On 1 April 2021, Law nº 14,133/2021 or the New Public Procurement General Law (“New Public Procurement Law”) was published, substituting Law nº 8,666/1993. The Brazilian president, however, has vetoed 26 items of the bill approved by the National Congress.
With the accelerated number of M&A deals currently being made and projected to continue, digital transformation is driving an increase in interest in AI targets for acquisition. In this episode of Eye on AI, Lisa Fontenot and Teisha Johnson join moderator Bradford Newman to discuss key issues and value drivers to consider in AI transactions, as well as considerations with regard to antitrust or foreign investment approvals that may be needed when making an AI related investments.
Due to the strategic location and the business-friendly environment that Singapore offers, many multinational enterprise (MNE) groups have centralized operations in Singapore, and they often function as the global/regional headquarters (HQ) of the MNEs. With increasing focus on these structures and the associated transfer pricing arrangements (both domestically and overseas), the Inland Revenue Authority of Singapore (IRAS) published an e-tax guide entitled “Transfer Pricing Guidelines Special Topic – Centralized Activities in Multinational Enterprise Groups” (“Guide”) on 19 March 2021 to provide administrative guidance on determining an arm’s length remuneration for centralized activities in Singapore.
In this alert, we discuss the Guide, and provide transfer pricing insights for HQs located in Singapore.
Under the Biden Administration, the U.S. Securities and Exchange Commission is expected to be aggressive in bringing enforcement actions against alleged corporate wrongdoers. In fact, the stage is already set for a broad range of SEC enforcement activities in the corporate arena based on actions the SEC brought in 2020.…
The inaugural ‘Tax Day’ on 23 March saw a range of announcements on the future of UK tax compliance. One of most significant measures is the re-launch of the proposal to require Large Businesses to notify HMRC of uncertain tax treatments that they have adopted.
This second consultation addresses the criticisms expressed when the proposal was first put forward during 2020. The original trigger of HMRC “may not agree with/is likely to challenge” the treatment adopted by a taxpayer has been replaced with eight separate triggers designed to apply the reporting requirement on a more objective basis.
The revised proposal looks a step in the right direction, but there remain a number of practical concerns to be ironed out. We would recommend that Large Business taxpayers continue to engage with the proposal to ensure it is implemented on proportionate and practicable terms.
The intention is for the requirement to apply to returns that are due to be filed from 1 April 2022 onwards. Therefore, for annual taxes such as corporation tax, this is a live issue that affects the current financial period for the vast majority of taxpayers.
On 16 February 2021, President Rodrigo Duterte signed Republic Act No. 11523 or the Financial Institutions Strategic Transfer Act (“FIST Act”). The FIST Act allows financial institutions (FIs), including the Bangko Sentral ng Pilipinas (BSP), banks, financing companies, investment houses, lending companies, insurance companies, government financial institutions, government-owned or -controlled corporations, and other institutions licensed by the BSP to perform quasi-banking functions and credit-granting activities, to offload non-performing loans and other bad assets to a Financial Institutions Strategic Transfer Corporation (FISTC). The law took effect on 22 February 2021.
Baker McKenzie is pleased to invite you to our virtual annual conference Supply Chain Risks & Rewards in Emerging Markets. In addition to providing the latest updates on regional and industry specific supply chain compliance developments, this webinar series will focus on cutting edge issues in supply chain risk management—including…
On 8 March 2021, through Resolutions Nos. 50 and 51 (“Resolutions”) from the Nation’s Mining Secretary, more than 100 exploration companies and 33 mining services companies – indicated in Annex I of each of the Resolutions – have been preventively discharged from the Mining Investments Registry of Law No. 24,196. The preventive discharged was for one year. The companies that have been preventively discharged will be able to request reinstatement to the Mining Investment Registry in accordance with Section 4 of Resolution No. 118/2020, only if is not definitive.
A series of briefings that take a ‘bite-size’ look at international trends in financial services regulation, drawing on…
Sustainable Finance as a trend and financing option has grown exponentially and shows no signs of slowing down. In this series of short podcasts, our ESG Debt & Equity experts discuss key tips and things you should you when considering raising sustainable finance, including the ever-evolving legal and regulatory requirements…