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China: New Rules on Overseas Investment Released

(Sept. 7, 2017) On August 18, 2017, China’s State Council released a set of new rules directing Chinese companies’ overseas investment. According to the Opinions on Further Guiding and Regulating the Direction of Overseas Investment (Guiding Opinions), investments in the real estate, hotel, cinema, entertainment industry, and sports club sectors will be subject to government […]

Sri Lanka: Supreme Court Rules Against New Tax Law

(Aug. 28, 2017) On August 4, 2017, the Speaker of the Sri Lankan Parliament, Karu Jayasuriya, announced that he had been informed that the Supreme Court would not approve the proposed new Inland Revenue Act. (Sri Lanka’s Supreme Court Shoots Down Tax Reforms, DAILY STAR (Aug. 6, 2017).)  Under the Constitution of Sri Lanka, the […]

Sri Lanka: New Tax Law Designed to Facilitate Investment

(July 20, 2017) Sri Lanka’s parliament recently adopted new tax legislation. Sri Lanka’s Minister of Finance and Media, Mangala Samaraweera, described the new Inland Revenue Act as designed to make the country attractive to investors. Provisions that will broaden the tax base and simplify the system, he says, will create an investor-friendly atmosphere.  (Sri Lanka’s […]

Court of Justice of the European Union: Recognition of Treaty Negotiations as a Legal Act, Validation of Initiative to Stop TTIP

(May 31, 2017) On May 10, 2017, the General Court of the Court of Justice of the European Union (CJEU), which, inter alia, deals with actions for annulment of European Commission decisions brought by individuals, businesses, or governments of the EU Member States, reviewed the case M. Efler and Others v. the European Commission.  The […]

Thailand: New Law on Competitiveness in Targeted Industries

(Mar. 1, 2017) On February 13, 2017, the King of Thailand announced the adoption of the National Competitive Enhancement Act for Targeted Industries, BE 2560 (2017), in the country’s Royal Gazette. (Thailand Waives Corporate Tax in Targeted Industries, THAI LAW FORUM (Feb. 22, 2017); Act to Enhance the Competitiveness of Targeted Industries B.E. 2560, 134:19 RATCHAKITCHANUBEKSA […]

Indonesia: New Rapid Licensing Available for Energy Companies

(Feb. 2, 2017) On January 30, 2017, Indonesia’s Investment Coordinating Board and the Ministry of Energy and Mineral Resources jointly initiated a rapid, one-stop process for licensing some energy businesses.  Temporary licenses for eight types of operations in the oil and gas sector and for one in the electricity procurement industry will be available.  Applicants […]

Laos: Proposed Amendment of Law on Promotion of Investment

(Nov. 28, 2016) On November 17, 2016, Laos’s Deputy Minister of Planning and Investment, Khamlien Pholsena, introduced a draft amendment to the 2009 Law on Investment Promotion to the National Assembly, the country’s legislature. (Somxay Sengdara, Law Amendment to Strengthen Investment Promotion, VIENTIANE TIMES (last updated Nov. 18, 2016); Law on Investment Promotion, No. 2/NA […]

Indonesia: Regulation on Shell Companies Issued

(Aug. 29, 2016) On August 19, 2016, Indonesia’s Ministry of Finance issued a regulation designed to support the tax amnesty program already adopted by the House of Representatives at the end of June under Law No. 11 on Tax Forgiveness. The amnesty program is aimed at encouraging the repatriation of Indonesian assets from abroad. (Ayomi […]

Kazakhstan: Zero VAT Rate Established for Some Goods

(Aug. 15, 2016) On July 29, 2016, Kazakhstan adopted Resolution No. 444, amending Resolution No. 1197 of September 14, 2012, and providing a list of goods for which the value-added tax rate is zero for transactions in special economic zones. The new Resolution was published in the country’s official gazette on August 4, becoming effective […]

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 […]