European Commission Announces Big Changes to Corporate Taxation in the EU

On the 25th October 2016, the European Commission made public its plans to completely overhaul the system that governs how companies are taxed in the Single Market. The aim of the proposal, which includes a Common Consolidated Corporate Tax Base (“CCTB”), will act as a powerful weapon in the ongoing fight against tax avoidance, whilst making it cheaper and easier for companies to do business in the Single Market.

The concept of this corporate reform package was first developed in 2011 as a response to increasing pressure from governments, the media and members of the public to modernise the current corporate tax framework whilst closing various loopholes that allowed businesses to avoid their tax obligations. Pressure has been mounting from all business spheres to find a solution to ensure that the system becomes fairer, easier and more compatible with economic growth.

Read the full article to find out more.

Structural Tax Reform Bill Colombia 2016

On October 19th, 2016, the Minister of Finance of Colombia, Mauricio Cárdenas, presented to the Colombian Congress, a Tax Reform Bill, filed under number 178/2016, to be approved and then enacted by the Colombian President, Juan-Manuel Santos.

This tax bill was described as a Structural Tax Reform Bill. Its main goals are to fight aggressive tax planning, tax evasion and seek billions of Colombian Pesos in order to make up for the lack of revenues that Colombia stopped receiving from the oil industry.

It was described as a Structural Tax Reform. The text presented to the Chamber of Representatives of the Colombian Congress includes 16 sections with 311 articles, some modifying current articles and some are new provisions for the Colombian Tax Code (CTC).

Read the full article to find out more about the main provisions.

Reverse Vesting of Founder Shares

Investors in a start-up often insist that the founders agree that all or a portion of the founders' shares be subject to reverse vesting
– i.e. that their right to the shares is contingent on their continued service with the start-up.

How does reverse vesting work?

Narda Ben Zvi explains in this article.

A Safer and Happier Life for Children in the UAE

Highlight on the new UAE Child Protection Law "Wadeema Law". 

The killing of Wadeema Al Sherawi has changed the UAE’s entire perspective on child abuse situations.

The father responsible for this dreadful act has been sentenced to life imprisonment as well as his girlfriend for taking part in such a ghastly act of child abuse.

As a result, a Federal Law No. [3] of 2016, so called “Child Rights Law” and also known as “Wadeema Law” has been issued by President Sheikh Khalifa Bin Zayed, which is a pivotal source to help providing children and youngsters a safer and happier living in the UAE.
The new law which was published in the UAE Official Gazette on 15 March 2016 has entered into effect on 15 June 2016. Its Executive Regulations shall be issued within six (6) months from its publication. 

Brexit...Protecting EU Employees

What you can do to protect EU Employees’ rights now that Britain has voted to leave the EU...

Since the release of the results of the EU referendum on 24 June 2016, EU employees are now anxiously awaiting confirmation that their right to live and work in the UK will be preserved, when Britain finally withdraws from the EU.

This is drawn into sharp relief by a July 2016 Report from Social Market Foundation, an independent British public policy think-tank, that suggests that more than half a million of the 3.6 million EU residents currently living in the UK, may not have qualified for permanent residency by the time of Brexit.

Therefore, protecting EU employees’ rights after Brexit is now a number one business priority for the many UK industries, which rely heavily on workers and staff from Europe.

The Arbitrator's Obligation to Give Respondent the Opportunity to Defend its Case

Dubai Court of Appeal overrules a decision rendered by the First instance Court ratifying an arbitral award issued by Dubai International Arbitration Centre (DIAC) - Article 216 UAE Civil Procedures Law.

Motei & Associates was instructed by the Respondent in legal proceedings before the Dubai Courts in relation to the ratification of an arbitral award issued by the Dubai International Arbitration Centre (DIAC).

Data Protection Laws in India

There is an increase in technology and e-commerce related problems with the advent in technology in the recent past. In view of the increase in cyber crimes, data stealing and with India being host to data outsourcing needs for many an effective mechanism for dealing with these crimes is required.

Unlike the EU and many other countries, India does not have any separate law which is exclusively deals with data protection. However, the courts on numeral instances have interpreted “data protection” within the ambits of “Right to Privacy” as implicit in Article 19 and 21 of the Constitution of India. 

Setting Up an E-Money Institution in Malta

With the implementation of Directive 2007/64/EC on payment services in the internal market and Directive 2009/110/EC relating to the taking up, pursuit and prudential supervision of the business of electronic money institutions, Malta is today perfectly poised as a hub for the offering of  e-money and payment services.

The setting up of Electronic Money Institutions in Malta is regulated by the Financial Institutions Act and Financial Institutions Rules.   The Financial Institutions Rules together and the Financial Institutions Act reflect the requirements imposed the Electronic Money Institutions Directive. These Rules deal specifically with the taking up, pursuit of and prudential supervision of the business of financial institutions authorised to Issue Electronic Money.

Read the full article.

UK Business Immigration

At Druces LLP we offer a full immigration service to UK businesses wishing to employ foreign nationals and regularly advise foreign businesses and individuals wishing to work and start a business in the United Kingdom.  We are also often instructed by private individuals and families wishing to live in the UK, with particular experience in dealing with high net worth families.

We can provide all advice relating to employers wishing to apply for a Sponsors Licence and ongoing regulatory advice. Head of our immigration practice, Graeme Kirk, acted as Chair of the Immigration & Nationality Committee of the International Bar Association from 2000 – 2004, and has become Co-Chair of the IBA Global Employment Institute in January 2016.

Midnight Arbitration Clause v. 8:00 a.m. Clause

In the past, contractual dispute resolution provisions were commonly known as ‘midnight’ clauses because commercial lawyers only come to discuss them in the closing stages of contract negotiations. Nowadays, taking into account the complications which may arise from badly drafted arbitration clause, they are better referred to as the 8 o’clock in the morning clauses.

This article covers some of the main points which the parties need to consider when drafting an arbitration clause at a main contract stage or in a separate document (‘arbitration agreement’ or ‘compromis’) whereby the parties consent to submit their dispute that has already arisen to arbitration – which in practice is almost impossible to happen after the relations break down.