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). UNITED STATES Empty Office Buildings Squeeze City Budgets as Property Values Fall At a meeting with Treasury Secretary Janet L. Yellen last month, Jeff Williams, the mayor of...

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Overview of Key Provisions Affecting Individuals and Businesses A $1.9 trillion COVID-19 relief package was signed into law by President Biden on Thursday, March 11, 2021. The American Rescue Plan Act of 2021 (ARP), as amended by the U.S. Senate, follows the nearly $4 trillion in COVID relief enacted in 2020. The ARP includes provisions designed to accelerate activities to combat the virus and distribute vaccines, fund various programs and provide economic support to a variety of stakeholders including individuals,...

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The onset of COVID-19 caught many business owners off-guard. Raw material shortages, delivery challenges, and obtaining financing for supply chains were some of the difficulties companies had to face. Ultimately, buyers and suppliers learned that to overcome these hurdles, they need to work collaboratively. By working with the right supply chain finance company, international companies can support collaboration and streamline operations for an entire supply chain, resolving immediate cash flow challenges that could drastically impact a business. This article discusses...

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Previously published in Project Syndicate on March 03, 2021 | Many of the monetary and fiscal measures in advanced economies over the past 12 months were necessary and unavoidable. But as policymakers eye a possible recovery in 2021-22, they must be vigilant about the side effects of prolonged stimulus. NEW YORK – Over the past year, rich-country governments and central banks have provided unprecedented fiscal and monetary stimulus to help mitigate the economic impact of the COVID-19 pandemic. Getting back to...

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10 March 2021 was D-Day for sustainable finance disclosures. From now on, financial market participants and financial advisers must apply the sustainability disclosure obligations set out in the EU Sustainability Finance Disclosure Regulation (‘SFDR’). Financial markets participants and financial advisers must, without delay: decide if their products have sustainable investments as an objective or promote social and environmental characteristics, adapt amongst others their website disclosures, internal policies and pre-contractual client documentation (e.g. prospectus), and insert certain information in their periodic...

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COVID-19 continued to have a dramatic impact on European mid-market debt in H2. Lenders reassigned focus towards a much narrower set of sectors, supported clients by deploying government-backed funding and worked through issues with existing clients. After a year of once-in-a-generation GDP declines and with debt and working capital mounting, borrowers will need to consider all financing sources whilst ramping up profitability. Asset-based lending activity levels remain robust, while special situations teams at credit funds are also gearing up for...

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It was just one of many points European Council President Charles Michel made in his monthly newsletter on Tuesday afternoon, but his accusation of the “United Kingdom having imposed an outright ban on the export of vaccines or vaccine components produced on their territory” caused an outright diplomatic spat between London and the EU institutions this week. Although the accusation have been making the rounds in Brussels for weeks already, not least because European Commission President Ursula von der Leyen...

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Last week, the Securities and Exchange Commission’s newly renamed Division of Examinations (formerly known as the Office of Compliance Inspections and Examinations) published its 2021 Examination Priorities (“Exam Priorities”).  This annual guidance reports on the Division’s accomplishments and rates of examinations for the prior year, and seeks to promote compliance, prevent fraud, identify and monitor risk, and inform policy. It provides industry participants with a road map to plugging any gaps in their compliance. Many of the Exam Priorities are perennials—for example,...

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Nonprofit tax-exempt organizations have unique considerations with respect to navigating U.S. immigration processes and entity formation. Organizations hiring new talent or bringing employees across borders need to be aware of how their nonprofit corporate and tax-exempt statuses may impact and be impacted by immigration processes and rules. This article provides an overview of several employment and immigration compliance topics affecting nonprofit tax-exempt organizations operating in the U.S. Hiring From a nonprofit director’s perspective, hiring the most talented and dedicated employees is critical...

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