The new General Import and Export Duties Law (LIGIE) recently entered into force, updating the General Import and Export Tariff Code by removing more than 4,000 obsolete tariff items, consolidating the existing tariff items and introducing new tariff items for newly created goods. The new LIGIE also implements the Sixth Amendment to the Harmonised System established by the World Customs Organisation and introduces a commercial identification number.
Amendments to the Maritime Labour Convention (MLC) 2006 recently came into force after having been adopted in 2018. Malta, as a signatory to the MLC, implemented the changes into domestic law on 18 December 2020, with said changes having effect as of 26 December 2020. As one of the largest ship registries in the world, these changes will have a significant impact on the world s shipping workforce.
Maltese law
The MLC was transposed into Maltese national law and introduced as the Merchant Shipping (Maritime Labour Convention) Rules, Subsidiary Legislation 234.51.
Under Maltese law, all employment relationships are governed by the Employment and Industrial Relations Act (EIRA), Chapter 452 of the Laws of Malta, and its subsidiary legislation. Although the rights and obligations of all employees are defined in the EIRA, it is the EIRA itself which states that some provisions within it do not apply to seamen.(1) It is thus understood that when referring to seafarers and their rights o
Pursuant to Paragraph 266 of the new Budget Law 2021, several duties relating to the mandatory coverage of company losses borne in 2020 have been postponed for five financial years, up until 2025. The new rules ease companies' financial commitments. Similarly, Article 44 of Law 120/2020 has postponed the requirement for a two-thirds qualified majority of stock capital quorum to pass resolutions of extraordinary shareholders' meetings until 30 April 2021.
Technological innovation continues to disrupt the status quo in established industries. While new technologies offer many opportunities within the mining industry, the corresponding risks and potential disputes are not far off. Parties must ensure that they incorporate appropriate contractual protections but also effective and enforceable mechanisms for enforcing their contracts and resolving disputes. A robust and broad arbitration agreement remains one important part of risk mitigation.
Introduction
Israel – known as the start-up nation – has encouraged and attracted inbound foreign investments for many years. Investors looking to invest in Israeli companies may do so by:
investing directly;
establishing a private investment fund.
Recent years have shown an increased interest and investment activity in Israeli companies by foreign investors, several of which have formed an Israeli corporate venture capital (CVC) fund for this purpose.
Among the primary tools for encouraging inbound investments is the special tax regime for private investment funds. Over the years, the Tax Authority has issued substantial guidance and numerous private rulings under the Income Tax Ordinance, providing significant tax benefits to foreign investors and private investment funds operating in Israel.