Asia-Pacific

On 24 June 2020, the China Banking and Insurance Regulatory Commission (CBIRC) issued a circular on Carrying out the Follow-up Checks for the Rectification of Market Problems in the Banking and Insurance Sectors (the "Circular"). The CBIRC proposes to launch follow-up checks to review the steps taken to correct industry problems identified in the past three years following some high-profile cases, particularly in the areas of corporate governance, risk management and repeated violations of several laws and regulations.Our alert sets out a brief summary of key "follow-up" checks outlined in the Circular and provides some practical tips that we have developed from our own experience on how companies can ensure their compliance programs satisfy the guidelines. More information can be found in our guide on 5 Essential Elements Of Corporate Compliance.

On 8 July 2020, the National Privacy Commission (NPC) released NPC PHE Bulletin No. 15 to guide establishments on the proper handling and protection of personal data collected from customers and visitors of barbershops, salons, restaurants, and fast-food businesses, in relation to the guidelines covering such establishments issued by the Department of Trade and Industry (DTI).

The Minister of Finance has issued Minister of Finance Regulation Number 67/PMK.03/2020 ('MoF 67/2020') on the Provisions of Value Added Tax Or Value Added Tax And Sales Tax on Luxury Goods, as well as Land And Building Tax Facilities In Upstream Oil And Gas Business Activities Under Gross Split Production Sharing Contract.MoF67/2020 provides tax facilities during the exploration and exploitation phases until the commencement of Commercial Production, in the form of:Value Added Tax  ('VAT') or VAT and Sales Tax on Luxury Goods payable are not levied.  Land and Building Tax is reduced up to 100%.MoF 67/2020, which was published on 15 June 2020 and effectively came into force by 15 July 2020, also regulates the procedures to obtain the facilities.

On the 8th of July, the Australian Taxation Office (ATO) released its Decision Impact Statement (DIS) on the Full Federal Court decision of Greig v Commissioner of Taxation [2020] FCAFC 25.This client alert provides an overview of the Greig decision and considers the impact of the decision on significant individual shareholders.

One of the common questions that we find employers asking is whether an ex-gratia payment made to an employee upon his or her termination will be subject to personal income tax. 

As part of our continued efforts to guide clients through these challenging times, the Asia Pacific Employment & Compensation Group brings you these recorded...

The Hong Kong National Security Law took effect on 30 June 2020. The 66-article law criminalizes four types of acts: secession, subversion of State...

On 30 June 2020, the Law of the People’s Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region (NSL)...

Business models and consumer patterns have changed substantially in the financial services market driven by and driving digital transformation. Opening accounts online, without physically attending offices or branches, has become part of a new norm and is an essential rather than an additional channel to offer customers convenience. Money laundering and other fraud risks relating to remote customer onboarding have been topics of considerable debate over the past few years. With ongoing technological advances, the risk levels and risk appetites in the online environment are no longer the same. We will highlight a few key developments and trends in Hong Kong.

The Doing Business in China guide provides an introduction to selected aspects relating to investment and business operations in the People’s Republic of China...