Publication
UK Carbon Border Adjustment Mechanism: how will it work?
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
Global | Publication | September 2018
On August 17, 2018, the National Constituent Assembly issued a Constituent Decree setting out a Temporary Regime for Advanced Payment of the Value Added Tax and of the Income Tax for Passive Subjects Qualified as Special (the Decree), which was published in the Official Gazette of the Bolivarian Republic of Venezuela, Special Issue N° 6.396, dated August 21, 2018.
The purpose of this Decree is to create a temporary regime to change the frequency of value added tax (VAT) payments and implement advanced income tax and VAT payments applicable to passive subjects qualifying as special taxpayers performing activities other than mining and hydrocarbons exploitation and related activities, and who do not receive royalties from such activities.
Advanced income tax payments shall be calculated based on gross revenues obtained during the preceding term in the national territory, and for financial institutions, advances shall be calculated based on gross revenues during the immediately preceding day, times the relevant percentage. The advance can be between a minimum limit of 0.5 per cent and a maximum limit of 2 per cent of the gross income for the relevant term, and the National Executive Government can set it within such limits. For such purpose, the percentages for advanced payments are as follows
The Decree entered into force on September 1, 2018.
Publication
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
Publication
International financial markets have started to show significant interest in nature and biodiversity. Whilst climate change and greenhouse gas emissions have made the headlines in recent years, there has been much less focus on their equally important counterparts, nature and biodiversity. However, that has started to change.
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