It is thought that the measures adopted to tackle the global crisis caused by the appearance of COVID-19 will be a catalyst for foreign investors filing claims against states. While we are likely to see an increase in investment arbitration in the next few years, it is unknown what stance states will adopt in response.
The stakeholders in international arbitration (arbitral institutions, tribunals, counsel and parties) have responded to the difficulties and challenges of the COVID-19 pandemic by forging a closer cooperation to provide a common response to allow international arbitration to deliver some degree of certainty in a volatile post-corona climate.
Royal Decree-Law 19/2020 states that the three-month time period for preparing financial statements and other documents required by law will start to run from June 1, 2020, and reduces the time period for approving financial statements to two months running from the end of the time period for their preparation. In keeping with the new time periods for preparation and approval of the financial statements, it is allowed to file a second corporate income tax self-assessment until November 30, 2020. Additionally, amendments are introduced to the rules on tax deferrals for small and medium-sized companies and the self-employed along with a new stamp tax exemption; and a later date has been determined for publication of the list of delinquent tax payers.
International arbitrations are not associated with any particular jurisdiction, and in Latin America and elsewhere, most arbitral institutions keep handling arbitral proceedings and enabling them to continue, despite COVID-19, by using available technology.
On 17 April 2020, new amendments to the Act on special arrangements for preventing, counter-acting and combating COVID-19 introducing the solutions of the Anti-Crisis Shield were published. What solutions were proposed for the area of public procurement?