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Ukraine: The Parliament imposes its first-ever sectoral sanctions

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In response to opening the consulate of the Republic of Nicaragua in the temporarily occupied Crimea, on 2 February 2021 the Parliament of Ukraine for the first time in its history approved sectoral sanctions against the Republic of Nicaragua ("Sectoral Sanctions"). 

European Union: Post-Brexit access regimes in key EEA member states

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The Malaysian Finance Act 2020 introduced, among others, several legislative changes to the Malaysian Income Tax Act 1967 (ITA) in respect of transfer pricing. Notably, a penalty provision was introduced. Effective 1 January 2021, taxpayers (where applicable) who fail to furnish transfer pricing documentation (TPD) upon the Malaysian Inland Revenue Board's (MIRB's) request will be subject to a fine ranging from RM 20,000 to RM 100,000 and / or imprisonment.Consistent with this, the MIRB has also revised the Transfer Pricing Guidelines 2012 to reduce the time given to taxpayers to furnish their TPD from 30 days to 14 days.

United Kingdom: A review of HMT’s proposed cryptoassets regime – and how it compares...

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On 7 January 2021 HM Treasury (HMT) published a consultation and call for evidence on the regulatory approach to cryptoassets and stablecoins. The consultation represents the first stage in HMT's consultative process on the broader regulatory approach to cryptoassets and stablecoins. The consultation closes on 21 March 2021. In this briefing we explore the policy background underlying the consultation, set out the key points of HMT's proposals, and provide a comparison to corresponding provisions in the European Commission's recent proposal on a regulatory framework for cryptoassets.

Sweden: Interest deduction limitation rules in breach of EU law according to ECJ

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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.

United Kingdom: Employment tribunals may order disclosure by parties outside Great Britain

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In a sexual harassment claim against Harvey Weinstein and other respondents, the Court of Appeal has held that an employment judge was entitled to order all parties (including one living in California who had not at any material time been in Great Britain) to provide disclosure of relevant documents and that the relevant tribunal rule of procedure had no geographical limitation.

United Kingdom: COVID-19 Mandatory vaccinations in the workplace – key considerations for UK employers

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The news that a COVID-19 vaccine is on its way has given rise to hope that life will soon return to normal. Vaccinations in the workplace however are relatively uncommon and give rise to a number of tricky issues in the UK. This quick one-page overview provides insights into the key legal considerations and logistical challenges for employers.

United Kingdom: Update on UK sanctions and export controls post-Brexit

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On 31 December 2020, the UK’s Brexit transition period with the EU ended, and the UK became a third country with respect to the...

Russia Taking a Stand in Global Hydrogen Race

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The global drive towards decarbonization of the global economy plays an increasingly significant role in Russia's strategy for development of its energy and other...

Financial Regulatory and Enforcement Content Hub

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Join Baker McKenzie regulatory and enforcement practitioners as we navigate this uncertain time and work together through the challenges ahead. We offer practical advice...

Finding Balance: The Post-Covid Landscape for Financial Institutions

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COVID-19 represents one of the greatest ever shocks to our economies and, in consequence, to the business models of financial institutions and the way...
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