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• PROBLEMS IN KAZAKHSTAN PENSION SYSTEM

  Mr. Alzhan Stamkulov, partner
  - Synergy Partners Law Firm LLC

• Korean tax authorities impose KRW 300 billion of withholding taxes on software license fees, looking

  The Korean Tax Tribunal has affirmed National Tax Service (NTS) assessments totaling some KRW 300 billion (approx. USD 260 million) against Oracle Korea, as withholding taxes on software license fees paid to an Ireland affiliate (Oracle Ireland), on the basis that beneficial ownership was with Oracle Corporation (Oracle US). The NTS, in 2011 and 2015, imposed the withholding taxes based on the Korea-US tax treaty, which calls for a 15% withholding rate as opposed to no withholding under the Korea-Ireland tax treaty. The Tax Tribunal has upheld the NTS assessments, citing among other things Oracle US’s ownership of the software and control over the income, as contrasted with the minor role of Oracle Ireland.
  - Bae, Kim & Lee LLC

• Philippines Chapter in The Tax Disputes and Litigation Review - Edition 5

  The Philippines section of The Tax Disputes and Litigation Review - Edition 5 contains information on commencing disputes, including national and local taxes; courts and tribunals; penalties and remedies; tax claims, including recovering overpaid taxes, challenging administrative decisions, and claimants; costs; alternative dispute resolution; anti-avoidance; double taxation treaties; areas of focus; and outlook and conclusions. The section was contributed by SyCipLaw partner  Carina C. Laforteza  with support from associate  Mark Xavier D. Oyales .
  - SyCip Salazar Hernandez & Gatmaitan

• European Commission Proposes EMIR Reform that will Minimise the Clearing Obligation for NFC and Cert

  On 4 May 2017, the European Commission published its proposal for an amendment of the European Market Infrastructure Regulation (EMIR). The Commission calls the proposed amendment a good example of "better regulation in practice" which is "essential to the creation of the Capital Markets Union (CMU)".
  - Schönherr

• IFLR: “Philippines: Acquiring insurance brokers”

  The April issue of the International Financial Law Review (IFLR) includes an international briefing article by SyCipLaw partner  Hiyasmin H. Lapitan  entitled “Philippines: Acquiring insurance brokers”. The article discusses the new requirement by the Philippine Insurance Commission (IC) for advance approval to acquire a stake in a Philippine corporation that is licensed as an insurance broker or reinsurance broker. This requirement is noted in the IC’s circular letter number 2017-09 dated February 14, 2017, which prescribes guidelines on the documentation requirements for acquiring a domestic insurance or reinsurance broker.
  - SyCip Salazar Hernandez & Gatmaitan

• Premium Payment Clauses – Surcharges need to be transparent

  The implementation of clauses on short-term premium instalments
  - Dorda

• When Paid Leave and Sick Leave Collide

  As stated by the European Court of Justice (“ECJ”), the right of employees to paid annual leave is a “particularly important principle of the European Union social law” which cannot be derogated from the competent local authorities or practices, such as collective agreements, and whose implementation by the said authorities or practices must not fall short of the minimum requirements imposed by European law.
  - GVZH Advocates

• [SOUTH KOREA] Korean Supreme Court Issues Several Rulings on Whether a Foreign Company Doing ...

  Korean Supreme Court Issues Several Rulings on Whether a Foreign Company Doing Business in Korea May Be Found to Have a Permanent Establishment 
  - Kim & Chang

• [SOUTH KOREA] KFTC Announces Its Enforcement Plan Detailing Its Focus Areas for 2017

  On January 5, 2017, the Korea Fair Trade Commission ("KFTC") announced its enforcement plan for 2017 (the "Plan"), and set out detailed policies to: (i) monitor and remedy anti-competitive structure and behavior; (ii) establish a healthy business system among large conglomerates and small and medium-sized enterprises (“SMEs”); and (iii) build a consumer-friendly environment promoting consumers’ rights.  
  - Kim & Chang

• [SOUTH KOREA] Ministry of Environment (i) Strengthens Safety/Labeling Standards for ...

  Ministry of Environment (i) Strengthens Safety/Labeling Standards for Potentially Risky Products and (ii) Introduces Biocides Act Modeled After EU’s Similar Regulation 
  - Kim & Chang