Legal entity – Southway Corp http://southwaycorp.net/ Sun, 19 Jun 2022 23:12:56 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://southwaycorp.net/wp-content/uploads/2021/10/southway.png Legal entity – Southway Corp http://southwaycorp.net/ 32 32 Should contracts contain anti-corruption clauses? – Comment https://southwaycorp.net/should-contracts-contain-anti-corruption-clauses-comment/ Sun, 19 Jun 2022 23:12:56 +0000 https://southwaycorp.net/should-contracts-contain-anti-corruption-clauses-comment/ IntroductionDo Vietnamese companies pay attention to the fight against corruption when drafting contracts?Why include an anti-corruption clause?What are the consequences of a lack of attention to the fight against corruption when drafting contracts?Example of an anti-corruption clause​Comment Introduction Corruption can occur in various contractual areas, ranging from employment contracts to business cooperation agreements, and can […]]]>

Introduction
Do Vietnamese companies pay attention to the fight against corruption when drafting contracts?
Why include an anti-corruption clause?
What are the consequences of a lack of attention to the fight against corruption when drafting contracts?
Example of an anti-corruption clause​

Comment

Introduction

Corruption can occur in various contractual areas, ranging from employment contracts to business cooperation agreements, and can have a negative influence on the entire implementation of the contract. In recognition of this, companies in countries with a long legal history are more frequently inserting anti-corruption clauses into their contracts. Integrity and transparency between the parties and in the business environment in general are ensured by addressing anti-corruption issues right from the drafting of the contract. Therefore, contracting parties in Vietnam should give this clause the attention it deserves.

Do Vietnamese companies pay attention to the fight against corruption when drafting contracts?

Anti-corruption was not a major concern in drafting contracts in Vietnam until recently, when the country experienced significant integration and international investors expressed interest in expanding their business in the country.

Unlike some developed countries, where companies that commit acts of corruption, bribery or other similar violations are almost certain to be boycotted and even go bankrupt or lose their reputation, in Vietnam almost no company has been inspected or found guilty of corruption. As a result, Vietnamese companies rarely consider or recommend including an anti-corruption clause in their contracts. The old penal code and anti-corruption law in Vietnam had no clear restrictions on the roles and duties of companies in the fight against corruption or the consequences for companies that allow corruption to occur. In other words, in Vietnam, an anti-corruption clause was not a “must-have” when drafting contracts.

However, the Penal Code of 2015 and the Anti-Corruption Law of 2018 have since made significant improvements. Businesses now have responsibilities such as monitoring, detecting and denouncing acts of corruption in a timely manner.(1) In addition, those in positions of power and authority in businesses who engage in corrupt activities listed in the Criminal Code will face the same penalties as government agencies.(2) These stricter legislative guidelines are helping Vietnamese companies change their minds about the need to insert anti-corruption clauses in their contracts.

Why include an anti-corruption clause?

First, integrity and trust are inextricably linked. By stipulating an anti-bribery provision, the parties can ensure that during the process of negotiating, drafting, signing and performing the contract, no bribes, gifts or other improper advantages been given or promised in relation to the contract by a party to relevant parties for gaining influence over the operation of the business or organization, or for personal gain.(3) Thus, the reliability and feasibility of the contract will be strengthened and become more durable.

Second, the anti-bribery provision helps to ensure competitive equality in the marketplace. Parties that follow the law and compete on their own merits will contribute to the growth of the overall market. Instead of being influenced illegally, winning a bid or successfully signing a contract should be based entirely on the actual capabilities of the company and the free will agreement between the parties. Accordingly, contracting parties will intentionally strive to improve their own capacity and quality rather than seek illegal means of reaping instant gains. This is a long-term benefit that will improve both the economy and people’s quality of life.

Finally, it helps organizations avoid major risks. As stated earlier, bribery is regulated under the Penal Code 2015 with the maximum penalty of life imprisonment or death. Although legal persons are exempt from Penal Code sanctions, the Anti-Corruption Act 2018 imposes specific responsibilities on companies to prevent corruption. Therefore, complying with the law by inserting an appropriate clause in the contract would help the company reduce the risk of liability and avoid getting bogged down in complicated legal proceedings.

What are the consequences of a lack of attention to the fight against corruption when drafting contracts?

Termination or unwillingness to enter into a contract is a possibility
Before signing the contract,
the company may have to go through a capacity assessment and anti-corruption policy as part of the transaction process. If it is not possible to meet the prerequisites for defining anti-corruption terms or programs, the transaction will be difficult to complete, especially if the company wishes to work with companies and organizations from countries that are signatories to the Convention of Corruption. the Organization for Economic Co-operation and Development (OECD). Against bribery of foreign public officials in international business transactions. Corruption is an obstacle to global collaboration and causes enormous damage to companies that want to integrate.

In case of corruption in the cooperation process, the parties will face serious consequences
Even if the deal is done, the absence of an anti-corruption clause that binds and reminds the parties of their responsibilities and limits will increase the likelihood of a breach.. Corrupt activity can result in criminal convictions, as noted above. Besides the cost of a monetary penalty that may be imposed as a result of a prosecuted case, there will inevitably be a significant diversion of time in settling the proceedings. Additionally, if a contract is obtained through corrupt means, all payments made under the contract may be considered proceeds of crime and confiscated by the appropriate authorities.(4)

Loss of key personnel
Sections 353.5 and 354.5 of the Penal Code state that an offender may also be prohibited from holding certain positions or performing specific jobs for one to five years. Normally, those who participate in corrupt activity play a vital role in the business and may be deeply involved in the performance of the contract. These individuals could be subject to criminal prosecution under the Criminal Code and could be fired, causing significant instability for businesses.

Prestige loss
A company’s reputation can be seriously damaged if it is discovered or someone is convicted of bribery. If it is a publicly traded company, this could have a significant negative impact on its share price.

Economic damage and inefficiency
Bribery is detrimental to equal competition when it is freely given, received or bargained for in entering into a transaction. As a result, legitimate companies find it difficult to obtain official authorization. The economy becomes less efficient as these activities become more popular. Corruption in particular can lead to underdevelopment in developing countries like Vietnam. According to research, when corruption increases or the corruption perception score decreases by one point, direct investment inflows to Vietnam drop by 1.54%.(5)

Sample Anti-Corruption Clause

Companies should pay more attention to creating anti-bribery language given the implications outlined in this article. Below is an example of an anti-corruption clause that companies can include in their contracts, based on the Vietnamese Penal Code of 2015 and the Anti-Corruption Law of 2018.

Article X: fight against corruption

  1. Definition:

“Corruption” means the misuse by an office holder of his official capacity for personal gain. “Corruption”, as used in this anti-corruption clause, includes bribery or embezzlement.

“Officer” means a person appointed, elected or employed under a contract or other form of employment, whether or not receiving a salary, to whom are assigned certain functions and the power to exercise these functions. functions.

“Bribe” means money, property, other tangible or intangible benefits. Corruption includes giving, accepting, negotiating, promising, accepting or asking for a bribe.

“Embezzlement” means that a person or entity intentionally misappropriates its assets.

  1. No member of the company, nor any officer, member, director, officer, agent, consultant, employee, distributor or other person associated with or acting on behalf of the company (collectively, Covered Persons) shall by any means :
  • directly or through an intermediary, give or promise to give a bribe to a government official or other person or organization in order to influence them to perform or not perform certain tasks in the interest of or at the request of the bribe giver;
  • receive or promise to receive, directly or through an intermediary, a bribe for himself or for another person or organization as a condition of acting or not acting in the interest of or at the request of the bribe giver;
  • broker a bribe; Where
  • abuse his position or power to misappropriate property under his direction.
  1. Members of the board of directors or the council of shareholders, presidents, managing directors, deputy managing directors, directors, assistant directors, chief accountants and holders of other managerial positions of public companies must not sign contracts with businesses owned by their spouses, parents, children or siblings; must not allow companies owned by their spouses, parents, children or siblings to bid for contracts of their companies; must not allow their spouses, parents, children or siblings to hold positions of personnel management, accounting, treasurer or warehouseman in their businesses or to participate in transactions, exchanges of goods or of services or the conclusion of contracts with their companies.

Comment

Businesses should be aware that such a clause should not be added solely to conceal or address a target policy. It must be prepared according to the risk appetite of the parties and the objectives they are pursuing.

For more information on this subject, please contact Thi Diep Nguyen, Thi Mai Hoa Duong Where Anh Thu Le to LNT & Partners by phone (+84 28 3821 2357) or email ([email protected], [email protected] Where [email protected]). The LNT & Partners website can be accessed at the address www.lntpartners.com.

Endnotes

(1) Article 4 of the 2018 anti-corruption law

(2) Articles 353.6, 354.6, 364.6 and 364.7 of the Penal Code 2015

(3) ICC Commission on Corporate Responsibility and Anti-Corruption, and Commission on Business Law and Practice (2012), ICC Anti-Corruption Clause, p 7.

(4) Articles 353.5 and 354.5 of the Penal Code 2015.

(5) Le Thi Lanh, Huynh Thi Uyen Trang (2012)Đo lường mối quan hệ giữa tham nhũng và đầu tư trực tiếp nước ngoài tại Việt Nam, Scientific Journal of the Open University of HCMC, No. 7.

]]>
7 Essential Steps to Starting a Successful DIY Business https://southwaycorp.net/7-essential-steps-to-starting-a-successful-diy-business/ Sat, 18 Jun 2022 08:24:08 +0000 https://southwaycorp.net/7-essential-steps-to-starting-a-successful-diy-business/ Although it may not seem so profitable at first, starting a DIY business is actually a brilliant idea at the moment. As the number of homeowners continues to grow in this economy, the need for odd jobs, maintenance and repairs also increases. The demand for handymen is higher than ever and it is only expected […]]]>

Although it may not seem so profitable at first, starting a DIY business is actually a brilliant idea at the moment. As the number of homeowners continues to grow in this economy, the need for odd jobs, maintenance and repairs also increases. The demand for handymen is higher than ever and it is only expected to increase in the future, which means starting a business in this field could prove to be very lucrative. However, establishing a legal entity can still be a complex and difficult process, so here are some essential steps you need to take to start your DIY business successfully:

1. Write a business plan

Like any other business, your DIY business should also have a good business plan. This is the first step in the entrepreneurial process, and it is essential for testing the viability of your business, securing adequate funding, defining your main goals and achieving success. For this reason, you may want to start by writing a comprehensive plan, which includes a description of your business, an executive summary, an overview of your industry and your competitors, a description of services, a management and operating plan. , financial projections, and a marketing strategy.

2. Finance your business

If you have written a good business plan, you may already have a fairly good idea of ​​the costs that will be required to start your business. Apart from the expenses related to the legal aspect of the business, it may also be a good idea to consider smaller aspects such as your website, necessary software, business cards, logo design and uniform. , as they can quickly add up. Once you have a ballpark figure in mind, you will likely need to seek funding for your handyman business. Whether it’s finding an investor, securing a small business loan, or even crowdfunding, the most important thing is to find the most suitable financing solution. for you.

3. Obtain the necessary licenses

When starting a business, you will need to acquire a business license, decide on the type of organization you will run and get an official business identification number. You may need to obtain additional licenses to run your business legally, but these will depend on your country, region, or even city. After that, it’s recommended to get an official handyman or contractor’s license, even if it’s not necessary for your area. Regardless of your current skills, ongoing training can always be beneficial – it will deepen your abilities while helping to build trust among future clients.

4. Work with professionals

In order to improve your skills even further, it may be a good idea to work with the best professionals in the industry. For example, you might want to hire a senior electrician to troubleshoot any electrical problems you may have and monitor them while they are running. Their professionalism and expertise could give you more information about their job. Similarly, you can also take additional training in gardening or find an internship in plumbing, for example. These tactics will allow you to improve your skills, gain experience and become an excellent handyman yourself, even before starting your business.

5. Invest in hardware

Every business needs certain tools and machines to run optimally, and a DIY business is no different. In most cases, you can start working comfortably with only basic equipment such as a basic tool kit, handsaw, circular saw, reciprocating saw, angle grinder, tool oscillating, a cordless drill, a wet/dry vacuum cleaner, etc. , you can adjust your equipment needs and invest accordingly. But since gear is determined by the tasks you perform, you might not even need anything more than the basics.

6. Consider your pricing

Once the basic aspects of the business are in place, it is also essential to select a suitable pricing model. Most handymen tend to charge by the hour, but you can also decide to charge by the job if that seems like a better fit for your business. Whatever your decision, the hourly or shift rate will also have to be fixed. This will mainly depend on your location. Do a competitor analysis, see how much similar companies charge for their services, and set a fair price, preferably somewhere in the middle or lower end of the average DIYer rates in your area. You can always increase the rate in the future, if needed.

seven. Attract new customers

The last stage of your business will be to attract your first customers and then to attract new consumers until you reach your goals. In the beginning, just ask your friends and family members to spread the word and give recommendations. But in the long run, you will have to develop a more global marketing strategy that ensures success. Consider combining traditional tactics like ads in local magazines and newspapers with digital marketing tactics like search engine optimization, pay-per-click ads, and social media advertising. This will help support continued growth.

The current environment represents the perfect opportunity for a new handyman business. However, you should always plan ahead and follow the tips above to ensure long-term success.

]]> Big changes at the ANPD with Provisional Measure No. 1124 | Insights and Events https://southwaycorp.net/big-changes-at-the-anpd-with-provisional-measure-no-1124-insights-and-events/ Thu, 16 Jun 2022 08:22:39 +0000 https://southwaycorp.net/big-changes-at-the-anpd-with-provisional-measure-no-1124-insights-and-events/ On Monday, Interim Measure No. 1124 has been published, amending Law No. 13,709 of 2018 – the General Brazilian Law of Protection of Personal Data (LGPD) – which makes significant changes to the configuration of the National Data Protection Authority (ANPD). Provisional Act No. 1.124 of 2022 does not modify the attributions of the ANPD […]]]>

On Monday, Interim Measure No. 1124 has been published, amending Law No. 13,709 of 2018 – the General Brazilian Law of Protection of Personal Data (LGPD) – which makes significant changes to the configuration of the National Data Protection Authority (ANPD).

Provisional Act No. 1.124 of 2022 does not modify the attributions of the ANPD nor its general organization chart provided for in art. 55 et seq. of the LGPD but essentially transforms the ANPD into an autarky of a particular nature. To this day, the ANPD is an integral part of the presidency, as provided for in its regimental structure. When the new regimental structure of the ANPD is published, the ANPD will have technical and decision-making autonomy, its own assets and a legal personality separate from the presidency.

Although it still needs to be approved by the National Congress to become law, the interim measure is already in effect.

This change has practical consequences, such as:

  • Increased levels of independence and autonomy for the ANPD. Being seen as an autonomous entity is essential for inspection and sanctioning bodies, and this change removes the hierarchical subordination of the ANPD, giving the ANPD autonomy similar to that of other special regime agencies, such as other Brazilian regulatory agencies and the Brazilian Central Bank.
  • Allow the ANPD to act autonomously before the judiciary. By becoming an autarky with a special character, the ANPD acquires procedural autonomy, very relevant for the personal data protection plan in the country, increasing the execution capacities of the ANPD. Therefore, it is possible for the ANPD to bring public civil actions.
  • One more step on the road to recognition by the European Union of Brazil as a country with an adequate level of personal data protection. In the EU, there are certain requirements in this regard under the General Data Protection Regulation (GDPR). One of the elements analyzed to assess the level of compliance in terms of personal data protection is the independence and non-subordination of the authority responsible for the protection of personal data in the country. This recognition would be beneficial for Brazil.
]]>
USA Today tax service provider Ryan sues for defamation | Company https://southwaycorp.net/usa-today-tax-service-provider-ryan-sues-for-defamation-company/ Tue, 14 Jun 2022 15:52:02 +0000 https://southwaycorp.net/usa-today-tax-service-provider-ryan-sues-for-defamation-company/ DALLAS–(BUSINESS WIRE)–June 14, 2022– Ryanone of the world’s leading providers of tax services and software, announced that it had filed a lawsuit against its former client, USA today. After Ryan saved Gannett Co., Inc., the parent company of USA todayover $2 million in taxes, the lawsuit alleges that Gannett committed fraud and illegally pocketed a […]]]>

DALLAS–(BUSINESS WIRE)–June 14, 2022–

Ryanone of the world’s leading providers of tax services and software, announced that it had filed a lawsuit against its former client, USA today. After Ryan saved Gannett Co., Inc., the parent company of USA todayover $2 million in taxes, the lawsuit alleges that Gannett committed fraud and illegally pocketed a portion of Ryan’s fees. USA today misrepresented Ryan’s business to USA today readers. All while concealing Gannett’s business relationship with his tax service provider.

Key points of the petition

  • USA today concealed and distorted facts that show that Ryan works strictly within the law and that the courts have ruled in his favor on the tax refunds that USA today wrongly claimed were frivolous and corrupt.
  • Ryan tried to work with USA today for months to correct the file, without any relief.
  • The trial aims to set the record straight; recover significant lost profits that Ryan has and will suffer due to USA today defamatory statements; and hold the newspaper accountable for its willful, malicious and illegal conduct.
  • USA today committed demonstrable violations of its own “Principles of Ethical Conduct for Newsrooms” by disregarding sound journalistic principles to a global online audience through its defamatory multimedia campaign against Ryan.

Ryan’s comment

“We couldn’t sit idly by and allow a big news agency to misrepresent our business,” said Ryan President and CEO G. Brint Ryan. “We are exceptionally proud of the legitimate tax savings we have achieved for our global customers, including USA today the parent company of, Gannett Co., Inc.”

It is important to note that, despite USA today Misleading and Defamatory Statements—Ryan has committed no wrongdoing and has, in fact, conducted its business in accordance with the highest ethical and legal standards. To suggest otherwise is factually and legally incorrect.

About Ryan

Ryan, an award-winning global tax software and services provider, is the world’s largest firm dedicated exclusively to corporate taxes. With global headquarters in Dallas, Texas, the firm provides an integrated suite of federal, state, local and international tax services on a multijurisdictional basis, including tax recovery, advisory, advocacy, compliance and technology. Ryan is a 10-time recipient of the Customer Service Institute of America’s (CSIA) International Service Excellence Award for his commitment to world-class customer service. Strong in dynamics myRyan work environment widely recognized as the most innovative in the tax services industry, Ryan’s multidisciplinary team of more than 3,500 professionals and associates serves more than 18,000 clients in more than 60 countries, including many of the largest Global 5000 companies. More information about Ryan can be found at ryan.com. “Ryan” and “Company” refer to the global organizational network and may refer to one or more of Ryan International’s member companies, each of which is a separate legal entity.

Show source version on businesswire.com:https://www.businesswire.com/news/home/20220614005827/en/

CONTACT: Stacey Underwood

Senior Manager, Content, Communications and Public Relations

Ryan

972.934.0022

stacey.underwood@ryan.com

KEYWORD: TEXAS UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: SOFTWARE DATA ANALYSIS FINANCE CONSULTANCY MEDIA COMMUNICATIONS PROFESSIONAL SERVICES TECHNOLOGY

SOURCE: Ryan

Copyright BusinessWire 2022.

PUBLISHED: 06/14/2022 11:51 AM/DISC: 06/14/2022 11:51 AM

http://www.businesswire.com/news/home/20220614005827/en

Copyright BusinessWire 2022.

]]>
Share Commentary: 8990 Holdings buys Cebu-based developer for 88 million pesos https://southwaycorp.net/share-commentary-8990-holdings-buys-cebu-based-developer-for-88-million-pesos/ Mon, 13 Jun 2022 00:56:50 +0000 https://southwaycorp.net/share-commentary-8990-holdings-buys-cebu-based-developer-for-88-million-pesos/ 8990 Assets [HOUSE 10.48 0.77%] [link] revealed that it has entered into an investment agreement with several shareholders to acquire 68% of the common shares of Piccadilly Premier Land (PPL), a developer of medium-sized affordable homes based in Cebu. HOUSE said the transaction will “broaden its reach” through PPL’s ​​existing portfolio of “affordable projects”. HOUSE […]]]>

8990 Assets [HOUSE 10.48 0.77%] [link] revealed that it has entered into an investment agreement with several shareholders to acquire 68% of the common shares of Piccadilly Premier Land (PPL), a developer of medium-sized affordable homes based in Cebu.

HOUSE said the transaction will “broaden its reach” through PPL’s ​​existing portfolio of “affordable projects”.

HOUSE will pay its shares in cash once certain parcels of land have been transferred into PPL and HOUSE has completed its due diligence.

MB RESULTS

I like to see it when companies acquire businesses, projects or assets that exist outside of their immediate ecosystem.

That said, I don’t know anything about PPL or the shareholders involved, so there could be more overlap on this deal than is apparent at this time.

One thing to note here is that this is a stock purchase and not an asset purchase.

In an asset purchase, a company buys a “thing”, and when it buys that thing, the thing comes with a very limited set of potential problems that are usually well documented. In a stock purchase, a company buys a slice of the legal entity that owns all of the assets, as well as all of the liabilities.

The set of potential problems is no longer limited at all; Buyers need to think about existing liabilities as well as potential liabilities, and this is where due diligence becomes critically important.

Are there any current legal issues or even potential for legal issues?

Are there any problems with BIR, DOLE or customs?

Are there potential liabilities for environmental issues?

Is the company exposed to potential contractual disputes with suppliers and customers?

This “opening of the kimono” by PPL, where he reveals all of his books to HOUSE, can be a tense process.

This is likely the reason why there are far fewer arm’s length transactions made in the Philippines compared to more developed markets.

I’m crossing my fingers that everything goes well, because if it’s an arm’s length deal, I’d love to see more like this.

Merkado Barkada is a free daily newsletter on PES, investment and business in the Philippines. You can subscribe to newsletter Where Follow on Twitter to receive full daily updates.
Merkado Barkada’s opinions are provided for informational purposes only and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor should do their own due diligence before trading, as the facts and figures in each particular article may have changed.

]]>
Has Thailand hit the jackpot in its latest bid to tackle lottery overvaluation? https://southwaycorp.net/has-thailand-hit-the-jackpot-in-its-latest-bid-to-tackle-lottery-overvaluation/ Sat, 11 Jun 2022 01:57:19 +0000 https://southwaycorp.net/has-thailand-hit-the-jackpot-in-its-latest-bid-to-tackle-lottery-overvaluation/ The government’s latest bid to tackle chronic lottery overpricing saw over 5 million digital tickets sold in just five days via the “Pao Tang” mobile app last week. The Government Lottery Office (GLO) moved to the online channel after all other measures to prevent the official ticket price of 80 baht from rising on the […]]]>

The government’s latest bid to tackle chronic lottery overpricing saw over 5 million digital tickets sold in just five days via the “Pao Tang” mobile app last week.

The Government Lottery Office (GLO) moved to the online channel after all other measures to prevent the official ticket price of 80 baht from rising on the black market failed.

Those who have purchased digital lottery tickets through the app have expressed satisfaction that they can do so in a few easy steps, choosing their favorite numbers and even purchasing tickets with identical numbers at “just” 80 baht each – one price considered a bargain for regular lottery players. .

Sales through the Pao Tang app were launched on June 2 for the June 16 draw, with a total of 5.17 million tickets offered on the new electronic marketplace provided by the GLO, according to Tipanan Sirichana, gatekeeper. word of the government committee responsible for combating overpricing of the lottery.

She said the lottery tickets were seized from thousands of registered small sellers who broke GLO rules, selling at inflated prices or reselling their tickets to wholesalers.

Authorities have apparently been inspired by online lottery sales platforms that abuse legal loopholes to provide a virtual marketplace for lottery sellers and make money by charging “service fees” to buyers.

In April, police raided the offices of several major online lottery platforms, including Blue Dragon and Kong Salak Plus, and accused them of selling overpriced lottery tickets.

Overestimating a daily curse

The legal price of the government lottery is 80 baht per ticket, but players consider themselves lucky to be able to buy one at this price. Normally, lottery tickets are sold for 100 baht or more, depending on “demand” (real or invented) for certain numbers – especially the last two or three digits.

Tickets that contain a set of identical six-digit numbers are highly coveted by lottery players. Due to the potential of winning a huge jackpot if the tickets reach the top prize of 6 million baht, they are sold at inflated prices – ranging from at least 100 baht per ticket in a set of two tickets up to 400- 500 baht. each in a set of 15 tickets.

Government after government has failed in its attempts to eradicate the chronic problem of excessive lottery prizes. The junta that came to power after the May 2014 military coup made lottery reform one of its priorities and initially succeeded in limiting the price of a lottery ticket to 80 baht.

However, the success was short-lived, as the excessive lottery prizes returned with a vengeance. Despite a police crackdown and the risk of fines, many lottery vendors still regularly sell their wares at marked-up prices.

Street vendors often charge 120 to 130 baht for a ticket, citing the higher cost they pay themselves when buying from large dealers. Small vendors who are assigned lottery tickets by the GLO complain of a ‘low profit margin’ if they stick to the legal price of 80 baht, as they buy each ticket for 70.40 baht from the agency .

For each lottery draw on the first and 16th of each month, the GLO allocates 100 million tickets on a non-refundable basis – 33 million to major distributors under a quota system and 67 million to 134,000 registered small sellers , who each receive 500 tickets.

There are still around 100,000 unregistered lottery sellers who have no choice but to buy tickets from large dealers at high prices. Some small vendors claim that each lottery ticket costs them 90-95 baht, citing this as the reason why they cannot resell them at 80 baht.

Over 2.4 million digital lottery tickets purchased in a single day

Very popular

A large portion of Thailand’s population buys tickets, as the government lottery is extremely popular despite the low odds of winning and an allegedly unfavorable payout rate compared to other countries. An estimated 21.4 million Thais buy government lottery tickets regularly while 23.7 million people play the underground lottery – although these two groups may overlap.

A 2003 study calculated that the underground lottery generated at least 92 billion baht per year, although this figure could be much higher now. The study alleged that the illegal lottery business thrives on more than 11 billion baht in bribes paid to state officials each year.

A 2018 survey found that one in four Thais regularly played government or underground lotteries, buying more than 250 billion baht worth of tickets a year. Meanwhile, almost two-thirds of lottery players in Thailand (61.3%) were in the low-income bracket, earning almost a quarter less than the average monthly salary of 15,000 baht, according to an article. of 2006 from a Thai researcher in the International Gambling. Study review.

The GLO tops the top 10 state-owned enterprises contributing to the country’s revenue – 51.1 billion baht last year, up from 46.6 billion in 2020 and 41.9 billion in 2019. Revenue from lottery sales have remained high despite the economic crisis caused by COVID-19 over the past two years.

History of Thai Lottery

The lottery is one of only two forms of gambling allowed by law in Thailand, the other being horse racing in Bangkok. Records show that the lottery was first introduced in the country around 1832, during the reign of King Rama III.

Initially, as most of the players were Chinese migrants, the first Siamese lotteries were based on Chinese-style games, in which bets were placed on cards illustrated with images of animals, flowers or alphabets.

The Western-style number-based lottery was first introduced to the Kingdom in 1874 during the reign of King Rama V to raise funds for charity on his birthday.

Later lotteries were held intermittently until 1933 when the Siamese Government Lottery was established to raise funds for educational and health purposes. It was then that the lottery became a standard source of state revenue.

In 1939, the GLO was established, with a government lottery draw committee appointed on April 5, 1939, which is considered the agency’s founding day.

The GLO became a legal entity and state enterprise under the Ministry of Finance when the Government Lotteries Office Act came into force in October 1974.

By General Office of Thai PBS World

]]>
OFAC bans accounting services for Russian nationals | Foodman CPAs and Advisors https://southwaycorp.net/ofac-bans-accounting-services-for-russian-nationals-foodman-cpas-and-advisors/ Thu, 09 Jun 2022 16:17:21 +0000 https://southwaycorp.net/ofac-bans-accounting-services-for-russian-nationals-foodman-cpas-and-advisors/ Accounting services, trust and business formation, or management consulting services are now prohibited for Russian nationals in accordance with the Office of Foreign Assets Control (“OFAC”) announcement of May 8, 2022 of the US Department of the Treasury Determination pursuant to Section 1(a)(ii) of Executive Order 14071 (released April 6, 2022). Effective 12:01 a.m. ET, […]]]>

Accounting services, trust and business formation, or management consulting services are now prohibited for Russian nationals in accordance with the Office of Foreign Assets Control (“OFAC”) announcement of May 8, 2022 of the US Department of the Treasury Determination pursuant to Section 1(a)(ii) of Executive Order 14071 (released April 6, 2022). Effective 12:01 a.m. ET, June 7, 2022, U.S. persons are prohibited from exporting, re-exporting, selling, or providing, directly or indirectly, accounting, trust, and business formation services, or management consulting to anyone located in the Russian Federation. That said, it is very important that any party doing business with Russia review their sanctions exposure and ensure that an effective OFAC sanctions compliance program is in place to minimize exposure to enforcement of sanctions by OFAC.

Who are the American people?

Section 4 of Executive Order 14071 states that for the purposes of the Executive Order, the definitions of terms are as follows:

  • USA person” means any citizen of the United States, lawful permanent resident, entity organized under the laws of the United States, or any jurisdiction in the United States (including foreign branches), or any person in the United States.
  • the person” signifies an individual or an entity.
  • entity” means a partnership, association, trust, joint venture, corporation, group, sub-group or other organization.

Who is a Russian person?

OFAC plans to issue regulations defining the term “Russian person” as meaning an individual who is a citizen or national of the Russian Federation, or an entity organized under the laws of the Russian Federation.

What is excluded in the determination?

  1. any service to an entity located in the Russian Federation that is owned or controlled, directly or indirectly, by a U.S. Person.
  2. Any service related to the liquidation or disposal of an entity located in the Russian Federation that is not owned or controlled, directly or indirectly, by a Russian person.

OFAC FAQ 1034 Provides definitions for “accounting”, “trust and business formation” and “management consulting” services as follows:

  • Accounting services” – includes services related to the measurement, processing and evaluation of financial data on economic entities. Please note that OFAC has issued General License 35 to authorize certain transactions usually incidental and necessary to the export, re-export, sale or supply, directly or indirectly, from the United States, or by a person of the United States United States, wherever located, providing credit rating or auditing services to anyone located in the Russian Federation until 12:01 a.m. Eastern Daylight Time on August 20, 2022. See FAQ 1035.
  • Fiduciary and company formation services– includes services related to assisting individuals in the formation or structuring of legal persons, such as trusts and corporations; act or cause others to act as directors, secretaries, administrative trustees, fiduciary trustees, registered agents or registered shareholders of legal entities; provide a registered office, a business address, a mailing address or an administrative address for legal persons; and the provision of administrative services for trusts. Please note that all of these activities are standard activities of Trust and Company Service Providers (TCSPs), although they may be provided by others.
  • Management consulting services” – includes services related to strategic business advice; organizational and system planning, assessment and selection; development or evaluation of marketing programs or implementation; mergers, acquisitions and organizational structure; staff augmentation and human resource policies and practices; and brand management.

OFAC 1035 FAQs

For the purposes of Russia General License 35, what do the terms “credit rating services” and “auditing services” mean?

Answer

The term “credit rating services” means services relating to assessments of a borrower’s ability to meet its financial commitments, including analysis of general creditworthiness or in respect of a debt or specific financial obligation.

“Audit Services” means the examination or inspection of business records by an auditor, including verification and verification of accounts, statements or other representation of the financial condition or regulatory compliance of the audited entity.

General License 35 authorizes certain transactions usually incidental and necessary to the export, re-export, sale or supply, directly or indirectly, from the United States, or by a United States person, wherever located. , credit rating or auditing services to anyone located in the Russian Federation until 12:01 a.m. Eastern Daylight Time on August 20, 2022.

General License 35

Authorization of transactions involving credit rating and audit services

(a) Except as provided in paragraph (b) of this General License, all transactions customarily incidental and necessary to the export, re-export, sale or supply, directly or indirectly, of the United States, or by a person of the United States, wherever located, credit rating or auditing services to any person located in the Russian Federation which is prohibited by Section 1(a)(ii) of Executive Order 14071 are permitted until 12:01 a.m. Eastern Daylight Time on August 20, 2022.

(b) This general license does not authorize any transactions otherwise prohibited by the Russian Harmful Foreign Activities Sanctions Regulations, 31 CFR part 587 (RuHSR), including transactions involving any person blocked under the RuHSR, unless separately authorized .

The OFAC Sanctions Compliance Program applies to all

In order to avoid any type of OFAC enforcement, continued attention should be given to having policies and procedures in place to comply with US sanctions and an OFAC sanctions compliance program.

OFAC compliance applies to all US persons; including, all U.S. citizens and permanent resident aliens, regardless of residency, all persons and entities in the United States, all entities incorporated in the United States and their foreign branches, all organizations subject to the jurisdiction American, foreign entities that do business in the United States or with the United States or persons of the United States, or that use goods or services of American origin and organizations that facilitate or engage in the trade online or process transactions using virtual currency.

Although OFAC Sanctions Compliance Programs (SCPs) are bespoke programs designed around the uniqueness of a specific organization, there are certain fundamental “mindsets” applicable across the organization. business environment that can be taught. According to OFAC, the existence of an effective OFAC sanctions compliance program at the time of a violation will be considered by OFAC’s Office of Compliance and Enforcement when determining civil monetary penalties. Seeking the assistance of a professional third party in the development and implementation of an SCP within the framework of OFAC can be a practical step in the right direction.

]]>
World Trial – Practices – Gibson Dunn https://southwaycorp.net/world-trial-practices-gibson-dunn/ Sun, 05 Jun 2022 08:45:37 +0000 https://southwaycorp.net/world-trial-practices-gibson-dunn/ For the past decade, Gibson, Dunn & Crutcher has been recognized as the top litigation firm in the country. Acclaimed as a litigation powerhouse, Gibson Dunn has a long list of outstanding trial successes. For exemple, The American lawyer named Gibson Dunn a finalist in its 2021 Litigation Department of the Year competition, noting that […]]]>

For the past decade, Gibson, Dunn & Crutcher has been recognized as the top litigation firm in the country. Acclaimed as a litigation powerhouse, Gibson Dunn has a long list of outstanding trial successes.

For exemple, The American lawyer named Gibson Dunn a finalist in its 2021 Litigation Department of the Year competition, noting that “when the news breaks and the pressure mounts, clients call on Gibson Dunn litigants to take back control.” This award follows our unprecedented four wins in this biennial competition, including our 2020 honor as “Best of the Best”. The New York Law Journal named Gibson Dunn winner of general litigation in its 2020 Litigation Departments of the Year competition. In addition, our lawyers are frequently recognized as “Clitigators of the Week”. United States Rooms also named Gibson Dunn its “Commercial Litigation Law Firm of the Year” at its 2021 Chambers USA Awards, noting that “Gibson Dunn stands out as ‘all the absolute stars’ in the field, delivering top-tier litigators coast to coast and a glowing reputation as “an excellent all-around law firm with a very deep bench”.

Members of Gibson Dunn’s Global Trial Practice are not just litigators, they are top-notch litigators. Each year, our attorneys try many cases to verdict before juries, judges, arbitrators and administrative bodies. Our clients have trusted us to adjudicate their most important disputes through to verdict, and we have a proven track record of success in a wide variety of matters. We have tried cases in federal and state courts across the United States involving almost every foreseeable area of ​​controversy. We also handle disputes in a wide variety of non-judicial forums, from federal and state agencies to international arbitrations.

Gibson Dunn’s trial practice has been repeatedly acknowledged in the legal press. Law360 named Gibson Dunn one of its five essay bands of the year for 2020, recognized in part for their wins for “AMC in a case against ‘The Walking Dead’ producers who want more profits from the show” and for “Novartis in fending off an intellectual property challenge for a multiple sclerosis drug.

Benchmark Litigation United States named Gibson Dunn among its “Top 20 Trial Firms” in 2022 and recognized four partners among its “Top 100 Trial Lawyers in America”: Veronica Moyé in Dallas, Randy Mastro and Orin Snyder in New York, and Richard Parker in The Washington, D.C. publication also ranked the firm first in the United States for its practices in antitrust and competition, appellate, commercial litigation, intellectual property, labor and employment, securities personal property and white collar crime.

]]>
Wolters Kluwer CT Corporation CLE Webinar to examine essential cross-border transaction strategies https://southwaycorp.net/wolters-kluwer-ct-corporation-cle-webinar-to-examine-essential-cross-border-transaction-strategies/ Fri, 03 Jun 2022 13:00:00 +0000 https://southwaycorp.net/wolters-kluwer-ct-corporation-cle-webinar-to-examine-essential-cross-border-transaction-strategies/ NEW YORK–(BUSINESS WIRE)–An increasingly complex regulatory landscape can challenge even the most experienced lawyers or paralegals as they strive to design and execute global due diligence strategies for cross-border transactional work. Company Wolters Kluwer CT will provide guidance for managing global lien searches and document retrievals critical to these transactions during a CLE webinar – […]]]>

NEW YORK–(BUSINESS WIRE)–An increasingly complex regulatory landscape can challenge even the most experienced lawyers or paralegals as they strive to design and execute global due diligence strategies for cross-border transactional work. Company Wolters Kluwer CT will provide guidance for managing global lien searches and document retrievals critical to these transactions during a CLE webinar – “Effective Strategies for Global Privilege Searches and Global Document Retrievals” – which will be held on June 15 at 1 p.m. ET.

Devlin Fisher and Robert McHugh, Global Sales Support Managers at CT Corporation, will discuss – with a focus on Canada and Mexico – how the Uniform Commercial Code (UCC) and other laws governing business transactions in the United States compare to various legal systems around the world. Topics will include the challenges legal professionals may encounter when performing international lien searches, as well as the documents companies must order to conduct standard transactions in countries where the majority of international transactions take place.

“Organizations undertaking the complex process of due diligence should consider leveraging the experience of a trusted advisor,” said John Weber, President and CEO of Wolters Kluwer CT Corporation. “At CT Corporation, we have the knowledge, expertise and technology to help customers successfully manage their end-to-end UCC workflows.”

Fisherman consults with CT Corporation’s global law firm and corporate clients on matters related to global due diligence, compliance, and the formation and dissolution of global business entities. He also regularly presents on emerging trends in international corporate law to audiences of national law firms and professional associations.

McHugh is responsible for supporting CT Corporation’s account management and global service teams, in addition to consulting with client law firms on complex transactional and managed services projects. He has extensive experience in international compliance and corporate governance, including assisting Fortune 100 clients with multi-jurisdictional and post-acquisition projects.

For nearly 130 years, Wolters Kluwer CT Corporation has been the leading provider of registered agent, incorporation and legal entity compliance services. It is part of the Governance, Risk & Compliance (GRC) division of Wolters Kluwer and has a global reach in over 150 countries. More than 75% of Fortune 500 companies, 95% of AmLaw 100 law firms and 350,000 small businesses trust CT Corporation to manage their compliance needs. Wolters Kluwer GRC’s other legal services business is Wolters Kluwer ELM Solutions a global provider of corporate legal and expense management, contract lifecycle management and legal analytics solutions.

About Wolters Kluwer Governance, Risk and Compliance

Governance, Risks and Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency and drive better business results. GRC offers a portfolio of expert technology services and solutions focused on Legal Entity Compliance, Legal Operations Management, Banking Product Compliance and Banking Regulatory Compliance.

Wolters Kluwer (WKL) is a global leader in professional information, software solutions and services for healthcare; taxation and accounting; governance, risk and compliance; and the legal and regulatory sectors. We help our customers make critical decisions every day by delivering expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer achieved annual sales of €4.8 billion in 2021. The group serves customers in over 180 countries, maintains operations in over 40 countries and employs around 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

]]>
Special Tech Zones – Latest News – The Nation https://southwaycorp.net/special-tech-zones-latest-news-the-nation/ Mon, 30 May 2022 21:45:00 +0000 https://southwaycorp.net/special-tech-zones-latest-news-the-nation/ A Special Technology Zone (STZ) is a knowledge ecosystem designed on the triple helix innovation model where the government offers special incentives to catalyze the development, promotion and proliferation of latest technologies. It is a cluster where innovation is the main driver of all central and peripheral activities. Companies and individuals working to develop and […]]]>

A Special Technology Zone (STZ) is a knowledge ecosystem designed on the triple helix innovation model where the government offers special incentives to catalyze the development, promotion and proliferation of latest technologies. It is a cluster where innovation is the main driver of all central and peripheral activities. Companies and individuals working to develop and proliferate technologies are themselves immersed in a smart city lifestyle. The government supports and encourages businesses to help them thrive and create wealth and seize opportunities for others at a rapid pace. People and technology companies, from near and far, are attracted to these ecosystems. Gradually, areas expand beyond their originally intended boundaries and form townships and eventually cities. In this way, any given ZTS helps the supportive government ultimately execute a broader reform agenda and bring socio-economic progress to its constituents.

Silicon Valley in California (USA) and Research Triangle Park in North Carolina (USA) are the first examples of such areas dating from the 1950s; however, at the time, these were called research parks and catalyzed by universities that housed cutting-edge technology companies. Fledgling Asian economies wanted to emulate the model and so established Zhongguancun Science Park (Z-Park) in Beijing (China), Shenzhen Special Economic Zone in Shenzhen (China) and Daedeok Innopolis in Daejeon (South Korea) in the 1970s. Asian areas were catalyzed by massive government intervention because their local university and industry were not mature enough at the time. Apple, Google, Intel, Hewlett-Packard, Cisco, Huawei, Lenovo, Baidu, Tencent, and Xiaomi are examples of tech giants that have emerged from these areas. These giants now boast revenues greater than those of many sovereign countries and human resources equivalent to those of many small towns. From the 2000s and onwards, a new phenomenon was observed where entire areas were developed by private companies, such as Samsung Digital City and LG Science City (both in South Korea).

Industry-academia collaboration has been discussed in Pakistan for several decades; however, none of the proposed models provided a real and viable solution for harnessing local universities and industry for the wider socio-economic benefit of the country. These solutions have never really allowed the industry, and in particular the technology industry, to truly play its role in national development. The missing part was a set of specifically tailored and holistic incentives. While the Special Economic Zones (SEZ) model offered the closest set of incentives, however, in the Pakistani context, SEZs were far from urban centers and universities. In other words, it can be said that the needs of the technological sector and the SEZ model had a mismatch of the factors of production.

The Special Technology Zones Authority (STZA) Act 2021 changed this mismatch – the industry now has the driver’s seat thanks to unprecedented incentives and technology-specific programming in the development of policies and systems. A veritable pivot, in letter and in spirit, has taken place to propel the industry to the forefront of the triple helix. In support of all this, the STZA Authority is the architect, facilitator, as well as regulator of the ecosystem. STZA, since becoming a legal entity, has not only obtained major incentives (corporate tax and customs duty exemptions for 10 years, special provisions on foreign exchange, subsidized land and public services, and much more), but also created a system of rules, regulations and other legal provisions. provisions that will allow it to support the technology industry in a specialized way. Relationships with other government agencies (OGAs) in all units of the federation and national and international support entities were also forged.

Outreach to local and foreign tech entities has been successful, and several tech giants have started discussions to enter STZs, which will form anchors for other companies. Applications for Zone Developer (ZD) and Zone Enterprise (ZE) licenses have been opened and a large number of applications have been received in various technological fields, which will lead to significant investments and contribute to the strategic objectives of the Authority. Strategic objectives include technology transfer, technology exports, import substitution, job creation, human capital development, R&D and innovation.

A typical 100-acre urban area is expected to attract the equivalent of USD 1 billion in investment and generate an equivalent annual activity of USD 1.6 billion for GDP. The estimated investment quantum indicates that the country will attract $20 of investment for every $1 invested in land, infrastructure and connectivity. Currently, the total area of ​​all areas that are expected to come online in the near future is 1,500 acres. Using the conservative estimates above, overall technology investments in these areas could be equivalent to USD 15 billion and economic activity equivalent to USD 24 billion (>6% of GDP) maturing in the next few years.

The first technology zone to be established is the Islamabad Technopolis, a 140-acre area in the Chak Shehzad, Islamabad. The area will host technology companies, advanced technology production units, R&D centers, universities and training centers, offices of science and technology support organizations and support services. As the operationalization of this area will take some time due to major infrastructure development, arrangements for ZE tenants in a central location in Islamabad have already been made. A 300,000 square foot tower in Islamabad’s Blue Zone will house EZs working in the fields of artificial intelligence, fintech, electronics design, venture capital management and deployment, among others.

Other STZs announced following the ZD applications include Lahore Technopolis in Lahore, Pakistan Digital City in Haripur and Pak-Austria Fachhochschule Institute of Applied Sciences and Technology (PAF-IAST) in Haripur. PAF-IAST also happens to be the first university to apply for a ZD license and since then many others have applied. This represents a transformative aspect where many S&T universities can direct their R&D towards technology transfer and commercialization. Besides these five zones, more than a dozen other zones are currently being studied across Pakistan.

Many STZA alliances and partnerships will lead to an influx of foreign technology companies. Mastercard and STZA have signed a Digital Country Partnership for cashless zones and digital payment solutions for SMEs. Shorooq Partners, which is a MENAP-focused venture capital firm, and STZA signed a memorandum of understanding to establish a Pakistan-specific venture capital fund to support local entrepreneurs. Thanks to the President’s initiative to involve the American Diaspora, the STZA has actively attracted American companies. Several agreements with Chinese associations such as Zhongguancun Belt & Road Industrial Promotion Association (ZBRA) and Z-Park have paved the way for attracting Chinese technology companies to Pakistan. Similarly, Russian technology companies will be attracted via the memorandum of understanding with the Skolkovo Technology Park.

The above represents a decisive opportunity for the country to accelerate its scientific and technological development. As the nationwide deployment of the zones progresses and technology companies begin to enter and operate from the zones, the impact of the STZA initiative will become visible. This impact will not be limited to a single vertical technology or a particular subject, but will apply to the entire spectrum of technologies and will be driven by contemporary and futuristic economic needs.

A new engine for Pakistan’s economic growth

The author is Director (Research & Market Intelligence) at the Special Technology Zones Authority (STZA). He specializes in technology research and policy studies and is one of the contributors to the National STI 2022 Policy.

Many STZA alliances and partnerships will lead to an influx of foreign technology companies.

]]>