UK

“Robin Rigg Supreme Court Decision”

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Source: Article from Clyde & Co via mondaq.com 7 September 2017

“Why complying with an agreed international standard can still land you in stormy waters.

In a decision that may come as a shock to many, and that will have potentially wide-reaching ramifications for English law contracts, the UK Supreme Court has overturned the Court of Appeal’s decision in the long-running Robin Rigg offshore wind farm dispute, by finding in favour of E.ON Climate & Renewables (E.ON).

This decision could significantly affect the risk assessment of existing contracts, as well as insurance and finance arrangements, in the offshore wind farm sector and beyond.”

“Going forwards, contractors in particular should be aware of this decision and the increased risk that it potentially entails. Now, more than ever, the importance of clearly drafted contracts cannot be overstated.”

Source article here

 

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“The Huge Costs Of Bribery”

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Source: Rahman Ravelli Solicitors via mondaq.com 8 September 2017

“We may not always know the extent of bribery or who is involved in it. But we can safely assume it is going on.

A European Parliament-commissioned report last year concluded that corruption costs the EU up to 990 billion euros a year; which gives some idea of the scale of bribery.

What many in business may be unaware of is the damage that bribery can bring to their companies, directly or indirectly. There are those in business who, despite the tight restrictions imposed by the UK’s Bribery Act, maintain that bribery is an essential tool for “greasing the wheels” when it comes to trading in certain countries.

The fact that the Bribery Act carries unlimited fines, up to ten years in prison and can lead to assets being confiscated after a conviction should be enough of a deterrent to those who still see bribery as an everyday part of doing deals. But if it is not, let’s look at the case of Petrofac.”

Source article here

 

 

UK country-by-country reporting notification deadline approaches

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Source: Deloitte Global Transfer Pricing Alert 2017-033

“The first country-by-country (CbC) reporting notifications required to be made to the UK tax authorities are due by 1 September 2017.

This deadline applies to all reporting periods that end on or before 1 September 2017.

After 1 September 2017, the standard UK notification date is the end of the CbC reporting period.

A few examples regarding the application of these rules follow.
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“Could Brexit Boost International Trade By Enabling Free Trade Zones In The UK?”

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Source: Crowe Clark Whitehill via Mondaq, 18 July 2017

“There has been much debate about whether Brexit will have a positive or negative impact on the UK’s international trade. For many, leaving the EU presents many questions to which the answers are unclear. But, in the continuous mist of uncertainty there could be a potential bright side to Brexit, where international trade zones are concerned, in the form of Free Trade Zones.”

“Free Trade Zones are widely used across the world, particularly in the US, South America, Canada, Middle East and Asia. The precise format varies, but it is very common for governments to use Free Trade Zones to encourage local manufacturing. They can also be used to simplify, or remove, import and local tax obligations for goods that are imported into the zones for manufacturing or processing.”

Robert Marchant, of Crowe Clark Whitehill, says “Clearly, the establishment of Free Trade Zones themselves will only help the UK economy if the port infrastructure is in place to support and assist UK manufacturers. A quick internet search shows that the UK is one of Europe’s biggest importers and exporters and my clients tell me that the UK has excellent port facilities; which suggests that the infrastructure is in place and could therefore be a platform for the creation of UK Free Trade Zones.”

Source article here