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Every year, thousands of businesses experience serious financial difficulties, even insolvency, simply because they are not paid on time. Late payment is recognised by the UK government as a key issue for small and medium-sized enterprises (“SMEs”) as it can adversely affect cash flow and jeopardise the ability to trade.
This note is relevant to any UK business if it meets the thresholds set out below.
The Criminal Finances Act 2017 (the Act) received royal assent on 27 April 2017. Its target is the prevention of tax evasion, which is the deliberate and illegal circumvention of tax rules in order to escape a tax liability. Contrast this with tax avoidance, which is a legal method of minimising tax liability.
Here is our detailed breakdown of the new Act.
The introduction of the Value Added Tax (VAT) in the UAE follows the signing of the Unified GCC Agreement for VAT by the GCC countries on 27 November 2016 (“Agreement”), which was ratified by the UAE on 16 April 2017 by Federal Decree No. 31 of 2017. Each party to the Agreement is expected to issue its own VAT legislation implementing the agreed common principles. The KSA is the first country to publish a draft VAT law and call for public consultation.
China’s high profile campaign against corruption is now nearly four years old. During this time, the campaign introduced political and legislative reforms as well as much anticipated new legislation to assist in the crackdown on corrupt party members, officials and conglomerates. However, most of the directives were initiated in Beijing,…
The Ince Compliance website was launched in May 2016 to provide a range of risk and compliance resources. It allows us to maintain a content-rich platform, which gives you easy access to the latest relevant compliance and regulatory information. We want to share our knowledge and approach to compliance with you. If you would like to find out more about Ince Compliance and how it can benefit your business, please speak to one of the team.
Yesterday’s Petya ransom-ware attack highlights again the serious effect that cyberattacks can have on all companies operating in an increasingly digitalized and interconnected marketplace. Although the full scope and scale of this attack will emerge with the fullness of time, events like this will only become more common if companies within the shipping and transport sectors remain unprepared.
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