Asset Finance

Recent Articles

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  24.05.2023

  International

  De­Fi and MiCA: How much de­cent­ral­isa­tion is enough?

  The European Union Council has recently adopted a regulation on Markets in Crypto-Assets (MiCA) that applies to crypto-assets, their issuers and service providers, and covers a range of services that are not addressed in the European financial regulation.However, for blockchain-based financial services developed in a highly automated manner with minimal or no intermediaries (commonly known as Decentralised Finance or DeFi) determining whether the MiCA regulation covers these services is not a straightforward task. This issue particularly challenges the provision of crypto-asset exchange services...

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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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  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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  28.03.2022

  Italy

  Itali­an court re­cog­nises ret­ro­act­ive ex­emp­tion on di­vidends to for­eign in­vest­ment funds

  In judgment No. 49/2022, the first instance Court of Pescara recognised that distribution of dividends from a resident company to a non-resident fund must be granted with an exemption regime from the Italian taxation authority. In particular, the decision of the Tax Court is based on recognition that in the years 2014, 2015 and 2016, subject to judgment, the Italian taxation regime for foreign funds was in contrast with the principles of free movement of capital (provided for by articles 63 and 49 of the TFEU), chiefly because exemption was granted only for receiving resident funds. On 1 January...

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  27.02.2022

  International - Russia

  Hand­ling the new EU and UK sanc­tions against Rus­sia

  Since 2014, the EU and the UK have progressively imposed sanctions on Russia in response to the crisis in Ukraine. Following the latest events, both the EU and the UK, as well as many other countries, have imposed new sanctions. This article provides you with an overview of the most important changes. Read the full publication here >>

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