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According to Garner, Inc., the worldwide public cloud services market is projected to grow 16.5 percent in 2016 to total $204 billion, up from $175 billion in 2015. This continued surge in cloud computing has more and more businesses interested in outsourcing to cloud service organizations. But with many well-publicized data breaches and privacy concerns … Read More
On June 3, 2016, Hong Kong issued a press release saying that the Government published the Inland Revenue (Amendment) (No. 2) Ordinance 2016 (the Amendment Ordinance) in the Gazette. The purpose of the Amendment Ordinance is to encourage multinationals to establish corporate treasury centers in Hong Kong. The Amendment Ordinance allows, … Read More
On March 22, 2016, the OECD published its standardized electronic format for the exchange of Country-by-Country (“CbC”) Reports between Competent Authorities, including the CbC extensible markup language (“XML”) schema and related User Guide. Both documents were developed to assist the speedy and consistent implementation of CbC Reporting with a view to accommodating the electronic … Read More
The Indian automotive industry is one of the most important contributors to the country’s economy, both in terms of growth and employment. The industry accounts for 45% of the country’s manufacturing GDP, 7.1 % of the country’s GDP by volume and employs about 19 million people both directly and indirectly. Currently, the Indian automotive industry … Read More
On May 17, 2016, President Obama announced new wage thresholds for nonexempt wage earners to be subject to overtime. The old limits of $23,660 and $100,000 for high earner test have been in place since August of 2004. The new wage thresholds become effective on December 1, 2016. The final regulation should be available on … Read More
On May 19, 2016, the European Commission published a Notice on state aid, as referenced in Article 107(1) of the Treaty on the Functioning of the European Union (TFEU). Article 107(1) of the Treaty defines state aid as “… any aid granted by a Member State or through State resources in … Read More