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Italy: Implementation of the Jobs Act

(Nov. 5, 2015) On September 24, 2015, four legislative Decree Laws implementing the employment law reforms embodied in the 2014 Jobs Act — Decree Laws Nos. 148, 149, 150, and 151 of September 14, 2015 – entered into effect in Italy. (Legge 10 dicembre 2014, n. 183 Deleghe al Governo in materia di riforma degli […]

Indonesia: Circulars Issued on Bank Accounts for Foreigners, Other Financial Services

(Sept. 18, 2015) Indonesia’s Financial Services Authority has recently issued a number of regulations and circulars, including a Regulation on Framework Provisions on the National Economic Stimulus for Banks (Regulation No. 11/POJK.03/2015) and a Regulation on Framework Provisions of the National Economic Stimulus for Islamic Banks and Sharia Businesses (Regulation No. 12/POJK.03/2015, in addition to […]

Italy: New Legislation for Administrative Reorganization of the State

(Sept. 9, 2015) On August 28, 2015, new legislation providing for a comprehensive reorganization of the public administration entered into effect in Italy. (Law No. 124 of August 7, 2015, Powers Delegated to the Government Concerning the Reorganization of the Public Administration [Law No. 124], NORMATTIVA (in Italian).) Provisions on Digital Access to Government Information […]

Italy: Updated Legislation on Employment Contracts

(Aug. 20, 2015) On June 25, 2015, new legislation making substantial revisions to Italy’s labor code entered into effect. (Legislative Decree No. 81 of June 15, 2015, Organic Regulations of Employment Contracts and Revision of the Norms Concerning Labor, in Accordance with Article 1, Paragraph 7, of Law No. 183 of December 10, 2014 [L.D. […]

Malaysia: Tax Status of Retirement Plans Clarified

(Jan. 7, 2015) A December 24, 2014, Public Ruling issued by the Inland Revenue Board of Malaysia clarifies the tax status and other aspects of private retirement plan contributions. The Ruling covers such contributions made by individuals and by employers, as well as the income of the retirement plan itself. (Janice Loke, Malaysia: Public Ruling […]

Israel: Division of Retirement Savings Between Separating Spouses

(Sept. 4, 2014) On July 28, 2014, the Knesset (Israel’s parliament) passed the Law for the Division of Retirement Savings Between Spouses Who Have Separated, 5774-2014. (Text of the Law [in Hebrew] (July 28, 2014), Knesset website [scroll down page for hyperlink to the Law].) The stated objective of the Law is to determine arrangements […]

Germany: Parliament Passes Law on Minimum Wage

(Aug. 8, 2014) On July 3, 2014, the Bundestag (German parliament) approved by a large majority legislation introducing a minimum wage in Germany and ending a decade-long debate in the country on the subject. Starting in 2015, Germany will for the first time have a minimum wage, to be set at €8.50 (about US$11.40) per […]

Japan: 16th National Holiday Added

(July 15, 2014) Japan’s National Holiday Act was amended on May 30, 2014. (Act No. 43 of 2014; text of the current Act & the amendment, effective in 2016 [both in Japanese], available at E-GOV.GO.JP.) The amendment designates August 11 as “Mountain Day.” “Sea Day,” the third Monday of July, is already a national holiday. […]