#EmbraceSpain XXVI: The UK activates Brexit
The UK Prime Minister Theresa May has announced that she will activate Brexit on 29 March. Negotiations with the EU will last for at least two years.
There have been three events that have set the tone for our Firm Del Canto Chambers this week: Theresa May’s announcement to activate Article 50 of the TEU and start the Brexit negotiations with the EU on 29 March, our visit to our office in Qatar, and the attack in the vicinity of the British Parliament on the 22nd.
From Del Canto Chambers, as we stated in our social networks moments after the tragic event, we stand with the victims and against any type of violence, whatever the motives, and of any criminal act that goes against humanitarian principles and international law.
In the United Kingdom, we point out that the British exit of the EU is already official: #Brexit will start on 29 March when the British Prime Minister notifies the European Commission of the UK’s decision to leave the EU. Theresa May broke the news after visiting Wales, where Brexit also enjoyed strong popular support. Within hours of the announcement, Union leaders agreed to convene an extraordinary European Council one month later (29 April) to prepare the EU’s negotiating strategy.
Among the large number of legal, political and socio-economic issues that are in the air in these negotiations, there is the legal links between the CJEU and the UK judicial system. There are many Community laws currently in force in this country and, while most of them are intended to be repealed, Parliament’s committee of experts advocates maintaining some legal links with the European High Court: “the role of the CJEU in respect of The essence of procedural law relating to jurisdiction, law enforcement and the recognition and enforcement of judgments is a price that is worth paying to maintain the effectiveness of cross-border justice tools. “
On the other hand, in relation to taxes, the British Treasury (HMRC) has warned taxpayers about the penalties that, from the next fiscal year beginning April 6, will apply to covert tax evasion operations.
From Del Canto Chambers we continue with the campaign #EmbraceSpain and completing the final preparation details of the #BrexitOpportunity breakfast that will take place on April 19th in the city of London.
This week in Qatar, among several matters and meetings, we highlight the meetings we had to move forward with the negotiations for the development of a media business with the Dar Al Sharq Group, owner of the well-known local newspaper “The Peninsula” and the Arabic-language economic newspaper Lusail Economics.
Any negotiation in the Gulf countries requires, in addition to the usual negotiating skills in the world of business and the knowledge of the technical aspects in the different jurisdictions, a unique know-how of the country and good knowledge of its culture, of its customs, of its religion, of its rhythms, etc. This is the great added value we bring from Del Canto Chambers. We have been operating in Qatar since 2011 and know very well how to move in the area. In successive weeks we will be publishing articles on key issues to consider when “doing business in Qatar”.
In Qatar, the country’s largest financial institution, the Qatar Financial Center (QFC), sees the forthcoming entry into force of the new arbitration law as positive. Meanwhile, the Qatari government tightens ties with Europe, increasing its bilateral trade relations with Portugal, but above all, with the UK through inclusive growth.
In Spain, the economy continues to grow: the government announced that the EU’s public deficit requirements have been met for the first time, at 4.3% of GDP, and the turnover of industry and services increased last January by 13.9% % And 7.7% year-on-year.
In this context, we publish in our blog an article on the investing advantages offered by #socimis (Real Estate Investment Trust), coinciding with the improvement of the Spanish real estate market, as “the Stock Exchange expects the incorporation of more than 35 socimis in 2017, while the amount of their real estate assets will exceed 5.5 billion euros. “
In addition, the Spanish Parliament has debated this week about the municipal goodwill, namely whether or not to levy this tax in case of losses, while still waiting for the vote to accept the transposition of the European Directive that already in 2014 considered abusive linking insurance to mortgages, as they violate clients’ banking rights. Once again we expect the government to stand up for the rights of citizens, as recommended by the European directive, and not the interests of banking groups.
We say goodbye until the next updates on #EmbraceSpain and are looking forward to continue sharing our news and activities, which you can follow through our blog and on social networks (Twitter, Linkedin, Facebook).
Xavier Nova (@xavinova)
Director of Del Canto Chambers