Private Equity

Recent Articles

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  20/05/2025

  Belgium

  The Con­sti­tu­tion­al Court facing its limits: how far can the un­con­sti­tu­tion­al be maintained?

  NL FR

  1. When the legislator crosses the red lineDespite repeated warnings, it is still the case that the legislator adopts tax laws that are contrary to the Constitution. Several years later, the Constitutional Court intervenes to correct the situation… by annulling the disputed provision.The problem: to avoid budgetary and administrative chaos, the Constitutional Court increasingly chooses to maintain the effects of the annulled law, sometimes even for taxes that have already been established. This legal sleight of hand leaves the door open for tax adjustments based on provisions that have...

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  20/05/2025

  Hungary

  Hungary moves closer to achieving final energy savings target

  On 12 June 2025, Hungary will take a notable step in meeting its energy savings target when the most recent legislative change to Act LVII of 2015 on Energy Efficiency (also known as the Energy Efficiency Act) comes into effect.The background to the enactment of the Energy Efficient Act are as follows: over the past six months, the Hungarian energy efficiency obligation scheme (in Hungarian: energiahatékonysági kötelezettségi rendszer) (EEOS) underwent significant changes. Under the EEOS, obligated parties (i.e. electricity, natural gas and fuel traders selling fuel to...

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  14/05/2025

  Hungary

  Hungary proposes elevating FDI regime adopted in state of emergency into law

  Hungary has introduced a bill to elevate emergency decrees adopted in response to the war in Ukraine into law.One of the bill’s key features is to transform Government Decree No. 561/2022 (XII. 23.) (FDI Decree), which governs Hungary’s foreign direct investment screening regime introduced during the state of emergency, into law. This would transform FDI requirements, initially adopted as interim measures, into law.According to the bill’s explanatory memorandum, maintaining the provisions of the FDI Decree is justified even after the end of the state of emergency in order to continue...

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  13/05/2025

  Belgium

  Taxation of Capital Gains on Financial Assets: New Leak from the Arizona Government?

  NL FR

  You might remember that the coalition agreement, known as the "Arizona agreement" which led to the formation of the new Belgian government, contained a comprehensive tax chapter, notably including the introduction of taxation of capital gains on financial assets.Already extensively discussed, commented on and detailed, we thought we knew the main points. However, a first draft of the text was widely leaked, first on social media (perhaps the trend of the moment...), before being picked up by the press.It must be noted that it brings its share of surprises, sometimes happy, more often less so.Below...

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  15/04/2025

  South Africa

  Private Equity and Market Volatility

  Keeping calm in the face of disruptionAfter weeks of historic levels of value erosion in global capital markets, many an asset manager is considering the changing investment landscape and trying to mitigate emerging risks whilst finding new opportunities. Economic experts anticipate more volatile capital market shocks for the rest of the year. Private equity, as one of the main alternative investment classes, finds itself in an interesting position in the face of such market volatility.As an alternative asset class, private equity funds commit to a higher return profile than the open markets in...

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  07/04/2025

  United Kingdom

  The Foreign Influence Registration Scheme will go live from 1st July 2025

  The government has announced that the Foreign Influence Registration Scheme will go live from 1st July this year.The Scheme requires the registration of:Arrangements to undertake political influence activities in the UK that are directed by a foreign power (the “Political Influence Tier”); andArrangements with foreign entities for such activities as may be specified (the “Enhanced Tier”).Arrangements registered under the Political Influence Tier will, subject to some exceptions, be published on a publicly available register.A key intent behind the Scheme is to increase transparency...

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