Asset Finance

Recent Articles

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  18/11/2024

  UAE

  New Guide on Tax Residence and Tax Residency Certificates Application Procedure – Juridical Persons

  On 18 October 2024, the Federal Tax Authority (FTA) released a Tax Procedures Guide TPGTR1 (the “Guide”) on Tax Residents and Tax Residency Certificates (“TRC”).The Guide outlines the criteria for determining when individuals or legal entities qualify as Resident Persons under the UAE Corporate Tax Law (the “CTL”) (as defined by Article 11(3) of the CTL), Tax Residents under UAE domestic law or Tax Residents under Double Taxation Agreements (“DTAs”) (as defined by Articles 3 and 4 of Cabinet Decision No. 85 of 2022).Tax residency rules in the UAEResident...

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  30/10/2024

  United Kingdom

  Autumn Budget 2024 – key tax announcements

  The 2024 Autumn Budget has been one of the most anticipated fiscal events in recent years. Not only is it a post-election Budget – the Labour Party’s first Budget in almost fifteen years – but the length of the period that has elapsed since the election, the Government’s discovery of a £22bn “black hole” in the public finances, and the broad commitments contained in Labour’s manifesto have all contributed to a lengthy period of intense speculation.Recent confirmation from the Chancellor that tax increases were a certainty, combined with the Government’s...

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  21/10/2024

  Middle East

  Amendments to the UAE Economic Substance Regulations

  The UAE introduced the Economic Substance Regulations (“ESR”) on 30 April 2019, as part of its commitment as a member of the Organisation for Economic Co-operation and Development (“OECD”) Inclusive Framework on Base Erosion and Profit Shifting (“BEPS”). The ESR (as initially enacted) required companies engaged in Relevant Activities (as defined by the ESR) to comply with the following three key economic tests:the core income generating activity test, requiring the core activities to be performed in the UAE;the directed and managed test, requiring the business...

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  06/03/2024

  United Kingdom

  Spring Budget 2024 – key tax announcements

  Against the backdrop of an election (probably) later this year, the Chancellor was evidently feeling the pressure to make tax announcements that would find favour with the electorate, whilst constrained by the economic environment. Warning that further tax cuts can only be funded by growing the economy and making the state more efficient, the emphasis was on fiscal responsibility and increasing resilience to future shocks. The reduction in employee NICs – matching that in the Autumn Statement - had been so heavily rumoured in the immediate run up to budget day that it was hardly a surprise. ...

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  16/11/2023

  International

  NFTs under MiCAR – are they regulated or not?

  The Markets in Crypto-Assets Regulation (MiCAR) sets down a harmonised regulatory framework for crypto-assets. MiCAR's overarching goal is to extend regulatory oversight to those categories of cryptos and tokens that have so far remained outside the scope of regulation. The following focuses specifically on non-fungible tokens (NFTs) and examines whether they are covered by MiCAR.What are NFTs?NFTs are cryptographic records stored on a blockchain that are unique in that they are linked to a specific asset. They primarily serve as the electronic "embodiment" of mainly digital, but also physical...

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  31/07/2023

  United Kingdom

  Be aware of the updating requirements for overseas entities at Companies House

  SummaryThe 1st of August 2023 marks the one-year anniversary of the launch of the Register of Overseas Entities (the OE Register) at Companies House and the start of the first annual update process for overseas entities on the register.The Government is also proposing to make further refinements to the regime by way of the Economic Crime and Corporate Transparency Bill, which is in the final stages of the legislative process and is expected to get Royal Assent before the end of the year.This briefing is a reminder of how the regime affects land transactions in the UK and outlines the requirements...

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