Investors win Dh84m claim against developer in Dubai
A Dubai developer has been ordered to pay three men Dh84m after they failed to deliver villas the men had purchased from a housing project near Dubai Land.
Luxembourg law on the exploration and use of space resources entered into force
The Luxembourg law on the exploration and use of space resources of 20 July 2017 entered into force on 2 August 2017 and placed Luxembourg among the most innovative space-oriented nations in the world.
UAE domestic VAT law released!
On 27 August 2017, the United Arab Emirates (the "UAE") published the text of its domestic Value Added Tax (the "VAT") Law, shortly after releasing the text of its Excise Tax Law last week, and the Federal Tax Procedures Law earlier this month. It will be followed by implementing regulations, which will provide more detail …
ICLG 4th edition – Corporate Immigration 2017
As Luxembourg is gaining increasing success in international mobility and business immigration, the applicable legal framework has been recently adapted by introducing several new categories of residence permits in Luxembourg, including a residence permit for investors.
Posting of workers and its implications for posting companies – New law
A revision of the Posting Directive became necessary after it proved that the Posting Directive contained numerous pitfalls in the past. In some cases it turned out that companies posting employees were only “letterbox companies” without any substance. In other cases, situations where concerned employees’ rights were being circumvented were unveiled.
ALB: “Guidelines on Related Party Transactions for Insurers in the Philippines”
The July 2017 issue of the Asian Legal Business (ALB) includes a Philippine regional update by SyCipLaw partner Hiyasmin H. Lapitan and associate Jo Margarette W. Remollo entitled, “Guidelines on Related Party Transactions for Insurers in the Philippines”. The article summarizes the Insurance Commission’s compliance guidelines on related party transactions, as set out in Insurance …
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Virtual Currency – Korean Regulatory and Legislative Developments
Korean Virtual Currency Market Overview The proliferation of virtual currencies in South Korea has resulted in a highly volatile environment for speculative and unregulated trading on the Korean virtual currency exchanges. The Korean virtual currency market remains desirable to issuers of initial coin offerings (“ICOs”), due in large part to Korea’s advanced e-commerce, online banking …
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New standards on the unjustified tax benefit included in the tax code
The Federal Tax Service of Russia issued Letter № CA-4-7/ 6152 @ of 16.08.2017, in which it clarified to its subordinate tax authorities the application of new Art. 54.1 of the Tax Code of the Russian Federation "Limits on the Exercise of Rights in Calculating the Tax Base and (or) the Amount of Tax, Levy, …
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The Public-Private Partnership Law Review 3rd Edition
The Philippine chapter of The Public-Private Partnership Law Review 3rd edition was contributed by SyCipLaw partners Marievic G. Ramos-Añonuevo and Arlene M. Maneja. The chapter includes information on public-private partnerships (PPPs) in the Philippines, including general framework, bidding and award procedure, contractual arrangements, financing, and recent developments and decisions.
Arbitration Article Series IV: Enforcing Arbitration Awards
In this case the losing party will file an annulment case. However, it may be possible to argue that the parties have accepted the tribunal’s jurisdiction, or have waived any right to object, or have lost that right by not objecting at the first opportunity.