Philippine Legislation in the Pipeline: Can They “De-contract” the Economy?
Analysts predict that the Philippine economy may contract by as high as 9% in the second quarter of 2020. The country’s financial managers and some policymakers are asking that Congress prioritize some key bills — the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), the Digital Economy Taxation Act, and An Act Ensuring Philippine …
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Corporate Governance in the Time of COVID-19: Navigating New Horizons
The COVID-19 pandemic has forced companies to change the way that they do business. The fact that the National Capital Region is currently under a Modified Enhanced Community Quarantine (MECQ), and prior to that, was under Enhanced Community Quarantine (ECQ) for two months since 16 March 2020, makes it difficult for Philippine domestic corporations to navigate …
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SyCipLaw’s Doing Business in the Philippines: A General Guide (2020 Update)
SyCip Salazar Hernandez & Gatmaitan’s (SyCipLaw) publication about the general guidelines in doing business in the Philippines has been updated. It aims to showcase the Philippines as an attractive venue for business ventures, to guide the businessmen and lawyers alike in their business decision making, and to help investors restart the Philippine economy in connection …
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THE ROLE OF RECOGNIZED ORGANIZATIONS IN THE CLASSIFICATION AND CERTIFICATION OF VESSELS
The Court of Justice of the European Union addressed, in the judgment of 7 May 2020, case C-641/18, LG v. Ente Registro Italiano Navale and others (ECLI: EU: C: 2020: 349), the question about the nature classification and legal certification of ships performed by private entities on behalf of the States. The ultimate addressees of …
The Cyprus International Trust – a practitioner’s approach
A. GENERAL I. THE LAWS APPLICABLE TO TRUSTS – GENERAL PROVISIONS The Laws The legal framework governing trusts in Cyprus is based on The Trustees Law, Cap. 193, (“The Trustees Law”), which is largely based on the English Trustee Act of 1925 and on The International Trusts Law, No. 69(I)/92, (“The International Trusts Law”), enacted …
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Amended notional interest deduction provisions
On 16 June 2020, amendment provisions on the Income Tax Law (N.66(I)/2020) were published in the Cyprus Government Gazette relevant with the application of the Notional Interest Deduction (NID).
5% reduced vat rate applicable on tourism services
VAT Decree κ.δ.π 268/2020 was issued by the cabinet on the 23rd of June 2020 to temporarily reduce the vat rate on tourism services.
GDPR decisions – July 2020
Fine of approx. EUR 28,000 issued due to unlawful basis for processing
TIGER GLOBAL AAR RULING: ISSUES FOR RE-CONSIDERATION
India-Mauritius tax treaty has come under scanner yet again with a recent pronouncement by the Authority for Advance Rulings (“AAR”) in the case of Tiger Global International II Holdings, In re[1]. The AAR was called upon to adjudicate whether capital gains arising from the sale of shares held by Mauritius based Applicant companies [with further …
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Amendments to the Personal Information Protection Act and Credit Information Use and Protection Act
Amendments to the Personal Information Protection Act (‘PIPA’) and Credit Information Use and Protection Act (‘Credit Information Act’) that were promulgated on February 4, 2020 took effect on August 5, 2020, along with their respective implementing regulations that were also amended to reflect the changes in the two laws. By balancing the need for the protection …