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Europe steps up its fight against fraud
European watchdogs have long been focusing on enforcement against corporate crime with a great focus on anti-corruption, economic sanctions and money laundering.
The 2017 budget speech is an object lesson in balancing competing priorities: the need for increased revenue collection set against a number of sensitive political considerations, made more acute by the looming national election in 2019 and the watching brief by the rating agencies.
There has been a significant under-collection of tax in the 2017 financial year, and the resultant tax rate adjustments are to personal income tax (up a staggering 4% at the top end of the spectrum) and dividends tax (increased from 15% to 20%).
While a number of commentators are sceptical as to whether or not these increases will “fill the hole”, they certainly are more palatable to the electorate at large than an increase in Value-Added Tax.
On the positive side, no ambitious spending projects were hastily adopted which should help alleviate the deficit. The Minister stuck to his guns and continued on the course which has marked his tenure in office: presenting conservative but sensible budgets, many of which have been crafted amidst one or other calamity or controversy.
The main budget proposals for the 2017-18 fiscal year include are following –
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European watchdogs have long been focusing on enforcement against corporate crime with a great focus on anti-corruption, economic sanctions and money laundering.
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The Digital Markets, Competition and Consumers Act (DMCC Act) received Royal Assent on 24 May 2024 and is generally expected to come into force in autumn this year.
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Head of Legal Operations, Stephanie Hamon, will be joining the panel discussion on "Simplifying Legal Tech Adoption and Implementation" at the Legal Tech Talk conference on June 13th (3:30 - 4:15 PM).
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