Tax authorities have perceived recently that international corporate groups are going through internal business restructurings in large part or in whole to achieve income tax savings.
ICELAND INTRODUCES A PLAN TO LIFT CAPITAL CONTROLS
In a move that creditors have been waiting patiently forsince 2008, the Icelandic government has finally taken a step towards the lifting of capital controls which were imposed in Iceland after the financial crisis that will impact the main three failed banks;Kaupthing, Landsbanki and Glitnir.
Year in Review – Hong Kong Law in 2016
We have previously reported that the Official Receiver retains its entitlement to ad valorem fees on the conversion of a compulsory liquidation to a creditors’ voluntary winding-up (CVL).
DID YOU KNOW...that interim fees incurred by provisional liquidators (including agents’ fees), previously thought to have been payable from the funds of an insolvent estate without formal taxation, are now required to be taxed.
Welcome to the fifth edition of Baker & McKenzie's quarterly Asia Pacific Financial Services & Regulatory Newsletter.
The Goods and Services Tax (GST) Council during its 39th meeting, held on 14 March 2020, decided that a special procedure should be prescribed for corporate debtors undergoing the corporate insolvency resolution process (CIRP) under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC), in order to enable such entities to comply with the provisions of the GST laws.
On March 24, 2020, the Finance Minister announced several relief measures across sectors, relating to Statutory and Regulatory compliance matters, in view of the COVID-19 outbreak in the country. The main relief measures have been detailed below, along with their implications for businesses.
In response to the global outbreak of coronavirus disease 2019 (COVID-19), governments in many countries have issued emergency legislation to mitigate the impact of the pandemic on companies’ day-to-day operations. Since March 24, 2020, the Indian government has been announcing various measures aimed to ease corporate and tax compliance for companies doing business in India, as well as other measures pertaining to employment and bankruptcy matters. Below is a high-level overview of some of the most relevant aspects of these measures as they pertain to India subsidiaries of US companies.
The business entities in India are confronted by changing circumstances attributable to variation in the governmental policies and ever-growing competition requiring them to opt for corporate restructuring to maximize their profitability. In furtherance to fulfilment of the said purpose two or more enterprises may come together sharing their liabilities, responsibilities, assets and trade objectives.
Merger… A corporate restructuring