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In Asia-Pacific

Indonesia: Indonesia Regulates Foreign Private Electronic System Operators

by , , and 8 Mins Read

Up to now, there was not a clear position on the obligations (including registration obligation) for offshore or foreign private electronic system operators (“ESOs”).

This has changed with the recent issuance of Minister of Communication and Informatics (“MOCI”) Regulation No. 5 of 2020 on Private Electronic System Operators (“MOCI Regulation 5”), which clarifies registration requirements and other obligations for foreign private ESOs.

MOCI Regulation 5 is an implementing regulation of Government Regulation No. 71 of 2019 on the Implementation of Electronic Transactions and Systems (“GR 71”). The regulation became effective on 24 November (but it was only published on the MOCI’s website on 2 December).

There is a six-month transitional period under the regulation, but this is only applicable for the requirement for private ESOs to register with the MOCI.

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In Corporate Governance

Switzerland: ESG reporting and due diligence requirements

by , and 13 Mins Read

On 29 November 2020, Swiss voters opted for the introduction of EU-style ESG reporting and due diligence requirements and against the so-called Responsible Business Initiative. While the initiative would have added teeth to the civil liability regime for the violation of international human rights and environmental standards across the supply chain, the substantive requirements regarding ESG reporting and due diligence across the extended enterprise are not any lighter under the chosen approach. We expect that affected companies will have to apply the new requirements in financial year 2023.

In Corporate Governance

EMEA: COVID-19 Life Sciences Survey (Updated)

by , , , , and 2 Mins Read

As COVID-19 rapidly spreads to every corner of the globe and is officially declared a pandemic, governments across the world are adopting emergency measures to fight against this extraordinary situation. Ultimately, all these measures are aimed at protecting the health and wellbeing of citizens. However, on the healthcare and life sciences front in particular, such measures range from intervention powers to guarantee adequate supplies of treatment and medical equipment, to the relaxation of deadlines and regulatory requirements to simplify administrative procedures wherever possible, so that competent authorities, manufacturers and other actors can focus on urgent priorities related to the COVID-19 crisis.

In Corporate Governance

Russian Federation: Tax amendments affecting dividends paid via foreign companies

by 6 Mins Read

New amendments to the Russian Tax Code1 (“Law”) will allow individuals to reduce the Russian individual income tax on profit distributions from foreign companies and unincorporated vehicles (e.g., trusts) sourced from dividends originally paid by Russian companies that are subject to Russian withholding tax (“indirect tax credit”).

The Law eliminates the existing double taxation and economically equates ownership of Russian assets via Russian and foreign companies (trusts). At the same time, the Law eliminates the 0% tax rate previously available for Russian companies on dividends received through intermediary foreign companies that are not beneficial owners of income. This will allow, for example, the application of the 15% Russian withholding tax rate on dividends paid to Cypriot and Luxembourg intermediary companies under the recently amended tax treaties. Some historic holding structures will get a deferral; for them the new rules will apply as of 2024.

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In Latin America

Venezuela: Carabobo state fixed the new value of the State Tax Amount (ITE) in Petros for the payment of the state taxes and their accessories

by and 2 Mins Read

The Governor of the Carabobo state issued Decree No. 1,557 (“Decree”),[1] whereby it set the value of the Special Tax Amount (“ITE”) in 0.00015 Petros (“PTR”), which will have as reference the value of the Sovereign Crypto asset Petro. [2]  That equals to VES 8,833.41. [3] The previous value, set on 27 July 2020, was VES 1,500.00.[4]  The ITE must be paid in its equivalent only in VES, according to the final value of the immediately preceding business day indicated by the Central Bank of Venezuela.

The Decree entered into force on 1 December 2020.

In Asia-Pacific

Asia Pacific: Hyper-Hybridity – Defining a New Era of Digital Health Innovation in Asia Pacific

by , , , , , , , , , , , , , , , , , and 2 Mins Read

Click to read Digital healthcare, a globally booming market, has been catalyzed by the events of COVID-19. In Asia Pacific, in particular, a rapidly expanding population, an empowered and tech-savvy middle class and physician shortage has created the perfect conditions for digital health innovation. A new era of digital healthcare…

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In CSR

US Government Issues Withhold Release Order Against Xinjiang Production and Construction Corps

by and 4 Mins Read

On December 2, the US Government announced the latest in a long series of actions responding to allegations of forced labor of Muslim Uyghurs and other ethnic minorities in Xinjiang, China.  Specifically, US Customs and Border Protection (“CBP”) issued a Withhold Release Order (“WRO”) dated November 30, 2020 against cotton…

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