OFAC revokes so-called U-turn authorization for Cuba-related financial transactions
OFAC published a final rule that modifies the Cuban Assets Control Regulations to revoke the so-called "U-turn" authorization.
On August 17, 2018, the National Constituent Assembly issued a Constituent Decree for a Reform of the Value Added Tax Law (the Decree). This Decree was published in the Official Gazette of the Bolivarian Republic of Venezuela, Special Issue No 6.396, dated August 21, 2018.
Paragraph 3 of article 48 of the Organic Law on Hydrocarbons1 was revoked. Such paragraph set a general consumption tax between 30 per cent and 50 per cent of the price paid by the final consumer for each liter of hydrocarbon byproduct sold in the domestic market. Such tax should be withheld at the source and should be paid monthly to the Tax Administration.
The effective date for this Decree was set for the first day of the second calendar month following publishing in the Official Gazette, that is, from October 1, 2018.
Organic Law on Hydrocarbons, published in the Official Gazette issue Nº 38.493 dated August 4, 2006.
On 5 September 2019, Professor John McMillan AO’s Final Report (Report) on the operation of the Narcotic Drugs Act 1967 (ND Act) was tabled in Parliament. Section 26A of the ND Act required the Minster to cause a review of the operation of the ND Act to be undertaken.