The laws on identifying effectively beneficial owners of companies have been in force in Hong Kong and Singapore for a few years now. Malaysia just introduced the beneficial owners reporting regime in March 2020. In this recording of our webinar, Liza Murray, Poh Seng Lim and Lathika Pillay from our…
Since 2013, even if the interest income from a loan to an affiliated company in Sweden was taxed at a rate of at least 10% in the lender’s country of residence, the interest deduction was often disallowed on the ground that the principal reason for the debt having arisen was for the group to receive a substantial tax benefit. Last Wednesday, 20 January 2021, the ECJ ruled that it is contrary to EU law to deny interest deduction on cross-border loans on this ground if the interest would have been considered deductible if the lender had been a Swedish entity. This landmark ruling provides companies the possibility to reassess non-deductible interest costs in Sweden.
On 29 January 2021, Decree No. 42/2021 (“Decree”) was published in the Official Gazette, by which Law No. 27,605 of Solidarity and Extraordinary Contribution to Help Mitigate the Effects of the Pandemic (“Law”) was regulated.
Deal making activity in sub-Saharan Africa dropped in terms of both volume and value in 2020, compared to 2019. As the continent readies itself for post-pandemic recovery, the opportunities presented by free trade across Africa as well as the post-pandemic focus on technology, healthcare and renewable energy, will be key…
Shelter-in-place or stay-at-home orders have been prevalent throughout the United States since March 2020 as state and local…
In brief This is an update of the draft regulations in Vietnam affecting e-commerce platforms (the scope of…
How we can help We can improve your group structure and, in the process, reduce your maintenance costs and compliance risks, by assessing and rationalizing dormant or duplicative entities in a time and cost efficient way. We provide holistic advice, including corporate, tax, and employment analysis and support, and…
In brief The Monetary Authority of Singapore (MAS) has recently revised its Technology Risk Management Guidelines 2021 (“TRM…
You can find current episodes (and subscription links) here. A brief description of each episode follows below and we hope you…
In a previous Client Alert (see here), we discussed a rule issued by the Financial Services Authority (Otoritas Jasa Keuangan – OJK) back in 2017 that requires all financial institutions and public and listed companies to prepare a sustainability report and submit it to OJK within a stipulated period. This obligation is set out under Rule No. 51/POJK.03/2017 on Implementation of Financial Sustainability for Financial Services Providers, Issuers and Public Companies (“OJK Rule 51”).
However, towards the end of 2020, OJK (i.e., the capital market division) issued a letter to all listed companies (“OJK Letter”), which effectively extends the deadline for certain types of listed companies to submit their sustainability report. This move is in response to a plea from the Indonesian Issuers Association for an extension and also in response to the ongoing COVID-19 pandemic crisis in Indonesia.