Ownership of shares by companies usually results in tax being payable for dividends received or capital gains realised upon sale. However, in the UAE, the Corporate Tax law (Federal Decree No. 47 of 2022) ("CT Law") provides an exemption to Corporate Tax in a certain scenario referred to as the Participation Exemption. Article 23 of the CT Law states: "Participation Exemption" 1 ...
Since the introduction of Law 32 of 1927, the Law on Corporations of the Republic of Panama has remained virtually unchanged, serving both Panamanians and well as foreigners to put in order, protect and plan the transfer of their patrimony in an orderly fashion ...
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) are seeking to improve the operational resilience of the UK financial sector. This applies to many organisations, including: banks building societies, PRA-designated investment firms and insurers. The new rules and guidance will come into force on 31 March 2022. By then, firms must have identified any vulnerabilities in their operational resilience ...
I. Introduction The Institute for Intellectual Property and Information Law at the University of Houston Law Center publishes “www.patstats.org,” providing United States patent litigation statistics. Specifically, with respect to the issue of validity, in 2000, the alleged infringer “won” the issue 53% of the time and the patent was held invalid, while the patentee “won” the issue only 47% of the time, and the patent was held valid ...
The Online Safety Act 2023 implements broad reforms for how many businesses must operate their online services. Here, Matthew MacLachlan explains the action to take now to comply. The Online Safety Act 2023 (‘the Act’) received Royal Assent in October 2023. Although the Act is now law, it will not be enforced by the regulator, Ofcom, until secondary legislation is passed and when Ofcom’s draft codes of practice are finalised ...
With cybersecurity risks increasing and evolving moving into 2023, the federal government is taking steps to help secure our cyber infrastructure. The recent passing of the 2023 omnibus spending agreement included additional funds for a variety of federal agencies in order to strengthen our cybersecurity apparatus. The Cybersecurity and Infrastructure Agency (“CISA”) received $1.3 billion for its cybersecurity programs. This is a $230 million increase over last year ...
On 28 May 2022, the Belgian law transposing EU Directive 2019/2161 into the Code of Economic Law (CEL) entered into force (the “Omnibus Act”). The Omnibus Act aims to modernise consumer protection given the increasing development of e-commerce. In addition to new transparency obligations for online marketplaces, the Omnibus Act has new general information obligations, and new unfair commercial practices and obligations for price reduction announcements that apply to all retailers ...
Following a year and half long market investigation, the OFT published on 7 December 2006 its report on the commercial use of public sector information (PSI). The report makes a number of recommendations aimed at increasing "fair" access to PSI, particularly where the public sector body holding the information is itself active in providing value added products to end users ...
The European Commission adopted a new set of Standard Contractual Clauses (“New SCCs”), effective 27 June 2021, for the transfer of personal data to non-EU regions. From 27 September 2021 onwards, data exporters and data importers can only conclude contracts which incorporate the New SCCs for the transfer of personal data out of the European Union ...
Under the GDPR, transfers of personal data are permitted without restriction to countries that the European Commission (the "EC") has assessed as providing an "adequate" standard of protection for personal data. The current list of countries considered "adequate" is Andorra, Argentina, Canada (for commercial organisations), Faroe Islands, Guernsey, Israel, Isle of Man, Japan, Jersey, New Zealand, Switzerland and Uruguay and the United Kingdom ...
In addition to providing guidance on a number of transfer pricing related issues relating to aligning transfer pricing outcomes with value creation, the 2015 final report on Base Erosion and Profit Shifting - Actions 8 to 10 mandated follow-up work on the transfer pricing aspects of financial transactions. The Organisation for Economic Co-operation and Development’s (“OECD’s”) Committee on Fiscal Affairs Working Party No ...
The phrase ‘national security’ is at the heart of but not defined in the National Security and Investment (NSI) Act 2021. There are some insights from related legislation and other sources, but the absence of definition means there is legal and consequently business uncertainty. From 4 January 2022 when the NSI Act 2021 came into full effect, the meaning of national security became crucial to M&A activity concerning the UK ...
One of the proposals set out in the Green Paper concerns an investment obligation for streaming services. According to the proposal, streaming services are required to either invest directly in Norwegian films and series, or, if the services do not invest sufficiently in Norwegian content, contribute to the financing of such productions through financial contributions to the Norwegian Film Fund ...
The rules on exit tax on shares and certain other securities mean that private individuals who move from Norway and becomes resident for tax purposes in another country must pay tax for latent profits on shares etc., as if the shares had been sold the day before emigration. Change in law is now in force As the rules have been until 28 November 2022, the exit tax ceased to apply if the shares were not realized five years after emigration ...
The European Union's NIS2 Directive is a significant update to the original NIS Directive which was implemented in 2018 and which the NIS2 Directive is set to repeal this autumn. The original NIS Directive was the first EU-wide legislation focusing on network and information system security. The deadline for member states to transpose NIS2 Directive into national law is just around the corner (17 October 2024), and the implementing provisions will be applicable from 18 October 2024 onwards ...
The outbreak of COVID-19 comes on the back of an already tumultuous two years for the global economy, markets and trade where the US-China "trade war" and other trade tensions and macroeconomic factors have created uncertainty, commercial losses and subdued growth prospects ...
The European Union has recently launched a new ccTLD (country code top level domain). Instead of using the various national European ccTLD's, such as .fr for French companies, .de for German companies, and .co.uk for U.K. companies, the EU has made available the .eu suffix as a Community-wide ccTLD. The new domain extension has already proved widely popular, with more than 100,000 applications for domain names filed thus far ...
President Biden’s Executive Order on US data transfers came at the end of last week, signalling a “dramatic step” for EU-US data relations, with knock on consequences for the UK expected. The superlatives can’t get strong enough for US data lawyers commenting on its impact. The problem Under the EU and UK GDPR an international transfer requires “adequate safeguards” to be in place ...
UAE Federal Law 20 of 2016 (Regarding the pledge of moveables as a security for debts) (the Pledge Law) introduced a new regime for registering a pledge over moveable assets which are pledged as security for the repayment of a debt. We reported on this law in our inBrief of January 2017, New UAE Pledge Law Over Moveable Assets. The actual registration of pledges was subject to establishment of a security register pursuant to the implementing regulations issued under the Pledge Law ...
UAE Federal Law 20 of 2016 (Regarding the Pledge of Movables as Security for a Debt) (the Pledge Law) introduced a new regime for registering a pledge over moveable assets which are pledged as security for the repayment of a debt. We reported on this law in our inBrief of January 2017, New UAE Pledge Law Over Moveable Assets, and our Legal Alert of 19 February 2018, The New UAE Pledge Law – Security Registration ...
Overview The new Bankruptcy Law of the UAE was enacted on September 20, 2016 as Decree-Law No. 9 of 2016. It was published in the Federal Official Gazette on September 29, 2016, giving it an effective date of December 31, 2016. The new Bankruptcy Law replaces and repeals the previous legislation on the subject, Book 5 of the Commercial Code, which was seldom used in light of its perceived shortcomings ...
On 9 August 2023, U.S. President Joe Biden signed the Executive Order on Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern (the "Executive Order"), to regulate U.S. persons engaged in transactions or investment activities in China (including mainland China, Hong Kong and Macau) that involve certain technologies and products. The U.S ...
A new Swedish Competition Act will enter into force on 1 November 2008. The Act was passed by parliament on 11 June 2008. The new legislation means further harmonisation with EC competition rules and it also introduces a number of new features in order to enhance cartel enforcement. One of the new features is the introduction of trading prohibitions. The rules regarding fines will become both clearer and stricter in an aim to enhance legal certainty ...
After nearly eight years in the offing, the Companies Bill looks likely to become law in November of this year, although it is likely that most of its provisions will not take effect until autumn 2007.Despite being a massive piece of legislation, for the most parts its provisions have not been controversial and have generally been welcomed ...
