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In Corporate Compliance

Russia: Introduction of physical presence requirements for foreign tech companies – How to comply with minimum tax exposure?

by 1 Min Read

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.

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In Employment

United Kingdom: The knock on effects of reclassification

by , and 5 Mins Read

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.

In Cybersecurity, Data and Tech

Cryptocurrency Industry, Bi-Partisan Group of Senators Criticize Provision of Senate-Passed Infrastructure Bill

by and 1 Min Read

On 10 August 2021, the U.S. Senate passed the USD 1 trillion infrastructure bill, known formally as the Infrastructure Investment and Jobs Act (Infrastructure Bill). The Infrastructure Bill includes provisions for approximately USD 550 billion in new federal spending over 10 years on various transportation, broadband, utilities, and other infrastructure projects. The Infrastructure Bill contemplates that USD 28 billion in income tax attributable to the disposition of digital assets will be collected over 10 years.

In Cybersecurity, Data and Tech

Venezuela: The Central Bank of Venezuela issued the rules governing the new monetary expression

by , , , and 7 Mins Read

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.

In Asia-Pacific

Singapore: Guidance on and clarification of the transfer pricing rules

by , , , and 2 Mins Read

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.

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In Argentina

Argentina: New biofuels legal regime

by , and 4 Mins Read

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.

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