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Recent Articles

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    05.06.2023
    Middle East

    UAE Cor­por­ate Tax Law: What Con­sti­tutes Qual­i­fy­ing In­come for Free Zone Per­sons?

    BackgroundThe UAE enacted its Corporate Tax Law (the “CTL”) in December 2022 (Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses). The CTL came into force on 1 June 2023. The main corporate tax rate of 9% applies on income exceeding AED 375,000 (roughly USD 102,000). The CLT provides that the rate of corporate tax which applies to “Qualifying Free Zone Persons” (“QFZP”) is 0% with respect to qualifying income (“Qualifying Income”) and 9% on non-qualifying revenue (“Non-Qualifying Revenue”).After much anticipation,...
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    05.06.2023
    United Kingdom

    North Sea Trans­ition Au­thor­ity ex­er­cises re­voc­a­tion powers in re­la­tion to off­shore li­cences

    Since its inception the NSTA has highlighted the importance of “right assets, right hands” i.e. of ensuring that offshore petroleum licences are held by the right companies to ensure their development, production and management in compliance with good practice and the “MERUK” (maximising economic recovery) regulatory regime. In the last year we have seen the NSTA increase its focus on the corporate governance of the companies it regulates, and on ensuring compliance with licence terms and timeframes.  It has introduced new requirements in the NSTA Strategy and in its...
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  •  
    05.06.2023
    Luxembourg

    To­wards the in­tro­duc­tion of a vi­gil­ance duty in terms of sus­tain­ab­il­ity for Lux­em­bourg com­pan­ies

    We are currently facing an evolving regulatory landscape, where sustainability matters are more and more considered and where actors of the financial sector are required to face the negative externalities that their activities may have on environmental and social issues. As an EU Member State, Luxembourg has already implemented the European sustainability-related disclosure regulations (such as SFDR, EU Taxonomy, NFRD and soon, the CSRD). However, unlike its neighbouring Member States, such as France[1] or Germany[2], Luxembourg has no domestic legal ground so far to make Luxembourg-domiciled companies...
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  •  
    02.06.2023
    Ukraine

    Ukraine es­tab­lishes Re­build­ing Agency, plans pi­lot pro­jects for re­build­ing and de­vel­ops e-sys­tem for their man­age­ment

    Rebuilding AgencyOn 17 January 2023, the Cabinet of Ministers of Ukraine (CMU) enacted resolution No. 29 “On Some Issues of Optimisation of the System of Central Executive Authorities”. This resolution established the State Agency for Reconstruction and Infrastructure Development of Ukraine (i.e. the “Rebuilding Agency”), which replaces the State Road Agency of Ukraine and the State Agency for Infrastructure Projects. Furthermore, CMU resolution No. 193 dated 21 February 2023 approved regulation outlining the following powers and responsibilities of the Rebuilding Agency:management...
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  •  
    02.06.2023
    United Kingdom

    Modi­fic­a­tion of pub­lic con­tracts dur­ing their term

    Procuring authorities and suppliers frequently consider whether changes to a contract awarded under the procurement regulations can be accommodated, or alternatively whether they give rise to a new contract that should be reprocured.In the recent case of James Waste Management LLP v Essex County Council [2023] EWHC 1157 (TCC), the High Court has considered the issue of when a modification to a public contract can be made without having to run a new procurement procedure.As there has been very little consideration of Regulation 72 by the UK courts, the judgment offers welcome guidance on when a...
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  •  
    02.06.2023
    China

    PRC Pub­lished the Guide to Ap­plic­a­tions for Re­cord-fil­ing of Stand­ard Con­tract for Out­bound Per­son­al In­form­a­tion Trans­fers

    The Cyberspace Administration of China ("CAC") published the first edition of the Guide to Applications for Record-filing of Standard Contract for Outbound Personal Information Transfers ("Guide") on 30 May 2023. It provides practical guidance to the implementation of the Measures for the Standard Contract for Outbound Transfer of Personal Information ("Measures").For details on the Measures, please refer to our previous newsletter "Are you ready for China's Standard Contract for Outbound Transfer of Personal Information?".As the Measures have entered into force since 1 June...
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