International

September 29, 2020

Background With a view to boost infrastructure investments in India and make Indian investment more attractive, the Finance Act, 2020 (FA, 2020) introduced section 10(23FE) in the Income-tax Act, 1961 (IT Act). This section provides an exemption from tax in India in respect of income of certain specified investors who have investments in the infrastructure sector. Specified investors for this purpose include a wholly owned subsidiary of Abu Dhabi Investment Authority, ‘pension funds’ (PF)…

Trade and Manufacturing Monitor

OFAC Extends Authorization for Wind Down and Divestment Activities Involving Xinjiang Production and Construction Corps (XPCC) Subsidiaries

By Robert Slack & Jennifer Liu

September 29, 2020

Last week OFAC extended its general license authorizing U.S. persons to wind down and divest from certain transactions with subsidiaries of the Xinjiang Production and Construction Corps (XPCC) until November 30, 2020. OFAC extended the general license to give U.S. persons more time to exit dealings involving XPCC’s many subsidiaries, which play a significant role in the economy of the Xinjiang region of China. The general license does not authorize direct dealings with XPCC, which…

International Trade Insights

Petition Summary: Certain Aluminum Foil from Armenia, Brazil, Oman, Russia and Turkey

By Turner Kim

September 29, 2020

On September 29, 2020, the Aluminum Association Trade Enforcement Working Group (“Petitioners”), filed a petition for the imposition of antidumping duties on certain aluminum foil from Armenia, Brazil, Oman, Russia, and Turkey. Additionally, the petition alleges that imports of certain aluminum foil from Oman and Turkey are unfairly subsidized and requests the imposition of countervailing duties.…

Global Workplace Insider

Will intra country commuting continue post Brexit? UK Government issues new guidance on frontier workers.

By Aida Geragusian

September 29, 2020

A frontier worker is an EU, EEA or Swiss national, who is economically active in the UK (through employment or self-employment) but resides outside the UK. Under the EEA right of freedom of movement, such nationals are currently free to travel and work in all EEA countries. However as freedom of movement comes to an end, the UK Government is introducing a Frontier Worker Permit, due to be launched later this year. Those individuals who…

Financial services: Regulation tomorrow

No transition regime for investment firms from the UK after the Brexit transition period

By Nikolai de Koning & Floortje Nagelkerke (NL)

September 29, 2020

If the negotiations between the UK and the EU do not result in a (clear) agreement at the end of the Brexit transition period, and the temporary transition regime that was introduced in the Netherlands for UK investment firms (Dutch Transition Regime) back in February 2019 does not enter into effect, UK investment firms will in principle no longer be able to provide their cross-border services or carry on their activities on a cross-border basis…

International Trade Insights

D.C. District Court Judge Blocks Commerce’s TikTok Ban

By Camron Greer & Beau Jackson

September 29, 2020

A federal judge from the U.S. District Court for the District of Columbia granted TikTok’s motion for preliminary injunction, resulting in a nationwide temporary suspension of an order from the U.S. Department of Commerce (“Commerce”) for Apple and Google to remove TikTok from its U.S. app stores. Last week, Chinese social media app WeChat was separately granted a similar injunction by a federal judge from the U.S. District Court for the Northern District of California. …

The CPA Desk

Plan for Income Taxes as Part of Your Estate Plan

By Emily Smikal

September 29, 2020

As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to tax, more planning can be devoted to saving income taxes for your heirs. While saving both income and transfer taxes has always been a goal of estate…

International Compliance Blog

EU Court of Justice dismisses action brought by Rosneft group against EU sanctions targeting Russia

By Simon Hirsbrunner, Stefan Tsakanakis, Guy Soussan & David O'Sullivan

September 29, 2020

On September 17, 2020 the EU Court of Justice (“the Court”) rendered a judgement, by which it upheld the General Court’s decision dismissing an action brought by members of the Rosneft group. The judgement concerned the validity of some of the EU’s sanctions imposed on Russian oil companies in the context of the Ukraine crisis. The Court ruled on the sanctions’ justification, requirements to state reasons for their adoption as well as their compatibility…

Cross Border Employer Blog

UK Job Support Scheme Set to Begin in November 2020

By Nan Sato Kaleigh Hartigan

September 29, 2020

The UK government recently announced a new Job Support Scheme, which will replace the UK Coronavirus Job Retention Scheme (the “Furlough Scheme”) upon its expiration on October 31, 2020. The Furlough Scheme has been in place since March 2020 to help employers cover up to 80% of the wages for employees who would otherwise have been laid off, up to a maximum of £2,500 per month. …

Red Notice Law Journal

INTERPOL, banking, and finance- what to do when personal data is affected even after a Red Notice removal (Part 2)

By Michelle Estlund

September 29, 2020

In the last post, we discussed the continued difficulties encountered by some people even after their Red Notices are removed from INTERPOL’s databases. Particularly in cases where the underlying criminal charge is a financial crime, Red Notice subjects often find that INTERPOL is not the only organization that contains their personal data. Other organizations- with both domestic and international databases- collect data on individuals and then distribute that data to their customers. Among…