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Tax Global Guide 2016-2017 Volume II: Tax on Finance Transactions: United Arab Emirates Tax on Corporate Lending and Bond Issues in the United Arab Emirates: Overview Tax Authorities 1. What are the main authorities responsible for enforcing taxes on finance transactions in your jurisdiction? Financial transactions are not subject to…
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The Essence of Financial Crimes 'Rather fail with honor than succeed by fraud." Sophocles On a bright morning in March 2009, Bernard Mardoff pleaded guilty to defrauding his clients of sixty-five (65) billion dollars in one of the largest Ponzi schemes the world has witnessed. The former chairman of Bernard L. Mardoff Investment…
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Registration of Patents in the UAE Frequently Asked Questions Preventing others from unjustly, and without a warrant, commercializing that which you have poured your blood, sweat, and tears into, is one of the functions patents serve to protect innovators from and thereby to open doors to endless opportunities. Patents are…
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The Fine(d) Blend of Bitcoins and Multi-Level Marketing (MLM) 'There are three eras of currency: commodity based, politically based, and now, math based.' Let’s keep it simple! Cadberry sells chocolates to its distributors worldwide in accordance with a distribution contract signed between Cadberry and its agents. In turn, distributors fulfill…
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US Sanctions - An Overview Part II of II STA has been one of the few Middle East law firms that have been advising clients on compliance with OFAC regime, the direct and indirect applicability of various OFAC sanctions besides other bodies such as United Nations, to name a few.…
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UAE's Outbound Investment in India 'Foreign Investment is what keeps the whole show going.' - Patrick Barkey Think about a predicament in which a bank would charge its customers a fee amounting to two-thirds of your deposits for the purpose of handling the finances. Bizarre, some might say! However, this…
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Piercing the Corporate Veil “Nothing can be so unjust as for a few persons abounding in wealth, to offer a portion of their excess for the formation of a company, to play with that excess—to lend the importance of their whole name and credit to the society, and then, should…
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Asset Securitization in the UAE (Part II of II) In part one of our series on Asset Securitization, we defined asset securitization, reinforced its importance and illustrated the ways in which it useful for financing purposes. In fact, asset securitization transactions had evolved centuries back and were also, incredibly pervasive…
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Tax Global Guide 2016-17 Volume 1: Tax on Corporate Transactions: Country Q&A "Tax on corporate transactions in the United Arab Emirates: overview" The United Arab Emirates STA Law firm Tax authorities What are the main authorities responsible for enforcing taxes on corporate transactions in your jurisdiction? The Federal Government of…
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Environment Global Guide - UAE 1. Environmental Regulatory Framework What are the key pieces of environmental legislation and the regulatory authorities? Numerous federal and local laws have been enacted in the UAE to protect the integrity of the country’s environmental laws and regulations. Federal Law Number 24 of 1999 for the…
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Post-Closing Transactional vs Ongoing Enterprise Due-Diligence “Diligence is the mother of good fortune.” - Miguel de Cervantes Saavedra Introduction In July 2016, the Australian Securities and Investments Commission (ASIC) stated that it’s review of 12 initial public offerings (10 of which were small and mid-sized companies), found incredibly poor due…
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Delay Penalty in Construction Contracts “No construction project is risk-free. Risk can be managed, minimized, shared, transferred or accepted. It cannot be ignored” -Michael Latham Scope and usage of back-to-back contracts Back-to-back contracts are becoming an increasingly common feature of construction projects. Construction projects typically involve the collaboration of three…
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Keys to your Indian Home ‘The best investment on earth is earth’ Louis Glickman By now we all understand the aftermath of the recession, its effect on the economy, banks and financial institutions besides individuals and society at large. Speaking of a comparative jurisdictional approach, the effect of aftermath may…
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Who is Liable to Pay when Circumstances for Construction Change? Construction has been one of the most dynamic industrial sectors in the Middle East due to the increase in need of palatial residential and office spaces that arise from the surfeit of expatriates that flock into the region every year.…
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