On 20 December 2022, the Indonesian government issued Government Regulation No. 55 of 2022 on the Adjustment of Regulations in the Field of Income Tax (“GR 55/2022”). This regulation is one of a series of government regulations issued in December 2022 as the implementing regulations of Law No. 7 of 2021 on Tax Regulation Harmonization (“HPP Law”). Several regulations related to income tax (i.e., GR 18/2009, GR 23/2018, and GR 30/2020) are no longer valid, and have been consolidated through the issuance of GR 55/2022. GR 55/2022 mainly provides confirmation and a detailed explanation of income tax provisions under the HPP Law. These include income tax on benefits-in-kind, anti-tax avoidance measures, and international tax agreements.
Baker McKenzie’s Sanctions Blog published the alert titled Japan introduces further sanctions against Russia on 30 January 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
The New Criminal Code became the first piece of legislation passed into Law in 2023 and was promulgated on 2 January as Law No. 1 of 2023. This alert takes a look at how the New Criminal Code reintroduces crimes related to fraudulent acts against creditors. In the absence of any criminal provisions under Law No. 37 of 2004 on Bankruptcy and Debt Suspension of Payment, any criminal sanctions for fraudulent-related acts against creditors are those originally set out in the old criminal code. The New Criminal Code reinvents the provisions in the old criminal code and reintroduces them as a new section in the fraudulent-related acts against creditors.
On 3 January 2023, the Health Sciences Authority (HSA) issued an update on products found and reported by overseas regulators to contain potent ingredients that are prohibited and may cause side effects. The HSA published a consolidated list of health products that were found and reported by health regulators overseas (including regulators in Brunei, Canada and Hong Kong) to contain potent ingredients.
In December 2022, the Health Sciences Authority (HSA) detected potent ingredients in products marketed for young children and alerted the public against purchasing them. The HSA also published information on a retail-level recall in respect of an oral solution.
The Federal Court’s recent decision in Australian Securities and Investments Commission (ASIC) v Scholz (No 2) [2022] FCA 1542 has important implications for those who discuss financial products and services on social media platforms. Handed down on 20 December 2022, the Court’s judgment heralds a warning that social media ‘finfluencers’ may be considered to be carrying on a financial service business and thus are required to have an Australian Financial Services License.
As part of its efforts to offer enterprise users and their vendors better guidance on deploying Internet of Things technologies, the Info-communications Media Development Authority has published Annex C: Case Study on Smart Buildings (informative) to the IoT Cyber Security Guide. Annex C provides a starting point for businesses in the Facilities Management industry with smart systems to reevaluate their cybersecurity needs and infrastructure.
In 2019, the Indonesian Competition Commission (KPPU) issued a regulation that asserted that KPPU has the authority to review acquisitions of assets, not just acquisitions of shares. Since then, hundreds of acquisitions of asset transactions have been notified to KPPU. KPPU’s concepts of “assets” and their “acquisition” under this regulation are very broad.
The Australian Government has released its Strategic Plan for Payments System: Consultation Paper. It is significant insofar as it demonstrates the current Government’s commitment to reform by creating a fit-for-purpose regulatory framework in respect of payments mirroring international developments. It is also significant in that the paper expressly states that the reform agenda includes implementing a tiered licensing framework for payment services providers. Interested parties are invited to comment on this consultation. Responses are due on 6 February 2022.
In brief 2022 was undoubtedly an active period for Vietnam’s regulatory landscape and the year has drawn to a close with a long progression of new regulations and important legal updates. As demonstrated by recent announcements and upcoming regulatory enactments, this pace of notable legal developments shows no sign of…