Publication
What M&A trends will transform the 2024 insurance landscape?
It is widely accepted that 2023 was one of the worst years in recent memory for M&A activity.
Global | Publication | October 2017
On October 24, 2017, an official notice issued by the Venezuelan Central Bank was published in Official Gazette No. 41,263 in connection with the applicable exchange rate for the assessment of certain tax liabilities (the Official Notice).
In the Official Notice the Central Bank informs the tax authorities and the public that the exchange rate set forth in article 1 of Exchange Agreement No. 35 of March 9, 2016, (namely, the protected or DIPRO exchange rate) shall be used as reference in the following cases:
Assessing tax liabilities arising from contracts entered into by Petróleos de Venezuela, S.A. (PDVSA), its affiliates or mixed companies incorporated pursuant to the Organic Hydrocarbons Law (Mixed Companies) with exclusive vendors of specialized supplies in the national territory that are directly connected to liquid and gaseous hydrocarbons activities, which payment was agreed upon in foreign currency. The Official Notice does not define the term “specialized supplies.”
Payment obligations of public prices, tariffs, commissions and surcharges that were agreed upon in foreign currency as the unit of account of PDVSA, its affiliates and Mixed Companies.
Finally, in the Official Notice the Central Bank reaffirms the content of official notices published in Official Gazette No. 41,024 of November 4, 2016, and N° 41,128 of April 4, 2017, pertaining to the applicable exchange rate for the purposes of: (i) translating the taxable base of tax liabilities arising from customs operations carried out by PDVSA, its affiliates, Mixed Companies or its vendors of specialized supplies; and (ii) assessing the taxable base of domestic taxes applicable to primary activities concerning liquid and gaseous hydrocarbons.
Publication
It is widely accepted that 2023 was one of the worst years in recent memory for M&A activity.
Publication
The ongoing conflicts and further geopolitical tensions in Eastern Europe and the Middle East, coupled with upcoming elections in a number of key countries including the US and the UK, make 2024 challenging to predict what impact this will have on the insurance sector.
Publication
On 6 September 2022, the European Commission (EC) prohibited Illumina’s acquisition of Grail, bringing to an end the administrative stage of a legal saga that has attracted interest beyond competition law specialists.
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