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.
On 5 June 2017, Saudi Arabia, Bahrain, the UAE and Egypt announced they were severing trade and diplomatic relations with Qatar.
The four “embargo states” explained their decision on grounds of national security and stability concerns, alleging that Qatar supports ‘terrorism’ and interferes with the internal affairs of fellow members of the Gulf Cooperation Council (GCC). The embargo will inevitably lead to contractual disputes.
Bahrain, Egypt, Saudi Arabia and UAE severed diplomatic ties with Qatar on Monday 5 June 2017 accusing Qatar of supporting extremist groups. As part of this process Bahrain, Egypt, Saudi Arabia and the UAE closed their airspace to flights landing and taking off between their respective countries and Qatar. At the same time Saudi Arabia took the further step of shutting its airspace to Qatar.
The effects of the Referendum on the UK’s membership of the European Union on 23 June 2016 are rather like an earthquake, when a massive tremor is followed by a series of after-shocks until the ground eventually settles down. Following the UK’s vote of 51.9% in favour of leaving the EU against 48.1% for remaining in the EU, a bitter power struggle at the top of the Conservative party ensued.
In the recent case of The Director of the SFO v. Eurasian Natural Resources Corporate, the English court found that the Serious Fraud Office (the “SFO”) was entitled to disclosure of certain documents from a multinational corporate that was subject to an ongoing SFO criminal investigation resulting from allegations of international fraud, bribery and corruption. The documents had been generated during a period of internal investigation into those allegations.