Philippines: Department of Finance Revenue Regulations No. 7-2018 (RR No. 7-2018)
On January 31, 2018, Finance Secretary Carlos G. Dominguez issued RR No. 7-2018 which restored the provision on Notice of Informal Conference as a due process requirement in the issuance of a deficiency tax assessment. RR No. 7-2018 was published in the Manila Bulletin on February 1, 2018 and took effect on February 16, 2018. The Notice …
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Philippines: Department of Finance Revenue Regulations No. 6-2018 RR No. 6-2018
On January 19, 2018, Department of Finance (“DOF”) Secretary Carlos G. Dominguez issued Revenue Regulations (“RR”) No. 6-2018 which revoked RR No. 12-2013 and reinstated Section 2.58.5 of RR No. 2-1998, as amended by RR Nos. 14-2002 and 17-2003. Section 2.58.5 of RR No. 2-1998 implements the requirement of withholding of income tax for deductibility …
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Data Privacy Update: NPC Advisory Opinion on Consent
The Philippine National Privacy Commission (NPC), which administers the country’s Data Privacy Act (DPA), has recently made available to the public copies of its advisory opinions. These opinions had been issued in response to various queries regarding the proper application and interpretation of the provisions of the DPA and its implementing rules and regulations.
Challenges of cryptocurrency taxation
21 Apr 2018 at 04:00 / NEWSPAPER SECTION: BUSINESS Challenges of cryptocurrency taxation
Changes To Ppa: To Make Financiaers Happy
Over the last few months before January 2018, when the latest changes to the power purchase agreements (PPAs) between State Enterprise “Energorynok” and producers of energy from alternative sources were adopted, more than ten agreements were signed with upgraded conditions set earlier in 2017. In the mentioned agreements, the changes to the PPAs were applied …
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New Cyprus law on data system security
New Cyprus law on data system security The Security of Networks and Information Systems Law, Number 17(I) of 2018, implements articles 8 and 9 of EU Directive 2016/1148 on measures to achieve a high common level of security of network and information systems throughout the EU. It designates the Commissioner for Electronic Communications and Postal …
New “federal” EU Tax rules on the table
In 2011, in response to public concerns over large multinational companies exploiting differences in national tax rules, the European Commission published a proposal for a Common Consolidated Corporate Tax Base (CCCTB) to unify tax rules throughout the EU. Individual countries would still be free to set their own tax rates, but anomalies between countries in …
Revenue Sharing: A General Overview, its Benefits and Shortcomings in Leasing Malls and Retail Shops
Revenue sharing is the use of profits to enable separate actors develop efficiencies or innovate in mutually beneficial ways. There are many ways the revenue sharing concept is structured with the objective being sharing of revenue profits and losses between various parties. Revenue sharing is practiced widely in sports, manufacturing industries, advertising industries, private companies …
Flying Commercial Drones Now Legal in Kenya
On 6th October 2017, the government published the Civil Aviation (Remotely Piloted Systems) Regulations, 2017 which provide the legal framework for the use of Remotely Piloted Aircraft Systems, popularly known as drones in Kenya. Entrepreneurs and investors therefore have the opportunity to tap into a market which a PwC report estimates to be valued at …
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Positive Update on EU Trademark and Industrial Design Rights Post-Brexit
The UK government has published an updated Draft Withdrawal Agreement, highlighting consensus on the future of existing EU IP rights in the UK.