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Banking & Finance

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A recent decision by the Tax Dispute Resolution Committee (TDRC) upheld an appeal by an international corporate and investment bank against fines and penalties imposed by the UAE Federal Tax Authority (FTA) in respect of a voluntary disclosure made by the bank. Baker McKenzie Habib Al Mulla successfully represented and obtained the favourable decision for the bank, with the TDRC ordering the FTA (the Defendant) to repay the amount paid for the fines and penalties…

The Capital Market Authority (the CMA) continues to drive  the development of the Saudi capital markets in furtherance of the Saudi Vision 2030’s Financial Sector Development Program with the issue of its draft proposed amendments to some of its key implementing regulations on 23 December 2019. The proposed changes are to its Securities Business Regulations (SBRs) and the Authorised Persons Regulations (APRs), which will presumably become known as the ‘Capital Market Institutions Regulations’ with the…

In the wake of the COVID-19 health crisis, working-from-home has become the new normal, however, it does present a number of practical challenges, including how to execute legally binding documents. It has long been common practice for deal documents to be signed in counterpart, on different days, by signatories in different corners of the globe, but with our freedom of movement curtailed and home printing capabilities limited, feasible options are often restricted. Electronic contract execution…

With insights from Africa-focused tax advisers from Baker McKenzie and our network of African hub firms, we aim to provide you with regional updates and practical guidance on the tax implications of doing business across the large and diverse African continent. In this special edition of the Baker McKenzie Africa Tax Newsletter, we focus on the most recent tax-related developments in Ethiopia as well as other news and updates from the African region. Ethiopia enacts…

The Saudi Arabian Monetary Authority (SAMA) announced on 03 March 2020 that it had decided to cut the Repo rate by 50-basis points from 2.25% to 1.75% and Reverse Repo rate by 50-basis points from 1.75% to 1.25%. In the interests of preserving monetary stability, the Repo rate and the Reverse Repo rate were reduced by a further 75-basis points on 16 March 2020 from 1.75% to 1.00%, and 1.25% to 0.50% respectively. On the…