ILN marketers leverage their firm’s ILN membership in many different ways. Today we launch “How I ILN” in an effort to share ideas that add value to your day to day efforts. Thanks to Joanne Thorud for kicking us off. If you have ideas you are willing to share please let either Joanne Thorud or Jennifer Smuts know.
ASEAN Economic Community News
Civil Service Declaration
At the 30th ASEAN Summit in Manila, the heads of the ASEAN member states signed the Declaration on the Role of the Civil Service as a Catalyst for Achieving the ASEAN Community Vision 2025. The Declaration emphasizes the civil service’s role in providing good governance and vital public services and driving national and social development. The Declaration includes initiatives to enable ASEAN’s civil services to reach the highest standards of professionalism, efficiency, effectiveness, transparency, responsiveness, participatory approach, and accountability. At present, mechanisms to ensure the adoption of good governance need to be developed.
The standard corporate income tax rate fixed at 33.33% will progressively be decreased to 28%.
In 2017, only the SMEs which have less than 250 employees, and less than EUR 50 million turnover or balance sheet of under EUR 43 million benefit from the 28% on their profit first EUR 75,000 of taxable income.
BREXIT – Britain’s momentous decision to leave the European Union has put into question what rights will British nationals and companies located in Britain have in relation to the European market? In particular, there is doubt whether the passporting rights pursuant to European directives will continue to apply.
Malta offers a number of advantages to individuals and companies looking for a secure and stable entry point into the European market.
Malta, a full EU member, has transposed all applicable EU directives into its domestic law, particularly in relation to the financial services sector, covering such areas as Funds, Investment Services, Pensions etc.
Added to which, Malta’s long term, special relationship with the UK, provides UK located individuals and businesses comfort in the face of the forthcoming Brexit changes.BREXIT – Malta’s Opportunity
ASEAN Economic Community News
The 13th Regional Comprehensive Economic Partnership (RCEP) Trade Negotiations Committee meeting took place earlier this month. The committee wants to finalize the RCEP agreement in 2016 and plans to present the draft agreement to the heads of the RCEP’s 16 member countries at the annual ASEAN summit in September. Issues that need to be finalized include the liberalization of trade in goods, services, and investment, intellectual property rights laws, rules of origin, customs procedures, trade facilitation, sanitary and phytosanitary standards, technical barriers, electronic commerce, finance, telecommunications, and economic cooperation.
In steps to further liberalise and simplify the foreign direct investment (“FDI”) regime in India and with the objective of providing major impetus to employment and job creation in India, the Government of India has announced sweeping changes to the FDI policy. It is stated that most of the sectors would now be under the automatic approval route except for a small negative list. The last 2 years have witnessed major FDI policy reforms in a number of sectors including in defence, insurance, broadcasting, single brand retail trading, manufacturing, civil aviation and asset reconstruction companies. Changes now introduced include increase in sectoral caps, bringing more activities under automatic route and easing of conditionalities for foreign investment. Brief details of the changes are as follows:
- The Equalisation Levy:
Overseas E-Commerce Companies (“OECs”) such as Facebook, Google and Amazon generate substantial revenues from Indian online advertisers through digital advertising. Since these OECs do not have a Permanent Establishment (“PE”)1 in India, the revenue they generate is not taxable in India.
On May 11, 2016, President Obama signed into law the Defend Trade Secrets Act (“DTSA”). This act, in effect, creates a federal trade secrets law with some interesting procedural aspects. For the first time in American jurisprudence, a federal trade secrets act permits litigants to prosecute and defend trade secrets or confidential information cases in a federal court, as opposed to a state court. The law finds its constitutional foundation under the commerce clause.
Why is this new law so important? Because it nullifies the many differences in the trade secrets laws of many states, and presents a uniform substantive and procedural vehicle that may be used in any federal court in any state in the Union.
The Dej-Udom & Associates Thailand-ASEAN Newsletter for April 2016
ASEAN Economic Community News
ASEAN+3 Financial Safety Net
Finance ministers and central bank bosses from the ASEAN member states and Japan, China, and South Korea agreed to enhance a regional financial safety net to prevent any crises and to help promote economic growth. To support regional economic and financial stability, the group plans to closely monitor capital flows and risks stemming from capital flow volatility and respond appropriately to the changing economic environment and financial market volatility. They also agreed to enhance the 2010 Chiang Mai Initiative Multilateralization scheme which provides credit liquidity in financial markets at times of unusual volatility.
Amendments to the Consumer Protection Act Alternative dispute resolution for consumer disputes Starting 1 February 2016, the Consumer Protection Act (“CPA”) newly regulates alternative dispute resolution for consumer disputes. In particular, this provides the consumer with the opportunity to resolve his/her rights arising from (among others) purchase agreements before the national authority. In the Czech Republic, the authority for disputes arising from purchase agreements is the Czech Trade Inspection Authority.
Furthermore, the act also brings with it the obligation of the trader to inform the consumer about the exact competent authority to arbitrate the particular consumer dispute. That information should be provided in a clear, comprehensible and easily accessible way. If the General Terms of Purchase are an obligatory part of the agreement, or if the trader operates its own website(s), such information must also be mentioned there.