Asia Pacific

The countdown is on: less than 12 months to go for large companies to prepare modern slavery statements

In Australia, it’s estimated that around 15,000 people may live in conditions of modern slavery, forced labour, wage exploitation, human trafficking or debt bondage.1 The introduction of the Modern Slavery Act 2018 (Cth), which commenced on 1 January 2019, aims to minimise modern slavery practices in the Australian market by requiring large businesses to report on modern slavery risks in their operations and supply chains, and actions taken to address these risks.

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Talking Tax – Issue 164

Debt deductions under the thin capitalisation rules

On 17 July 2019, the Commissioner of Taxation (Commissioner) released Taxation Determination (TD) 2019/12, which clarifies what types of costs are considered to be debt deductions within the scope of Australia’s thin capitalisation regime.

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Mortgage set aside by the Supreme Court of Victoria for unconscionable conduct

In brief

A mortgage-backed loan by a non-bank lender was recently set aside by the Supreme Court of Victoria.

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$7.83 million in back pay required by FWO

Significant reputational damage is not the only issue companies should be aware of in cases of erroneously underpaying staff, as discovered by MAdE Establishment (MADE) after entering into a Court-Enforceable Undertaking (EU) with the Fair Work Ombudsman (FWO) last week.[1]

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Beware the (fair market) value trap

Vague, incomplete and ambiguous valuation clauses in shareholders agreements are traps for the unwary and create unintended consequences.

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ACCN Leading the Way in Latest Anti-Corruption Compliance in China

Duxes is pleased to announce that the 13th Anti-Corruption Compliance in China Summit 2019 (ACCN) will take place in Beijing from November 13-15. The event aims to meet companies’ demands by helping them control their overheads, understand the latest trends and developments, and establish anti-corruption compliance culture in their enterprises.

Due to advances in the legal system, Chinese law enforcement departments are attaching greater importance than ever to industries that have a high occurrence of commercial bribery. But what exactly is the current status of China’s anti-corruption policy? How can companies manage regulatory compliance? How can corruption be better investigated and prevented? And, does the FCPA compliance system for foreign-funded enterprises work in China? All of these questions will be answered and solved at ACCN.

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Why trademarks matter to start-ups, and the secrets to getting them right

Trademarks do more than identify your brand, they provide several business and legal benefits at relatively low cost. Yet many start-ups make elementary mistakes, such as leaving trademark registration too late, which can haunt for years to come.

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Foreign Portfolio Investors’ Regulations– Proposed Changes

As the fastest growing major economy in the world, India is an important participant in global investment flows. Overseas funds flow in India both through the Foreign Portfolio Investors (“FPIs”) and the Foreign Direct Investment (“FDI”) routes with substantial inflows into capital markets. In order to rationalize the investment routes and monitoring of FPIs, the SEBI (Foreign Portfolio Investors) Regulations, 2014 (“FPI Regulations”) were notified on January 07, 2014. Over the years, several clarifications, circulars and guidelines have been issued to the FPI Regulations and a need was felt to undertake an extensive review of the FPI regime to consolidate and rationalize the FPI framework.

SEBI therefore constituted a working group under the chairmanship of Shri. Harun R. Khan (Retd. Deputy Governor of Reserve Bank of India) (“Working Committee”), to review the FPI Regulations and operational guidelines and circulars issued thereunder to simplify the language and complexities in the FPI Regulations. The Working Committee submitted its report titled ‘Report of the working group on the SEBI (Foreign Portfolio Investors) Regulations, 2014’ (“Report”) and has, inter-alia, proposed the following key recommendations:

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Financial Services in Focus – Issue 27

 

 

 

 

 

Funds and financial products
ASIC consults on relief for foreign providers of funds management services to Australian professional investors

On 3 July, ASIC released Consultation Paper 315 Foreign financial services providers: Further consultation (CP 315), and related material, in which ASIC is proposing to provide licensing relief for foreign financial services providers of funds management services in Australia to professional investors.

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Talking Tax – Issue 163

 

 

 

 

 

Income protection and superannuation insurance payments: assessable or not?

In YCNM and Federal Commissioner of Taxation [2019] AATA 1592, the Administrative Appeals Tribunal (AAT), found that a lump sum payment made under an income protection insurance policy was partly assessable as income under section 6-5 of the Income Tax Assessment Act 1997 (Cth) (Act). The AAT concluded that the portion of the lump sum attributable to a superannuation contribution insurance policy was not assessable as income.

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