IT-BPM) sector to continue implementing work from home (WFH) arrangements until 31 March 2022 without affecting their fiscal incentives ...
Supreme Court Ruling Sets the Foundation for GST on Secondment of Employees AUTHOR: Reena Asthana Khair Senior Partner and Head International Trade & Indirect Taxation Kochhar & Co. EMAIL: [email protected] Japanese Multinational companies often share their talent pool across borders and jurisdictions by secondment of Japanese nationals ...
Throughout my career as a banker and as an attorney, as well as through experiences with friends and their families, I have noticed that there is no topic more taboo than talking to someone about their death and how they intend to distribute their accumulated assets during their lifetime. It is incredible that, for many, this topic is so difficult to face with an objective mind to leave their estate affairs in order, no matter how small it may be ...
What is important to consider? Many Ukrainian citizens are forced to stay abroad due to a full-scale Russian invasion. Some were there before the war and could not return, others had to leave Ukraine after February 24. It is clear that something is very difficult to predict at the moment and it can happen that, depending on your circumstances, your stay abroad can be long ...
In the last edition of The Site Report, we discussed the legal issues surrounding the damage caused by Skanska's construction barges to the new Pensacola Bay Bridge ("Bridge") between Pensacola, Florida and Gulf Breeze, Florida during Hurricane Sally ...
Prepared following concerns expressed by MPs about the government’s oversight of the waste industry. The National Audit Office (NAO) has recently published its report ‘Investigation into the Government’s actions to combat waste crime in England’ ...
Dear valued clients, colleagues and friends, We are pleased to bring you the latest legal updates for June 2022 ...
Introduction Republic Act No. 11697, or An Act Providing for the Development of the Electric Vehicle Industry (EVIDA Law), became effective on 15 April 2022. The EVIDA Law outlines the regulatory framework and creates a comprehensive roadmap for the operation of electric vehicles (EVs) in the Philippines. It governs "the manufacture, assembly, importation, construction, installation, maintenance, trade and utilization, research and development, and regulation of electric vehicles" ...
While Oregon has enjoyed a relatively mild spring, summer is right around the corner—and with it comes the risks of extreme heat and wildfires. Although Oregon Occupational Safety and Health Administration (Oregon OSHA) previously issued guidance for employers to protect their employees from these risks, the agency recently adopted formal rules related to exposure to heat and wildfire smoke ...
The U.S. EPA proposed a new rule under the Clean Water Act reversing the Trump Administration’s rule for water quality certifications under section 401 of the Act. Section 401 provides states and tribes with authority to protect waters within their jurisdiction from pollutant discharges originating from federally-licensed or -permitted projects ...
By Bashir Ahmed, Saurbh Kothari and Dimple Soni 7 June 2022 Last year we had reported that the Federal Tax Authority (the FTA) has started to impose penalties on entities that have failed to submit their economic substance notifications by the set deadline of 30 June 2020 for the financial period ended on 31 December 2019, and the economic substance reports by the set deadline of 31 December 2020 for the financial period ended on 31 December 2019 ...
Financial Products and Services Consumer Protection Act On May 06, 2022, Republic Act (RA) No. 11765, or the Financial Products and Services Consumer Protection Act, was signed into law ...
The International Sustainability Standards Board (ISSB) published exposure drafts of two International Financial Reporting Standards (IFRS) ...
A summary of the key takeaways from a recent webinar on reducing scope 3 waste-related emissions. Shoosmiths is delighted to be sponsoring United Nation Global Compact Network (UNGC) UK’s series of webinars on ‘Reducing Scope 3 Emissions’ ...
DFDL Myanmar’s Tax Team wishes to remind you: The deadline to file your annual tax returns is on 30 June! The submission deadline applies to all annual tax returns, specifically for Corporate Income Tax (“CIT”), Commercial Tax (“CT”), and the Personal Income Tax (“PIT”) Salary Statement for the financial year that ended 31 March 2022 (“FY 2021-2022”) ...
Charles Arrand considers the Regulatory Reform (Fire Safety) Order 2005, with a focus on both the potential business and human costs of failing to discharge obligations under the Order. Fire safety is regulated by the Regulatory Reform (Fire Safety) Order 2005 (the Order), which applies to almost all buildings, places and structures other than individual private homes ...
SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) has received Tier 1 rankings in “Patents” and “Copyrights/Trademarks” categories in the Philippines on Thomson Reuters’ Asian Legal Business (ALB) IP Rankings for 2022. ALB is a publication that provides insights on legal professionals throughout Asia and identifies and ranks top firms for intellectual property practice in Asia ...
What follows is a cautionary tale for anyone involved who fails to follow a natural disaster preparedness plan. Taking short cuts and failing to follow agreed upon emergency preparedness plans are a recipe for disaster. While the litigation we analyze in this article stems from bridge construction in Florida, the lessons learned from this real situation are applicable all across the country ...
