On February 2, 2023 the Court of Justice of the European Union (CJEU) partially annulled Commission Decision of 17 July 2013 which declared that the Spanish tax lease system was a state aid scheme and ordered it to be recovered from the investors only.
Following Russia's aggression on February 24, 2022, Ukraine has been faced with the challenge of defending its borders, improving its administrative systems and rebuilding its damaged infrastructure.
Businesses play a key role in the adoption of the Sustainable Development Goals. We take a look at some of the most significant initiatives and actions being adopted by the private sector to implement the 2030 Agenda and contribute to change.
Due to the ongoing situation of COVID-19 in China, especially in Shanghai, the Chinese government has introduced more regulations and policies or extended the deadline of the previously issued regulations and policies to further support both the economic development and the business. In this Newsletter, we will share with you detailed provisions of these policies in Shanghai focusing on the topics of labor and employment, leasing, tax, etc. Depending on the location of your business, there could be more specific implementation rules at local level.
From 1 January 2021 to 31 December 2022, small enterprises with low profit will be subject to EIT of 2.5% on the part of annual Enterprise Income Tax (EIT) taxable income that is no more than CNY 1 million.
According to Announcement (2019) No. 39 issued by Ministry of Finance, State Administration Taxation and General Administration of Customs (Announcement No.39) as well as other related tax regulations, taxpayers that meet the following criteria could apply for the refund of the incremental uncredited input Value Added Tax (VAT, in general, incremental uncredited input VAT = monthly ending balance of the uncredited input VAT – ending balance of the uncredited input VAT in March 2019) from April 2019.
On March 24, 2022, the Ministry of Finance and the State Administration of Taxation (SAT) issued an announcement regarding the Value Added Tax (VAT) exemption for the small-scale taxpayers that will be applicable from April 1, 2022 till December 31, 2022. The SAT issued Announcement (2022) No. 6 and provided official explanation on the same day, to elaborate the implementation measures related to such exemption policy.
The new term for suppliers to answer consumer claims (reclamos) is 15 business days, time which cannot be extended, replacing the previous term of 30 calendar days, which could be extended for an additional 30 days. Additionally, the amendment provides that the supplier must now answer complaints (quejas) and within 15 business days.
2021 has proven to be an interesting year for arbitration. Among some of the most important and commented news of the past year, we highlight the Spanish Constitutional Court judgements limiting the scope of the “public order” concept as a cause for annulment of awards, the on going renewable energy dispute saga in Spain, the protectionist drift some countries and regions are experiencing in their investment and arbitration legislation, the return of Ecuador to the international investment dispute resolution system through its re-accession to the ICSID convention. We can also highlight the European Court of Justice´s 'Komstroy' decision effectively forbidding intra-EU arbitration under the Energy Charter Treaty (ECT), as well as the publication of the 2020 IBA Rules on the Taking of Evidence in International Arbitration.
Since the tax year of 2021 is ended, Chinese companies, including foreign invested ones, might be required to perform the filing of related party transactions for 2021 with the competent tax authority in 2022. There are four types of Chinese transfer pricing documentation filing obligations, including master file, local file, special issue file and country-by-country report (CbCR). We suggest you to internally review the following conditions of transfer pricing documentation filing obligations and resort to us in case you need any assistance either in assessing the criteria or in preparing related mandatory documentation.
