In a notice scheduled to be published in the Federal Register on February 7, 2023, the office of the U.S. Trade Representative (USTR) announced that it is again extending the China 301 tariff exclusions on 81 “COVID items” which would have otherwise expired on February 28, 2023. The extensions will run through May 15, 2023. The specific items in question can be accessed here. By way of background, the USTR had previously announced the extension or modification of a total of 99...

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Practitioners and EU officials alike seem to be in agreement that the Foreign Subsidy Regulation (Regulation (EU) 2022/2560; “FSR”), which entered into force on 12 January 2023 (see our News Alert here), will have a significant effect on M&A deals. The new notification tool for transactions introduced in Articles 19 to 26 of the FSR has the potential to impose major bureaucratic burdens on deal parties by requiring them, if certain thresholds are exceeded, to notify certain transactions and...

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What does this new landmark law mean for service providers? The Digital Services Act (DSA) establishes a framework for an unprecedented level of transparency, accountability and fairness for digital services in the EU. It imposes obligations in a cascading fashion, with a base level of universal obligations and more onerous obligations applying to three specific categories of service provider. The DSA applies where recipients of a service are based in the EU, regardless of the service provider’s place of establishment....

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The Internal Revenue Service is ready, willing and able to help authorities worldwide with tax enforcement – especially with the sharing of taxpayers’ information. In Zhang v. United States, taxpayers recently appealed a decision from the U.S. District Court for the Northern District of California that denied their petition against an IRS summons for information. The summons was at the request of the Canadian tax authority; the U.S. and Canada have a bilateral tax treaty. The Ninth Circuit Court sided with the...

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The monthly newsletter gives you an overview of recent notable changes in Canadian and American immigration. Here is an overview of the most recent news as of January 31th, 2023. CANADA Prohibition on the Purchase of Residential Property by Non-Canadians Regulations As announced at the end of last year, the Act prohibiting the purchase of residential immovables by non-Canadians came into force on January 1, 2023, and so for the next 2 years. This Act is the result of collaborative work between...

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Key insights Understanding the basic framework of check-the-box regulations can help buyers and sellers identify potential U.S. income tax and reporting risks. A thorough understanding of a U.S. target’s global tax structure can allow buyers to plan for postacquisition restructuring. Accurate reporting of a U.S. target’s global tax structure can allow both buyers and sellers to negotiate tax-efficient deal structuring. Understanding the basic framework of tax classification regulations can help buyers and sellers identify potential U.S. income tax and reporting...

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The EIB is continuing to spearhead market developments in the digitalisation of capital markets with a fully digitally native bond issuance in pound sterling. The £50 million digital bonds, which bear a floating rate of interest, are registered in a private blockchain that ensures privacy and efficiency, while a public blockchain mirror record provides increased transparency on an anonymised basis. The EIB has appointed BNP Paribas, HSBC and RBC Capital Markets as joint lead managers. The digital bonds will...

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The “move fast and break things” mantra, once the loudest guest at tech events in Silicon Valley in California to Dublin’s Silicon Docks is ever closer to being shown the exit. It would seem that EU regulators are relishing their role as the polite but stern doorman. The EU is on a roll these last few years and has been dialling up the regulatory pressure on tech companies of all shapes and sizes. We’ve had updated medical device legislation, the...

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The metaverse may seem far out there for some—almost other worldly. But the reality is that the concept applied to the virtual workplace (aka the officeverse) is quickly gaining some down-to-earth traction amongst companies, especially when it comes to attracting talent that wants unique options for where and how they work. Although the physical office isn’t going anywhere, what’s appealing about the officeverse is its versatility. It has the potential to be the best of both remote work and the...

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