IMPLEMENTATION OF NEW VAT RULES
On 24 March 2025, Decree-Laws nos. 33/2025, 34/2025, and 35/2025, were published, amending the VAT Code, the Special Regime for Second-hand Goods, Works of Art, Collectors’ Items and Antiques, the Cash Accounting Scheme, the VAT Regime for Intra-Community Transactions, and complementary legislation, and the Personal Income Tax Code (PIT).
SECURITY ACTION FOR EUROPE (SAFE) THROUGH THE REINFORCEMENT OF THE EUROPEAN DEFENCE INDUSTRY INSTRUMENT
Background Russia’s military aggression against Ukraine has marked the dramatic return of territorial conflict and high-intensity warfare on European soil. This structural change in the European security and defence and European geopolitics, has led European Union (EU) Member States to rethink their defence plans and capacities.
Legal Update on the Sandbox Mechanism in the Banking Sector
On 30 April 2025, the Government officially promulgated Decree 94/2025/ND-CP, stipulating the sandbox mechanism in the banking sector (Decree 94).
The Clean Slate Doctrine and the tax quandary
Background The Clean Slate Doctrine is a key legal principle embedded in the Insolvency and Bankruptcy Code, 2016 (“IBC”), which plays a pivotal role in the corporate insolvency process in India. The doctrine suggests that once a company successfully undergoes the insolvency resolution process and is taken over by a new buyer, the new owner …
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India’s DPIIT Clarifies on Issue of Bonus Shares in Prohibited Sectors
Introduction As per Para 1 of Annexure 3 of India’s consolidated foreign direct investment policy, Indian companies are allowed to freely issue rights/ bonus shares to their existing non-resident shareholders, subject to adherence of sectoral caps and compliance of applicable laws like the Companies Act, 2013.
MCA PROPOSES EXPANSION OF THE FAST TRACK MERGER FRAMEWORK
The Ministry of Corporate Affairs (the “MCA”) has recently issued a public notice inviting comments on the draft Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2025 (the “Draft Amendment Rules”).
UK Court approved a restructuring plan despite shareholders retaining majority shares under the plan – Re Sino-Ocean Group Holding Ltd [2025] EWHC 205 (Ch)
The English High Court in Re Sino-Ocean Group Holding Ltd approved a restructuring plan despite it allowing the shareholders to retain a majority shareholding in the company and thus disproportionally benefiting the shareholders.
The suspension of the U.S. FCPA and its implications for U.S. affiliated entities operating in Asia
In February 2025, President Trump passed Executive Order 14209, which temporarily suspends criminal enforcement of the U.S. Foreign Corrupt Practices Act (“FCPA”) for at least 180 days, and directs the U.S. Department of Justice to review all existing FCPA investigations or enforcement actions, and issue updated guidelines or policies governing FCPA investigations or enforcement actions.
ASEAN Guide on AI Governance and Ethics covering Generative AI released
On 17 January 2025, ASEAN released the “Expanded ASEAN Guide on AI Governance and Ethics – Generative AI” (“ASEAN Gen AI Guide”) during the 5th ASEAN Digital Ministers’ Meeting in Thailand.
Internal Investigations: Key Strategies, Challenges, and Best Practices from a Brazilian Perspective
Introduction Internal investigation is one of the key elements of a corporate integrity program and, in Brazil, it is considered a cornerstone by the Office of the Comptroller General (Controladoria-Geral da União – CGU), the federal authority responsible for issuing structured guidelines to prevent, detect, and remediate corruption and related offenses.