On 1 July 2021, Russia adopted a paradigm-shifting law that establishes, among other things, new physical presence requirements for major foreign technology companies doing business in the Russian Internet space. Affected technology companies are required to open either a representative office, a branch, or a subsidiary in Russia. This article provides a brief overview of this radical regulatory development and its Russian tax implications, reviews the compliance alternatives, and suggests means to mitigate the associated tax risks.
Reclassification of individuals or activities for one purpose can have knock on consequences to business models and can lead to issues and liabilities in areas such as employment, wage tax, pensions, tax and regulatory. A decision or change in one area of law may be a time to re-assess the business model and consider whether that determination might have wider commercial implications.
The Supervisors Law of the People’s Republic of China was recently promulgated by the Standing Committee of the National People’s Congress on 20 August 2021. Together with other legislation and enforcement activities, the Supervisors Law aims to strengthen President Xi’s anti-corruption campaign and is scheduled to take effect on 1 January 2022.
On 25 August 2021 the EU Commission published guidance on the transitional rules of origin in the pan-Euro-Mediterranean area. The EU is currently amending 21 origin protocols within the pan-Euro-Mediterranean area by implementing an alternative set of rules of origin which will apply alongside the rules of the Regional Convention on pan-Euro-Mediterranean preferential rules of origin.
The Recast Dual-Use Regulation published as Regulation 2021/821 entered into force on 9 September 2021. EU producers of dual-use goods now face new export control rules, which we have analyzed in further detail in a recent post. For more detail on the Regulation, please contact Alex Phillips to receive our full client alert and analysis.
With major vaccine developments in Latin America, including kick-offs for vaccine campaigns, employers should consider whether a vaccination policy is right for their workplace, keeping in mind that such policies implicate a broad range of employment laws and regulations, and that many of these vary from country to country.
This week’s discussion will cover the following: organized crime charges in new elder abuse case; novel SEC insider trading action – SEC v. Matthew Panuwa; quick blurb on 18 year old and under crackdown on video game playing in China; and SEC v. MANISH LACHWANI – the SEC’s enforcement focus on unicorns
On 12 August 2021, the Spanish Agency of Medicinal Products and Medical Devices published a briefing note on the new regulatory framework applicable to antiseptics intended for the disinfection of the surgical site prior to surgery or to the injection point. Said products had been regarded by the Spanish regulator as biocidal products until the publication of a Resolution dated 2 June 2021 which reclassified them as medicinal products.
On 10 August 2021, the U.S. Senate passed the USD 1 trillion infrastructure bill, known formally as the Infrastructure Investment and Jobs Act (Infrastructure Bill). The Infrastructure Bill includes provisions for approximately USD 550 billion in new federal spending over 10 years on various transportation, broadband, utilities, and other infrastructure projects. The Infrastructure Bill contemplates that USD 28 billion in income tax attributable to the disposition of digital assets will be collected over 10 years.
In the latest episode of the Global Financial Industry Podcast, Baker McKenzie associates discuss: Sovereigns series – key principles of investment treaty protection. The episode covers recent examples of sovereign wealth fundsSWFs bringing investment treaty claims and how others can obtain access to these protections. The episode also analyzes why investors should consider investment treaties as part of their decision-making process.