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eAlerts Récentes

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  24.11.2023

  International

  Carbon Border Adjustment Mechanism transition in effect since 1 October 2023

  On 1 October 2023, a two-year transitional period began for implementation of Regulation (EU) 2023/956, which introduces the Carbon Border Adjustment Mechanism (CBAM). CBAM levies punitive CO2 charges against third-country importers of certain goods and only permits CBAM declarants to import these goods into the EU. Although reporting obligations have been imposed for the two-year transition period, CBAM does not fully go into effect until 1 January 2026.A. General InformationFrom 1 January 2026, importers of specific goods from third countries will be required to pay punitive CO2 charges under...

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  30.08.2023

  International

  CBAM Implementing Regulation and Extensive Additional Reporting Guidance Published

  Earlier this month, the European Commission (“EC”) adopted an Implementing Regulation (“IR”) and released extensive Guidance Documents (“Guidance”) on the practicalities of reporting requirements for the transitional phase of the EU’s Carbon Border Adjustment Mechanism (“CBAM”) framework. This first material phase of CBAM will commence on October 1, 2023 (“Transitional Period”). The Guidance complements the IR in providing vital instructions for both installation operators (exporters) outside the EU and importers of CBAM goods within...

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  24.07.2023

  Europe

  EU proposes legislation affecting digital payments

  The EU has proposed the creation of a third Payment Service Directive (PSD3) Directive to replace PSD2 and a regulation on payment services in the internal market in an effort to protect consumers involved in digital transactions.According to the EU, the need to introduce the PSD3 is justified in order to prevent new forms of fraud and to protect consumers resulting from digitalisation and technological developments (e.g. open banking, contactless and QR code payments).The PSD3 will not replace PSD2 but rather develop it by extending the fraud and abuse prevention obligations of payment service...

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  11.07.2023

  Europe

  EU reaches agreement on Data Act – Comprehensive EU data law is on the way

  On 27 June 2023, the European Parliament and Council resolved the remaining open points and reached a political agreement on the EU Data Act, paving the way for a new law that will introduce comprehensive new data legislation for Europe with far-reaching rules on access to and use of non-personal data in the EU. The EU Data Act aims to boost the EU's data economy by unlocking industrial data, optimising its accessibility and use, and fostering a competitive and reliable European cloud market. To achieve these aims, the EU Data Act contains a set of rules defining how the various forms of data...

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  13.06.2023

  Middle East

  UAE Corporate Tax Law: When does a non-resident juridical person have a UAE Nexus?

  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” is 0% with respect to qualifying income and 9% on non-qualifying revenue.Under Article 11 of the CTL, a taxable person includes a non-resident person which has a UAE nexus.Cabinet Decision...

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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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