Latest updates
CESRA: economic substance reporting deadline extension
Lennox Paton- Corporate Tax
- Bahamas
- 22 January 2021
The Commercial Entities Substance Requirements Act (CESRA) 2018 requires all legal entities registered in The Bahamas to comply with economic substance reporting by submitting an annual filing to the minister of finance. Economic substance reporting under CESRA must be completed within nine months of the entity's fiscal year end; however, due to the COVID-19 pandemic, the deadline in respect of reporting for 2019 has been extended to 31 January 2021.
Budget Law 2021: tax incentive for business combinations
Studio Legale e Tributario Biscozzi Nobili Piazza- Corporate Tax
- Italy
- 22 January 2021
Parliament recently enacted the Budget Law 2021 which, among other things, enables a portion of deferred tax assets to be converted into a tax credit relating to tax losses carried forward and excess aid to economic growth, accrued up to the fiscal year prior to that in which a business combination occurs. The rule aims to encourage business combinations and more structured and competitive realities on the market, especially in a crisis situation, such as that brought about by COVID-19.
Are you ready for the new General Import and Export Duties Law?
Ramos, Ripoll & Schuster- International Trade
- Mexico
- 22 January 2021
The new General Import and Export Duties Law (LIGIE) recently entered into force, updating the General Import and Export Tariff Code by removing more than 4,000 obsolete tariff items, consolidating the existing tariff items and introducing new tariff items for newly created goods. The new LIGIE also implements the Sixth Amendment to the Harmonised System established by the World Customs Organisation and introduces a commercial identification number.
Podcast: navigating Section 889 of National Defence Authorisation Act
Arent Fox LLP- International Trade
- USA
- 22 January 2021
This podcast examines how to navigate Section 889 of the National Defence Authorisation Act 2019. It focuses on the US government restrictions on the procurement and use of covered telecoms equipment and services from certain Chinese-owned entities within the US government supply chain.
Hot-button trade issues in 2021
Arent Fox LLP- International Trade
- USA
- 22 January 2021
The last four years have been turbulent, to say the least, with more changes to come under the Biden administration. Some issues from 2020 will remain in focus and will be tempered by the Biden administration's need to repair the damage done to US relations with key trading partners. This article aims to help businesses anticipate and prepare for these changes by examining six hot-button trade issues to watch out for in 2021.
Proposed Film Act revision: investment obligation for online film providers and quotas for European films
Walder Wyss- Tech, Data, Telecoms & Media
- Switzerland
- 22 January 2021
The Film Act is under revision, with major implications for online film providers. Under the revised act, companies that show films in Switzerland in their programmes or as 'electronic services on demand or by subscription' (ESDS) must use at least 1% of their gross revenues to invest in independent Swiss film productions or pay a compensation fee. In addition, companies offering films in Switzerland as ESDS must allocate a minimum of 30% of their platform capacity to European films.
Taxation of investment funds
Fischer Behar Chen Well Orion & Co- Corporate Tax
- Israel
- 22 January 2021
Among the primary tools for encouraging inbound investments in Israel is the special tax regime for private investment funds. Over the years, the Tax Authority has issued substantial guidance and numerous private rulings under the Income Tax Ordinance, providing significant tax benefits to foreign investors and private investment funds operating in Israel. This article outlines the income tax arrangements applicable to private investment funds operating in Israel.
Ministry of Commerce to launch pilot programme on cross-border data transfer security management
AnJie Law Firm- Tech, Data, Telecoms & Media
- China
- 22 January 2021
In August 2020 the Ministry of Commerce issued the Master Plan for Comprehensively Deepening the Pilot Programme on the Innovative Development of Trade in Services. The plan covers 28 provinces and municipalities directly under the central government, including Beijing, Tianjin and Shanghai. The pilot programme, which concerns cross-border data transfer security management, will run for three years.
Lack of funds does not enable parties to escape arbitration
Kubas Kos Gałkowski- Arbitration & ADR
- Poland
- 21 January 2021
Arbitration does not provide for legal aid or an exemption from paying costs. Some regard this as a disadvantage of alternative dispute resolution. One party's lack of funds to pay for its share of arbitration costs can indeed deprive it of its day in arbitration court. This issue recently came before the Warsaw Court of Appeals, which decided that a party's lack of funds to launch arbitration does not render the arbitration agreement defective.
Dawn raid's illegality does not automatically void subsequent request for information
ALTIUS- Competition & Antitrust
- Belgium
- 21 January 2021
The Market Court of the Brussels Court of Appeal recently ruled in a case involving a Belgian telecoms operator, which had been ongoing for more than a decade. In this latest judgment, the Market Court ruled on the effects of a dawn raid's illegality and confirmed the two-step test for determining the same.
An ideal location in uncertain times for family offices
Ogier- Private Client & Offshore Services
- Jersey
- 21 January 2021
The COVID-19 pandemic has raised immediate issues for many wealthy families, notably around tax residency and immigration, but on the flip side it has given wealthy families the opportunity to take stock and consider how they want to be structured and, fundamentally, where they want their family office to be located. This article considers the features which make Jersey attractive for family offices.
A jurisdiction of choice for Canadian HNWIs
Ogier- Private Client & Offshore Services
- Cayman Islands
- 21 January 2021
Canada is a thriving market for Cayman private wealth services, with the Cayman Islands' full package of wealth structuring and lifestyle factors attracting growing numbers of high-value residents from the north. With direct flights from Toronto, the Cayman Islands are historically known to be a first-class destination for Canadian high-net-worth individuals, who have some familiarity with the Cayman Islands as a British overseas territory and fellow member of the British Commonwealth.
CESRA: economic substance reporting deadline extension
Lennox Paton- Private Client & Offshore Services
- Bahamas
- 21 January 2021
The Commercial Entities Substance Requirements Act (CESRA) 2018 requires all legal entities registered in The Bahamas to comply with economic substance reporting by submitting an annual filing to the minister of finance. Economic substance reporting under CESRA must be completed within nine months of the entity's fiscal year end; however, due to the COVID-19 pandemic, the deadline in respect of reporting for 2019 has been extended to 31 January 2021.
Disruptive technologies in mining industry: opportunities, risk mitigation and resolving disputes
Norton Rose Fulbright- Arbitration & ADR
- International
- 21 January 2021
Technological innovation continues to disrupt the status quo in established industries. While new technologies offer many opportunities within the mining industry, the corresponding risks and potential disputes are not far off. Parties must ensure that they incorporate appropriate contractual protections but also effective and enforceable mechanisms for enforcing their contracts and resolving disputes. A robust and broad arbitration agreement remains one important part of risk mitigation.
CPC introduces pre-notification contact in merger proceedings
Schoenherr- Competition & Antitrust
- Bulgaria
- 21 January 2021
From 1 January 2021, the Commission for the Protection of Competition (CPC) will be available for pre-notification discussions. To this end, the CPC has published rules for such contact. The CPC's rules on pre-notification contact are a step in the right direction in implementing best European practices on merger control. Nonetheless, it remains to be seen how practical they will be for the notifying parties.
Competition authority opens gun-jumping investigation in pharmacy sector
Schoenherr- Competition & Antitrust
- Serbia
- 21 January 2021
The Commission for Protection of Competition (CPC) is investigating whether Pharmacy Janković has beached the obligation to notify the acquisition of control over a pharmacy chain in the town of Zrenjanin. Zrenjanin has granted a concession to the pharmacy to finance, revitalise, manage and run pharmaceutical operations for 15 years.
Congress confirms that Jones Act applies to offshore wind farm activities
Wilson Elser- Shipping & Transport
- USA
- 20 January 2021
The US wind energy sector has been growing, with a substantial focus on offshore wind farm development. One significant factor in such developments is the regulatory requirements applicable to vessels involved in the construction and maintenance of the offshore wind farm structures. Until recently, a significant question remained unresolved: whether the Jones Act coastwise trade requirements apply to vessels involved in wind farm construction.
'Implant files': Paris administrative court places cursor between freedom of speech and business secrecy
Altana- Healthcare & Life Sciences
- France
- 20 January 2021
In 2018 the so-called 'implant files' journalistic investigation concerning the certification and control of medical devices put on the market made media headlines. Now, the implant files have again become the centre of media attention due to a recent Paris Lower Administrative Court ruling, which highlights the inherent difficulty which lies in balancing various contradictory – but nonetheless important – rights.
Maritime Labour Convention amendments incorporated into Maltese law
Fenech & Fenech Advocates- Shipping & Transport
- Malta
- 20 January 2021
Malta recently implemented the amendments to the Maritime Labour Convention 2006 into domestic law. As one of the largest ship registries in the world, these changes will have a significant impact on the world's shipping workforce. The new amendments can be divided into two parts introduced in the form of standards: one on seafarers' employment agreements and one on wages. A third amendment, which refers to specific entitlements, was introduced in the form of a guideline.
Expatriate relief for lower employment income earners officially extended
Elias Neocleous & Co LLC- Employment & Immigration
- Cyprus
- 20 January 2021
The House of Representatives recently voted into law an amendment to the Income Tax Law which extends the 20% deduction previously available to expatriates who earned an annual gross employment income of less than €100,000 for an additional five years. Additionally, a provision has been inserted to ensure that the relief will apply to qualifying persons for five years from the start of employment.
