The privilege against self-incrimination has long been a feature of Australia’s common law and recognises the important concept that individuals should not be compelled to incriminate themselves. The privilege has also been protected by legislation, including in sections 128 & 128A of the Evidence Act 1995 (Cth). A recent High Court decision in Deputy Commissioner of Taxation v Zu Neng Shi  HCA 22 considered whether disclosure of privileged information was in the interests of justice.
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.
On 1 July 2021, the Supreme Court issued its decision in the consolidated case Americans for Prosperity Foundation v. Bonta, No. 19-251 (US 1 July 2021). The Supreme Court reversed the judgment of the Ninth Circuit Court of Appeals and struck down a California donor-disclosure law as facially unconstitutional by a six to three majority.
The Central Bank of Venezuela issued Resolution No. 21-08-01 of 6 August 2021, containing the Regulations Governing the New Monetary Expression. The Resolution entered into force on 16 August 2021. However, the new monetary expression will apply as of 1 October 2021.
The Inland Revenue Authority of Singapore (‘IRAS’) updated its transfer pricing guidelines on 10 August 2021, with the release of the IRAS e-Tax Guide: Transfer Pricing Guidelines (Sixth Edition).. IRAS has provided additional guidance and clarification with respect to TP documentation compliance, surcharges on TP adjustments, advanced pricing arrangements and mutual agreement procedure requests.
In the last couple of years, we have observed an increase in transfer pricing audits and disputes in many countries in the MENA region, which have caught many MNEs by surprise, especially in countries where formal TP regulations are not in place yet.
By National Law No. 27,640, published on 4 August 2021, the National Congress approved the new regulatory framework for biofuels that will be valid in Argentina from 5 August 2021 until at least 31 December 2030 (“Law”). The Law establishes, among others, new mandatory percentages of biofuels to be included in blends with fossil fuels reducing from 10% to 5% the prior percentage for biodiesel, granting more discretion to the enforcement authority, and establishing tax exemptions while repealing previous tax benefits.
New rules dealing with South African Revenue Service client accreditation are set to streamline the customs and trade process for trading partners and allow a much more efficient and cost-effective movement of goods across South Africa’s borders. The rules, which became effective in July this year, entirely replace the old accredited client status rules under section 64E of the Customs and Excise Act, and are of interest to importers and exporters who wish to apply for accredited client status in South Africa.
Our matrix summarizes the key issues for employee share and cash awards and covers tax, securities, exchange control, labor law and data privacy considerations for such awards in 50 countries.