The EACC, in partnership with the International Property Tax Institute (IPTI), wants to keep its members up to date with the latest developments in property taxes in the USA and Europe. IPTI has put together below a selection of articles from IPTI Xtracts; more articles can be found on its website (www.ipti.org). United States New York: City Council considers fat tax cut on hotels The hotel industry is still struggling to recover from the effects of the pandemic, and its lobbying group...

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On 11 May 2022, the European Commission published a Directive proposal to tackle the tax bias in favour of debt funding. The proposal includes both a notional deduction on growth in equity and an additional limitation on interest deduction for corporate income tax (CIT) purposes – “DEBRA proposal”. The DEBRA proposal applies to all taxpayers, which are subject to CIT in one or more member states, save for certain financial undertakings. The proposed date of entry into effect is 1...

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On 12 May 2022, the CSSF published Circular 22/810 on the procedures to be followed by Luxembourg-based undertakings for collective investment in transferable securities (UCITS) and investment fund managers in order to notify pre-marketing or cross-border marketing of units or the discontinuation of such activities. The circular follows the introduction of an additional notification procedure for the discontinuation of cross-border marketing of sub-funds of UCITS and alternative investment funds (AIFs) and new requirements for alternative investment fund managers (AIFMs)...

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With the renewed threat of the UK Government legislating domestically to undermine the Northern Ireland Protocol of the EU-UK Withdrawal Agreement, the EU and the UK Government accused each other of “showing flexibility” and undermining the province’s economic and political cohesion.  In their first talks since the Sinn Féin’s win in the Northern Ireland Assembly elections and Tuesday’s Queen’s Speech which didn’t include the rumoured legislation on Northern Ireland, European Commission Vice-President Maroš Šefčovič warned over his continued “serious concern...

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