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Indonesia: Tax Amnesty Passed

(July 6, 2016) On June 28, 2016, Indonesia’s House of Representatives adopted a tax amnesty bill. The amnesty was described by Bambang Brodjonegoro, the Minister of Finance, as beneficial to the economy because it would increase asset repatriation, support the currency, help lower interest rates, and increase domestic investment. The government plans to issue three […]

Jordan: Investment Fund Law Enacted

(June 29, 2016) Jordan recently enacted the Jordanian Investment Fund Law, to establish a fund (the Fund) as a legal entity endowed with administrative and financial independence and authorized to own movable and immovable properties. (Law No. 16 of 2016, AL-JARIDAH AL-RASMIEH [OFFICIAL GAZETTE] No. 5399 (May 26, 2016) , art. 3(a) (in Arabic) (showing […]

Italy: Legislation on Debtor-Creditor Relationships

(June 21, 2016) On May 4, 2016, new legislation introducing provisions related to debtor-creditor relations, bankruptcy procedures, executive debt collection procedures, and procedures for the protection of investors in banking institutions that are under liquidation entered into effect in Italy. (Decree-Law No. 59 of May 3, 2016, Urgent Provisions Concerning Executive and Bankruptcy Procedures, as Well as […]

Indonesia: Capital Requirement for Starting a Business Reduced

(Apr. 8, 2016) On March 21, 2016, Indonesia’s President, Joko Widodo, signed into effect a regulation changing the requirement for starting a business in the country. The previous requirement that any new limited liability company have initial capital of at least RP50 million (about US$3,780), with at least 25% of that already in hand, has […]

European Union: The Netherlands in Charge of EU Presidency

(Jan. 29, 2016) On January 1, 2016, the Netherlands took over the rotating Presidency of the Council of the European Union and will be in charge of the Council agenda for the next six months. (The Netherlands and the EU Presidency, Netherlands EU Presidency 2016 website (last visited Jan. 29, 2016).)  The 2009 Lisbon EU […]

Indonesia: Economic Deregulation Planned

(Sept. 14, 2015) On September 9, 2015, Indonesia’s President Joko Widodo announced a major economic deregulation policy. According to the President, there are three areas that will be the focus of this policy: increasing the competitiveness of industry, speeding up infrastructure projects, and raising the amount invested in the property sector of the economy. Widodo […]

Italy: Measures to Foster Banking System and Promote Investment

(Feb. 10, 2015) Italy’s cabinet has approved new measures, contained in Legislative Decree No. 3 (D.L. No. 3), aimed at bolstering the national economy, in particular the banking and investment sectors. (Legislative Decree No. 3 of January 24, 2015, Urgent Measures for the Banking System and Investment, GAZETTA UFFICIALE (G. U.) No. 29, NORMATTIVA (in […]

China: Rules Revised to Facilitate Overseas Investments

(Oct. 31, 2014) On September 6, 2014, China’s Ministry of Commerce (MOFCOM) released the revised Administrative Measures for Overseas Investment (Measures). (Jingwai Touzi Guanli Banfa, MOFCOM Order [2014] No. 3 (Sept. 6, 2014), MOFCOM website; English translation available through Westlaw China online subscription database.) Taking effect on October 6, 2014, the new Measures repealed the […]

French Polynesia: New Law Gives Tax Breaks to Some Large Investors

(June 10, 2014) On May 26, 2014, a law was adopted establishing the tax rules for large-scale investments in hotels and tourist businesses in French Polynesia. (Law No. 2014-12, Loi de pays instituant un dispositif en faveur des grands investissements hôteliers et touristiques [National Law on a Measure for the Benefit of Large Investments in […]

Estonia: E-Residency May Be Granted to Foreign Investors

(June 6, 2014) On April 24, 2014, the Government of Estonia approved the concept of e-residency, which would allow non-resident foreign investors to use Estonian government online services, open bank accounts, and register businesses in Estonia without visiting the country. (Estonian Government Accepted E-Residency Concept, FINANCE ESTONIA (Apr. 25, 2014).) Profits from the Estonian virtual […]