Asia Pacific

GST UPDATE: GUIDELINES FOR VERIFICATION OF TRANSITIONAL CREDIT

The Government of India overhauled the indirect tax structure and implemented the goods and services tax (“GST”) many years ago but its execution especially with regard to transitional credit has been shaky and subject to various writ petitions and other litigations across India. Fortunately, the issue related to carrying forward of credit from the erstwhile service tax regime to GST was resolved by the recent verdict of the Supreme Court in the case of “Union of India & Ors V. Filco Trade Center Pvt. Ltd & Anr 1.

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Llinks Bulletin: New Competence-Competence in China: A Review of the Draft Revised PRC Arbitration Law

This article aims to introduce the recent development of the competence-competence doctrine in China. The proposed modification of the PRC Arbitration Law seems to have adopted the UNCITRAL Model Law approach, which will bring about a fundamental change in this regime and make Chinese arbitration practice more consistent with international practice.  Read more…

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DEAL UPDATE

Ahlawat & Associates’ (“A&A”) has advised Lotus Holdings (hereinafter referred to as the “Investor”), in its strategic investment in Yogicsecret Healthcare Private Limited (hereinafter referred to as the “Company”) in the seed round of investment raised by the Company.

The Company, with its registered office in Gurgaon, is engaged in the business of marketing nutraceutical products for the healthcare of consumers by providing them with a range of herbal supplements aimed at maintenance of their robust well-being and promote optimal safeguard against ailments. The Company offers a preventive and remedial approach to the prevalence of modern illnesses driven by lifestyle, behaviour and choices. Their products are designed per the customers’ needs, backed by clinical studies, scientific rationale, patented ingredients and technology. The key USP of their nutraceuticals are safe for daily consumption and can effectively prevent disease onset or avert an acute condition from turning chronic. Read more…

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CENTRAL BANK DIGITAL CURRENCY IN INDIA

In a world where everything is at your fingertips, users now expect quicker and easier payments from any location at any given point in time. In the field of payment and settlement systems, India has always been a nation that has encouraged innovation and growth. Numerous payment mechanisms have been developed over the years for the convenience of the common man. Owing to such convenience, these payment systems were quickly preferred as they provided consumers an alternative to the use of cash.

With the aim to reduce dependency on cash, create an open and inclusive system and to meet the expectations of the modern digital economy of India, the Reserve Bank of India (“RBI”) intends to introduce a new form of money viz. Central Bank Digital Currency (“CBDC”). Through a concept note on CBDC published in October 2022, RBI has broadly defined CBDC as the legal tender issued by a central bank in a digital form. It shall be the sovereign currency holding exclusive advantages such as security, trust, liquidity, finality of settlement and veracity. Read more…

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Proposed New Regime for the Listing of Specialist Technology Companies on the HKEX

On 19 October 2022, the Stock Exchange of Hong Kong Limited (the “HKEX”) published a Consultation Paper on Listing Regime for Specialist Technology Companies (the “Consultation Paper”), which seeks to invite comments on the proposed new regime for listing of Specialist Technology Companies on the HKEX. Read more…

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Llinks Legal Alert – Labor & Employment Law (September 2022)

Llinks Legal Alerts focus on cutting-edge labor law topics and brings you most updated legislation trend. Please stay tuned with us.

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Llinks Bulletin: Cayman Islands’ Companies (Amendment) Act, 2021 Introduces A New Corporate Restructuring Regime – Positive Implications for the Cross-border Restructuring of Chinese-invested Companies

Over the years, many Chinese companies have registered corporate entities in the Cayman Islands (“Cayman”) driven by considerations in respect of investment, financing, tax planning, trade, etc. Cayman’s legal framework has provided investing and financing opportunities for a large number of onshore companies, including facilitating Chinese companies listing on the mainstream international stock exchanges, setting up special purpose vehicles, establishing investment funds, etc. Read more…

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Ahlawat & Associates Augments Partner Strength; Further Expands Presence Across Delhi & Mumbai

Ahlawat & Associates (“A&A”) further strengthens its foothold in Mumbai with Sumit Kochar merging his practice with A&A’s and joining the firm as Partner & Head of Mumbai Practice. The core areas of Sumit’s expertise include Fund Setup & Structuring, Estate & Succession Planning, Family Office Advisory, Intergenerational wealth planning and governance, Private Client Practice, Capital Markets, Mergers & acquisitions, Global Business Setup, Corporate Restructuring, Risk Assurance Services and Taxation.

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Llinks Bulletin: An Illustration of Data Export Security Assessment

The Cyberspace Administration of China (hereinafter referred to as “CAC”) promulgated Guidelines for the Application for Data Export Security Assessment (First Edition) (hereinafter referred to as “Guidelines (First Edition)”) on 31 August 2022. The Guidelines (First Edition) set forth the applicable circumstances, methods and process of data export security assessment (hereinafter referred to as “Security Assessment”) mentioned in the Measures for the Data Export Security Assessment (hereinafter referred to as “Assessment Measures”). In this article, the authors summarize the key points of the Guidelines (First Edition), for the ease of readers reference. Read more…

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Llinks Bulletin: China Issued Application Guidance for Data Export Security Assessment: Impact on Multinational Business

On late Aug 31st 2022, the Cyberspace Administration of China(“CAC”) promulgated the first edition of the Application Guidance for Data Export Security Assessment (the “Guidance”). Being released just ahead of the Assessment Measures of Data Export Security Assessment (the “CAC Assessment Measures”) becoming effective, the Guidance provides for the manners, procedures and documentations required for a data export security assessment under the CAC Assessment Measure (the “CAC Assessment”).   Read more…

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