The Government of Canada's current fiscal plan may not tell the full story of the country's financial path. Budget 2022 and the November economic statement have laid out a fiscal plan based on plausible but optimistic assumptions about the economic and interest rate context that Canada will operate in for the foreseeable future. There are three key risks to the sustainability of the currect fiscal plan that we address in our assessment: planned spending is unlikely to be adequate to deliver...

Read more

Kettel Thomsen has served in the EIB’s Management Committee since Sept. 2020 His successor will be appointed by EU member states, the shareholders of the EIB President Hoyer thanked Kettel Thomsen for his service European Investment Bank (EIB) Vice-President Christian Kettel Thomsen has informed President Werner Hoyer of his decision to resign from the Management Committee, in order to take the helm of Danmarks Nationalbank, the Danish central bank. An economist by training, Kettel Thomsen started his term as EIB...

Read more

By Mathieu Aimlon, CPA Expert-comptable diplômé, France (non inscrit)  Knowing and meeting tax deadlines are important for the success of your business and/or your household. Most individual income tax returns are filed between January and April. The IRS will start accepting 2022 tax returns on January 23, 2023.  We’d like to remind you of the following upcoming tax due dates.  Tax due date for businesses January 17, 2023  Fourth quarter 2022 estimated tax payment: if you are sole proprietors, contractors, single member of limited liability...

Read more

On January 1, 2023, Sweden took over the semi-annual rotating presidency of the Council of the European Union from the Czech Republic. During the six-month period, Sweden will lead the work of the Council, build cooperation and agreement between all EU Member States. Against the background of the war in Ukraine and its consequences, Sweden would face “unprecedented challenges” in the six months to the end of June 2023, according to Swedish Prime Minister Ulf Kristersson. In a nutshell, the country will focus...

Read more

This article was initially published on Inc.com | It's not a political platform or a savior. But it's a crucial part of your business. Much has been written about the pros and cons of ESG (which stands for Environmental, Social and Governance), what it is, whether it's "woke," and if that is a good thing or bad. ESG is under fire, both from political forces on the right who claim it is pushing a leftist political agenda, and from environmental and...

Read more

All eyes were on Davos earlier this week as Commission President, Ursula von der Leyen spoke before the World Economic Forum on 17 January. As highly anticipated, the Commission President used the Davos stage to shine a light on what Brussels is planning in order to boost European industry and more specifically, respond to US President Biden’s massive subsidy package, the Inflation Reduction Act (IRA). In an attempt to address the ever-growing concerns of industry and European governments, von der...

Read more

The Digital Operational Resilience Act (“DORA”) is part of the Digital finance package adopted in 2020 by the EU Commission to further enable and support the potential of digital finance in terms of innovation and competition, while mitigating the risks arising from it. DORA enters into force on 16 January 2023. The designated European Supervisory Authorities are currently developing technical standards with which financial entities must comply, whilst national competent authorities will oversee compliance and enforce the regime as required....

Read more

"We recovered earlier than we anticipated," stressed the chairman of the entity responsible for promoting Portugal as a tourist destination. Portugal was presented on Wednesday at the Madrid tourism fair (FITUR), one of the largest in the world, with the expectation of repeating this year the growth of the sector above what had been forecast for 2022 and to capture more tourists from Spain. Last year is already “the best ever from a revenue point of view” for Portuguese tourism, with...

Read more

Background The Foreign Investment in Real Property Tax Act of 1980, as amended (FIRPTA), imposes tax on gain realized on disposition by nonresident alien individuals or foreign corporations (non-U.S. persons) of a U.S. real property interest (USRPI) by treating such gain as effectively connected with the conduct of a U.S. trade or business by such non-U.S. persons (effectively connected income, or ECI). The FIRPTA tax is enforced by requiring the purchaser (or other transferee) of a USRPI from a foreign...

Read more