The Court of Justice of the European Union ('CJEU') confirmed in decision C-931/19 of 3 June 2021 that the letting of immovable property abroad, where the property owner does not have its own staff to perform letting-related services, does not give rise to a fixed establishment for VAT purposes in the country where the property is located. The case concerned a Jersey-based company, Titanium Ltd (‘Titanium’), involved in real estate and asset management activities. In the context of those activities, Titanium...

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In early June 2021, the European Commission adopted a new set of Standard Contractual Clauses for organizations to use to ensure compliance with the EU General Data Protection Regulation (GDPR) requirements for transfers of personal data from the European Economic Area (EEA). Background Under the GDPR, transfers of personal data from the EEA are not permitted unless certain safeguards are met to ensure that a similar level of protection is afforded to data subjects as that granted under EU law. Among...

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More than 30% of borrowers who received Paycheck Protection Program (PPP) loans in 2020 still have not applied for forgiveness, according to the Small Business Administration (SBA). The SBA distributed approximately $521 billion in PPP loans to businesses during 2020, but as of May 24, 2021, had not received forgiveness applications related to loans totaling $159 billion of those funds. The SBA has issued guidance explaining that borrowers may submit a loan forgiveness application any time before the maturity date...

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RSM World of IFRS summarises key matters arising from recent IASB discussions and decisions, highlights RSM thought leadership from around the world, and addresses an IFRS application question each month. Latest matters from the international accounting standards board (IASB) The following is a summarised update of key matters arising from the discussions and decisions taken by the IASB at its remote meetings from January to May 2021: The full update, as published by the IASB, can be found here. Maintenance and consistent application BUSINESS COMBINATIONS...

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Learning from real-world examples, we’ll show you how to leapfrog to a new TransitTech paradigm while solving for real public transportation needs. If you pull up the citywide public transit app in Arlington, Texas, you’ll find yourself with two options: On-demand microtransit vehicle, or on-demand self-driving vehicle. Under the leadership of Mayor Jeff Williams, this city of 400,000 (located about 20 miles west of Dallas) is at the forefront of making technology a useful part of its public transportation. WATCH: How to integrate AVs with...

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Montpellier & Seoul, June 8th, 2021 | CILcare, the world’s leading CRO dedicated to ear disorders, and Knotus, a leading Korean non-clinical CRO, announced today that they have entered into a strategic partnership that aims at accelerating the development of therapeutics to prevent and treat hearing disorders. CILcare and Knotus will be working together to propose to pharmaceutical, veterinary, nutraceutical and medical devices industries CILcare’s cutting-edge R&D services to support safety and efficacy evidence of their products on auditory functions. Hearing...

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This article is part of Portolano Cavallo’s “INFORM@LifeSciences” Newsletter. Click here to subscribe | In the wake of application of the European medical device regulation (EU Regulation No. 745 of 2017), occurred on May 26, Italy is taking its first steps toward adjusting its national regulatory framework. As a result, the European delegation law of 2021, published in the Italian official journal on April 23, includes an entire section (Art. 15) on the future regulatory framework applicable to medical devices, providing the government...

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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 a selection of brief reports from articles contained in IPTI Xtracts which can be found on its website (www.ipti.org). USA New York: NYC tax reform group demands feds step in to fix broken city tax system The group that’s pressed New York City to reform its complicated...

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The European Commission adopted new Standard Contractual Clauses ("SCCs") on 4 June 2021. The SCCs can be used under the General Data Protection Regulation (GDPR) as a safeguard for transfers of personal data to recipients in countries outside the European Economic Area if the European Commission has not adopted an adequacy decision. The new SCCs have been updated to align with the GDPR, offering more flexibility for complex processing chains. They include a practical toolbox to help companies comply with the CJEU's...

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On June 9, 2021, U.S. Citizenship and Immigration Services (USCIS) issued new policy updates to the USCIS Policy Manual that will clarify the criteria and circumstances for expedited processing; improve the existing request for evidence (RFE) and notice of intent to deny (NOID) guidance; and increase the validity period for initial and renewal employment authorization documents (EADs) for certain noncitizens with pending adjustment of status applications. The noted changes include the following: expedited processing, requests for evidence and notices...

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