Anti-Korruption und Bestechung

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  25.04.2023

  Middle East

  Cor­po­ra­te Tax Thought Lea­dership Se­ries: An­ti-Abu­se Ru­les for Small Busi­ness Re­li­ef

  BackgroundThe UAE enacted its Corporate Tax Law in December 2022 (Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses). The Corporate Tax Law applies with effect from 1 June 2023. A 9% tax rate will apply on income exceeding AED 375,000 (approx. US$102k). Despite its name, the Corporate Tax Law treats a natural person conducting business in the UAE as a “Resident Person”. Such a person’s business income would be subject to corporate tax in the UAE. Should the legislation not have extended the scope of the Corporate Tax Law to natural persons...

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  21.04.2023

  United Kingdom

  Cor­po­ra­te failu­re to prevent fraud – a new era in UK law

  Corporate Criminal LiabilityIt used to be that company law and criminal law had very little to do with each other.  From the nineteenth century onwards, what we might call the “classical” theory of English corporate law held that, although civil liabilities could be incurred on behalf of a company by the company’s agents (such as directors or employees), mere agency was not enough to make a company liable for most crimes which require a specific mental state.An example is fraud. For a fraud to be committed the perpetrator must possess the mental state of dishonesty. The classical...

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  20.04.2023

  Südafrika

  Grey­lis­ting is a good wa­ke-up call to get our hou­se in or­der

  The recent greylisting of South Africa by the global financial crime watchdog the Financial Action Task Force (FATF) may probably not have come as a surprise to many.Greylisting is a critical concern as it can have a negative impact on foreign investment, trade, and financial transactions involving South Africa, but many experts believe it also presents an opportunity to the country to address the loopholes and deficiencies identified by the FATF.President Cyril Ramaphosa addressed the concerns about the greylisting in a recent newsletter, writing that “the greylisting is an opportunity for...

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  17.04.2023

  Middle East

  The le­gal frame­work for sustainable fa­mi­ly busi­nes­ses in the King­dom

  BackgroundThe new Saudi Companies Law issued through Cabinet Decision No 678/1443 is a landmark legislation that has sown the seeds for a sustainable family business ecosystem. The provisions regarding family businesses introduced by the Companies Law are in pursuance of the economic objectives underpinned in the country’s landmark Vision 2030.Family CharterMost importantly, the Companies Law has introduced an institutional legal cover to family businesses. The founders, partners and shareholders of family-owned enterprises can now conclude a “family charter” (or a family constitution)...

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  12.04.2023

  Middle East

  UAE Cor­po­ra­te Tax: Small Busi­ness Re­li­ef Cri­te­ria

  BackgroundThe UAE issued its landmark Corporate Tax Law in December 2022 (Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses). The Corporate Tax Law applies with effect from 1 June 2023.The Corporate Tax Law provides a framework whereby small businesses who qualify as Resident Persons may elect to be treated as not having any taxable income for a tax period and therefore would pay zero corporation tax for that period (the “Small Business Relief”). However the Corporate Tax Law did not specify the criteria that Resident Persons would need to meet in order...

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  14.03.2023

  China

  Chi­na has ac­ce­ded to the Ha­gue Con­ven­ti­on of 5 Oc­to­ber 1961 Ab­olis­hing the Re­qui­re­ment of Le­ga­li­sa­ti­on for For­eign Pu­blic Do­cu­ments

  On 8 March 2023, the People's Republic of China (the "PRC") has (finally!) acceded to the Hague Convention of 5 October 1961 Abolishing the Requirement of Legalisation for Foreign Public Documents (the "Convention").The Convention between the PRC, as the acceding state, and other member states (which will not have raised an objection; see below) will enter into force as of 7 November 2023.This constitutes a long-awaited and very positive development.Please click here to read the full article.

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