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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"). 

Global: COVID-19: Government Intervention Schemes Guide

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Countries around the globe are facing unprecedented and rapid change due to the COVID-19 pandemic. The Government Intervention Schemes Guide provides a summary of key government...

Global: February 2021 International Trade Compliance Update

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READ PUBLICATIONWelcome to the February 2021 edition of Baker McKenzie's International Trade Compliance Update.Here are the highlights:WTO: dispute updates, Covid-19 trade notifications, TBT...

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: 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...

United States: US Commerce amends the EAR to implement revised unmanned aerial system licensing...

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On January 12, 2021, the Department of Commerce issued a final rule (the “Final Rule”) amending the Export Administration Regulations (EAR) to implement recent licensing review policy changes...

US – Commerce publishes interim final rule on Securing the Information and Communications Technology...

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On January 19, 2021, the Commerce Department published an interim final rule to implement President Trump’s 2019 Executive Order 13873 on “Securing the Information and Communications Technology and...

US – CBP issued guidance on the UAE Sec. 232 aluminum quotas but then...

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On January 27, 2021, CBP issued CSMS #45967303 – United Arab Emirates Section 232 Aluminum Absolute Quota limits beginning February 3, 2021, to implement Presidential Proclamation...

US – Trump’s adjusted removal of 10% duty on UAE Aluminum imports and replacement...

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On January 25, 2021, the Federal Register published Proclamation 10139 of January 19 – Adjusting Imports of Aluminum Into the United States, which modified the terms of...

US – OFAC issues Hong Kong Sanctions Regulations

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On January 15, 2021, the Office of Foreign Assets Control (OFAC) published in the Federal Register a final rule  adding regulations (31 C.F.R. Part...
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