The UAE Ministry of Finance has announced the introduction of a corporate tax regime that will apply to businesses. It will become effective for financial years starting on or after 1 June 2023. The headlines are that the tax rate will be 0% for taxable income up to AED 375k and 9% on taxable income above AED 375k. Large businesses (expected to be those with revenue above EUR 750m) may be subject to a different tax rate (potentially 15%) in line with the Pillar Two OECD BEPS project.
The Climate Action Law sets out a catalogue of governmental actions that involve all actors of the Colombian economy. It outlines the agenda for compliance with international commitments acquired by the Paris Agreement to achieve carbon neutrality by 2050. In this alert, Baker McKenzie associates identify the opportunities and obligations to be followed.
The Australian Government has released the Treasury Laws Amendment (Measures for Consultation) Bill 2021: Licensing Exemptions for Foreign Financial Service Providers (“Draft Legislation”), outlining the updated exemptions for certain foreign financial service providers (FFSPs) from the requirement to hold an Australian financial services license (AFSL). In particular, the Draft Legislation proposes three exemptions: the professional investor exemption, the comparable regulator exemption and the fit and proper person test exemption. Each of these exemptions has the objective of promoting diversified investment opportunities for Australian investors and attracting additional investment to Australian markets.
The updated Senate Bill (2094) introduces several changes to the earlier version, such as: (a) the inclusion of petroleum and petroleum products pipeline transmission or distribution systems, airports, seaports, public utility vehicles, and expressways and tollways among the list of public services considered as “public utilities,” subject to a 40% foreign ownership limit; and (b) the classification of telecommunications, air carriers, domestic shipping, railways and subways as “critical infrastructures” — not “public utilities” — which are exempt from the foreign ownership limitation but only if reciprocity is accorded to Filipino nationals through law or treaty.
The legal recognition of a type of fuel via the introduction of a legal definition and certification framework is a defining step in establishing a market for such fuels. Renewable hydrogen took this step when it was officially recognized and supported at EU level by the 2018 recast of the Renewable Energy Directive, joining biofuels and biogases, at least for what concerns its uses in the transport sector.
On 25 January 2022, a new set of personal special economic and other restrictive measures became effective (“Decisions”). The Decisions impose extensive sanctions restrictions, including asset freezes, restriction on the exit of capital from Ukraine, suspension of the performance of economic and financial obligations, a ban on trade operations, prohibition of participation in privatization and leasing of state property, cancellation of visas and licenses, entry bans, etc., upon certain legal entities and individuals.
Just in time for COP26 in Glasgow, the President passed the long-awaited Presidential Regulation No. 98 of 2021 on the Implementation of Carbon Economic Value for the Achievement of Nationally Determined Contribution Target and Greenhouse Gas Emission Control in National Development. Reg. 98 revokes two prior regulations relating to GHG.
On 17 December 2021, the Accounting and Corporate Regulatory Authority launched its public consultation on its proposed legislative amendments to the Companies Act, Accountants Act, ACRA Act, Business Names Registration Act, Limited Liability Partnerships Act, Limited Partnerships Act and Variable Capital Companies Act 2018, relating to data, digitalisation, and corporate transparency within Singapore’s business environment. The proposed changes, if enacted, would reduce the amount of data that must be filed with ACRA and limit the personal data that is made available publicly.
In this series of short podcasts, Baker McKenzie ESG Debt & Equity experts discuss key tips and things you should you when considering raising sustainable finance, including the ever-evolving legal and regulatory requirements across regions.
Regulators and policymakers have left emergency measures behind and returned to their reform agendas. In this piece, Baker McKenzie regulatory experts set out the top ten UK developments for financial institutions and fintechs to watch in 2022 covering: good culture, Consumer Duty, BNPL regulation, crypto regulation, AML regulation, appointed representatives regime, financial promotions gateway, operational resilience, ESG regulation, divergence, Future Regulatory Framework Review.