21 Jul
Chapter News

ECB | Survey on the Access to Finance of Enterprises: firms report lower interest rates amid pressures arising from trade tensions

• Firms continued to report declining interest rates on bank loans, while indicating a slight tightening of other lending conditions. • The bank loan financing gap remained stable, with firms reporting that both needs for bank loans and the availability of bank loans were broadly unchanged. • Firms’ one-year-ahead median inflation expectations decreased to 2.5%, down from 2.9%, while median inflation expectations three and five years ahead remained unchanged at 3.0%. • Most firms reported that they had been affected to some...

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18 Jul
Member News

Bennett Jones | Canada’s Q2 2025 M&A Landscape

By Brent Kraus, Flutra Kacuri, Sabrina Bandali, Zirjan Derwa and Adam Kalbfleisch, Bennett Jones The total number of Canadian M&A deals declined in the second quarter of 2025 as tariff disruption and uncertainty hampered dealmaking activity. However, the overall value of announced Canadian deals was up considerably in the second quarter of 2025, resulting in higher average deal sizes. A similar scenario of fewer deals and higher values is playing out in the United States and globally. In our latest quarterly...

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18 Jul
Member News

Troutman Pepper Locke | DOJ Ramps Up Enforcement Efforts Targeting Tariff Evasion and Trade Fraud

The U.S. Department of Justice (DOJ) has announced that it is expanding its enforcement priorities to include a focus on import-related fraud — particularly schemes aimed at evading U.S. tariffs and duties. This marks a notable shift in the DOJ’s trade enforcement agenda, which has traditionally emphasized export controls and sanctions compliance. The shift follows a newly issued memorandum by the DOJ’s Criminal Division, outlining how tariff evasion will be treated as a central enforcement priority moving forward. Companies that import goods...

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18 Jul
Member News

Anchin’s U.S. Expansion Playbook: Expanding Business Operations to the US? What Needs to be Considered

By Kevin Brown, Tax Principal, ANCHIN Anchin’s U.S. Expansion Playbook is a bi-weekly article series that will provide insight into the tax, accounting, operational and practical considerations for non-U.S. businesses looking to expand their operations into the U.S. The Anchin International Tax group has significant expertise and experience in assisting overseas businesses seeking entry into the U.S. market. Working closely with our industry specialists, we provide tailored support to ensure a seamless transition and successful integration into the U.S. This series of articles will...

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18 Jul
Chapter News

European Commission | Remarks by Commissioner Síkela, Šuica and Kos on the Global Europe instrument

"Check against delivery" Commissioner Síkela Good morning, ladies and gentlemen, We have entered an era of growing geopolitical challenges. From climate-driven instability and global migration pressures to rising competition over critical raw materials, global influence, and market access. But to Europe – as a reliable, trustworthy partner - the current situation also brings new opportunities. Opportunities to build strategic partnerships. To open new markets for European companies.  This is why Europe needs a stronger and more agile external action. If we want...

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18 Jul
Chapter News

Council of the EU | VAT: Council formally adopts new rules simplifying tax collection for imports

The Council today formally adopted new value added tax (VAT) rules for distance sales of imported goods. The directive will improve collection of VAT on imported goods by ensuring suppliers are always liable for VAT paid on imports, rather than the EU consumer as is currently usual practice. This should encourage suppliers outside the EU to use the VAT import one-stop-shop (IOSS) for VAT reporting and collection. Import one-stop-shop (IOSS) The already-existing IOSS serves as a point of contact for importers of goods from third countries...

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18 Jul
Member News

Vulcan View: The latest EU developments 14 July – 18 July

Commission unveils draft 2028-2034 Multiannual Financial Framework On Wednesday, 16 July, the European Commission announced the EU’s Multiannual Financial Framework (MFF) for 2028-2034. The MMF -the EU’s long-term budget- is planned to amount to €2 trillion, with European Commission President von der Leyen stating, “The next MFF will be the most ambitious ever proposed. It is more strategic, more flexible, more transparent, and we’re investing more transparent, and we’re investing more in our capacity to respond and more in our defence.” Key features...

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17 Jul
Chapter News

European Commission | Statement by President von der Leyen on EU-U.S. trade

We take note of the letter sent by U.S. President Trump outlining a revised tariff rate and a new timeline. Imposing 30 percent tariffs on EU exports would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic. Few economies in the world match the European Union's level of openness and adherence to fair trading practices. The EU has consistently prioritized a negotiated solution with the U.S., reflecting our commitment to dialogue,...

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17 Jul
Chapter News

European Commission | An ambitious budget for a stronger Europe: 2028-2034

Today, the European Commission presented its proposal for an ambitious and dynamic Multiannual Financial Framework (MFF), amounting to almost EUR 2 trillion (or 1.26% of the EU's gross national income on average between 2028 and 2034). This framework will equip Europe with a long-term investment budget matching its ambitions to be an independent, prosperous, secure, and thriving society and economy over the coming decade. Europe faces an increasing number of challenges in numerous areas such as security, defence, competitiveness, migration,...

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17 Jul
Chapter News

ECB publishes third progress report on the digital euro preparation phase

• ECB making progress on digital euro rulebook with feedback from experts, consumers and merchants • Around 70 market participants explore use cases through new innovation platform • ECB continues stakeholder engagement to ensure alignment with market needs and legislative developments The European Central Bank (ECB) has published its third progress report on the preparation phase of a digital euro, which was launched on 1 November 2023 and is laying the foundations for the potential issuance of a digital euro. Since the publication of the second...

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