20 Aug
Member News

IPTI | Artificial Intelligence – Use in Property Tax Valuations

The International Property Tax Institute (IPTI) was commissioned by the Property Valuation Services Corporation (PVSC) of Nova Scotia, Canada to carry out research into the potential that artificial intelligence (AI) offers in relation to the preparation of valuation assessments for property tax purposes. IPTI’s research culminated in the preparation of a White Paper entitled “The Potential of Artificial Intelligence in Property Assessment” which has been peer reviewed by a panel of eminent international experts and is now being published for...

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20 Aug
Chapter News

Mergers: EU Commission starts investigation for possible breach of the standstill obligation in Illumina / GRAIL transaction

The European Commission has decided to open an investigation to assess whether Illumina's decision to complete its acquisition of GRAIL, while the Commission's in-depth investigation into the proposed transaction is still ongoing, constitutes a breach of the “standstill obligation” under Article 7 of the Merger Regulation. The standstill obligation prevents the potentially irreparable negative impact of transactions on the market, pending the outcome of the Commission's investigation. This investigation is separate from the Commission's in-depth investigation into the substance...

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20 Aug
Member News

RSM | G20 and OECD: The future of the global tax system

The OECD recently issue a Statement on a “Two Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy”. The OECD/G20 Inclusive Framework, agreed to by more than 130 countries is the OCED’s and G20’s vision for the international tax future. There are two aspects (referred to as “Pillars”): Pillar One - A fairer distribution of profits and taxing rights via reallocation to markets where certain large multinational enterprises (“MNE’s”) have business activities and earn profits,...

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20 Aug
Member News

Vulcan Insight | EU looks to engage with Taliban to avoid “migratory disaster”

The EU will engage in dialogue with the Taliban in Afghanistan to prevent a “humanitarian and potential migratory disaster”, High Representative for Foreign Affairs, Josep Borrell, said on Tuesday (17 August) after an emergency video conference of EU foreign ministers. Borrell also said any dialogue would focus on preventing Afghanistan from becoming a hub for foreign terrorists. In the meantime, the priority remains the safe evacuation of EU citizens and local assistants. Borrell ranked the fall of Kabul to the Taliban as the most important geopolitical event since...

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19 Aug
Member News

CLA | Safe Harbor May Help Organizations Qualify for Employee Retention Credit

Key insights The IRS issued Rev. Proc. 2021-33 to create a safe harbor so that organizations can more easily qualify for the employee retention credit under the gross receipts test. PPP forgiveness, shuttered venue grants, and restaurant revitalization funds no longer need to be included in gross receipts when qualifying for the ERC. On August 10, the IRS issued Rev. Proc. 2021-33 to amplify information in the three notices related to employee retention credit (ERC) issued earlier this year. The...

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19 Aug
Chapter News

NextGenerationEU: European Commission disburses €5.1 billion in pre-financing to France

The European Commission has today disbursed €5.1 billion to France in pre-financing, equivalent to 13% of the country's financial allocation under the Recovery and Resilience Facility (RRF). The pre-financing payment will help to kick-start the implementation of the crucial investment and reform measures outlined in France's recovery and resilience plan. The Commission will authorise further disbursements based on the implementation of the investments and reforms outlined in France's recovery and resilience plan. The country is set to receive €39.4 billion...

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19 Aug
Member News

aicep Portugal | Portuguese wines amaze at the USA Trade Tasting NYC 2021

Made in Portugal Portugal showcased a selection of 9 Portuguese wine brands at the United States Trade Tasting NYC 2021, one of the most significant beverage events for distributors and importers, organized by the Beverage Trade Network in New York City. With over 150 international exhibitors and 1000+ special guests and specialists, this event reinforces Portuguese wines' presence and continuous growth in the American market. Companhia Agrícola do Sanguinhal, Parras Wines, Quinta do Beijo, Ramos Pinto - Port & Douro Wine, Body...

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19 Aug
Member News

Loyens & Loeff | The Luxembourg Stock Exchange issues its first guidelines for SPACs listings

The Luxembourg Stock Exchange (LuxSE) has published on 19 August 2021, its first guidelines for the listing of SPACs on each of its markets. The guidelines aim at striking the right balance between the needs of sponsors (and other financial intermediaries) and investor protection. Rounding off a year that saw the rapid growth of acquisition activity by SPACs, the LuxSE issued on 19 August 2021, its first guidelines for the listing of SPACs on both its regulated market (Bourse de...

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18 Aug
Chapter News

FTC Urges Federal Reserve Board to Require Debit Card Gatekeepers to Compete Fairly

As mobile and electronic payments become the norm, Commission staff advocate for more competition to protect businesses and families from unfair fees The Federal Trade Commission announced that staff have submitted a comment urging the Board of Governors of the Federal Reserve System (the Fed) to clarify and strengthen the implementation of debit card fee and routing reforms to the Electronic Fund Transfer Act (EFTA) made under the Dodd-Frank Wall Street Reform Act of 2010 (Dodd-Frank). According to a 2019 study, Americans...

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18 Aug
Member News

RSM Insight | IFRS 16 – Accounting for VAT on lease payments by lessees

IFRS 16 Leases requires that the right of use asset (ROU) and the lease liability should initially be measured at the present value of the minimum lease payments (MLPs). IFRIC were asked to consider how irrecoverable Value Added Tax (VAT) charged on lease payments should be accounted for, given IFRS 16 is silent on the matter. Should the irrecoverable VAT be included in or excluded from the valuation of the ROU and the present value of the MLPs? In the...

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