Baker McKenzie’s Sanctions Blog published the alert titled “Japan announces additional sanctions on Russia and designation of Belarusian President” on 28 February 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On 10 December 2021, Japan announced its 2022 tax reform proposal, which contains a number of changes to the existing tax rules that may impact companies doing business in Japan, including changes that may provide some companies with a chance to reduce their Japanese tax burden, as well as changes that may result in potential pitfalls (e.g., disallowance of certain incentives, etc.) for failure to comply with the new provisions. Additionally, amendments were made to the Japanese Companies Act in 2021 introducing a share delivery regime.
Singapore Budget 2022 makes significant strides in charting Singapore’s path into the future. As the nation faces an ageing population and seeks to recover from a prolonged pandemic amidst an increasingly volatile global landscape, Budget 2022 aims to prepare Singapore to meet these challenges while securing the opportunities of the future. What is of particular note in Budget 2022 is the announcement of changes to the tax system that are broadly aimed at building a fairer and more resilient revenue structure for Singapore. Importantly, Singapore is exploring the possible introduction of a minimum effective tax rate for multinational enterprise groups.
As part of the Malaysian Budget 2022 speech last year, the Minister of Finance announced that it will introduce a special voluntary disclosure program for indirect taxes as part of concerted measures to increase tax revenue for the Malaysian Government. The guidelines underpinning the foregoing program was recently published by the Royal Malaysian Customs Department with a notable inclusion of an amnesty element within the framework of the rebranded Voluntary Disclosure and Amnesty Program for indirect taxes.
On 27 January 2022, the government issued Decree No. 14/2022/ND-CP to amend and supplement several provisions of Decree No. 15/2020/ND-CP on penalties for administrative violations in the fields of postal services, telecommunications, radio frequency, information technology and electronic transactions (“Decree No. 15”), and Decree No. 119/2020/ND-CP on penalties for administrative violations in journalistic and publishing activity (“Decree No. 14”). Decree No. 14 was issued with the aim of: 1) Implementing the new provisions of the amended Law on Handling Administrative Violations 2) Supplementing sanctions for the violating acts, including those regarding spam, illegal content, social network management, game licensing, etc 3) Revising and supplementing provisions regarding the authorities to fine administrative violations
The Singapore Computer Emergency Response Team (SingCERT), set up by the Cyber Security Agency of Singapore to facilitate the detection, resolution and prevention of cybersecurity-related incidents on the internet, has issued a list of measures that organisations should adopt to ensure proper cyber hygiene controls are in place and operating correctly.
SingCERT’s advisory is issued on the basis of warnings of increased cyber threats globally arising from the recent cyberattacks on Ukraine and the developments in the invasion of Ukraine by Russia.
There has been further progress towards a new Foreign Financial Services Providers (FFSPs) framework in Australia. The Treasury Laws Amendment (Streamlining and Improving Economic Outcomes for Australians) Bill 2022 (Bill) was introduced to Parliament on 17 February 2022. This bill is very similar to the exposure draft released for consultation in December, discussed here. The Bill continues to propose three key exemptions for FFSPs: the professional investor exemption, the comparable regulator exemption and the fit and proper person test exemption and although largely unchanged there are some important new requirements that we consider are important to highlight.
On 23 February 2022, the Singapore Food Authority (SFA) published a media release in relation to a recall of Delissimo Saveur Creme Brulee ice cream products from France, following a notification by the European Commission Rapid Alert System for Food and Feed that the products contain a pesticide, ethylene oxide.
This guide will provide you with: An overview of the key stages of the process, and an indicative timeline. A who’s who as regards the IPO deal team. Practical tips to help you achieve a successful IPO. Key considerations to bear in mind when choosing your listing venue. Key issues and listing requirements that should be considered when preparing for an IPO.
Baker McKenzie’s eighth annual analysis of Chinese outbound investment trends, conducted in partnership with Rhodium Group, details Mainland China’s movements in the ever-changing global market, driven by investors’ desires for broader market entry, strategic synergy, access to resources and new energy, and expansion of technology and product portfolios.