U.S. trade policy remains in a state of flux as President Trump continues on the tariff trail, keeping businesses and global partners guessing. On Friday, Trump broke off trade talks with Canada over its digital tax. He indicated new tariffs on Canadian goods will be announced in the next seven days. And earlier in the week, a White House Spokesperson said the President will be flexible when it comes to the July 9 deadline for the pause to end many...

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I would like to start this newsletter with a timely article on the need for change in relation to taxation. The article is titled “The big tax reckoning is coming for Canada” and, although it is focused on Canada, the same issues prevail in many jurisdictions around the world. The author (Kirk LaPointe) states: “As costs soar and demographics shift, governments can no longer dodge the truth: we either raise more revenue or cut deep. We live in a country...

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The EU’s foreign direct investment (FDI) screening rules aim to enable the Union to identify, assess, and mitigate potential risks to security or public order while maintaining its position as one of the most open investment areas in the world. A legislative process is currently underway to replace the existing framework, set out in Regulation (EU) 2019/452. In January 2025, the European Commission submitted a proposal for a new FDI screening regulation to the Council and the European Parliament. On...

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Key insights: The House passed the tax bill on May 22, 2025. The Senate Finance Committee released its proposal on June 16, 2025. If the Senate successfully passes its version in June, the bill could see a final vote in the House in July. The proposed tax bill includes significant changes, from extending current tax rates to enhancing business deductions, and more. Now is the time to evaluate your tax planning opportunities. As the One Big Beautiful Bill Act (OBBBA) advances through...

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Antitrust in labour markets remains a hot topic in the EU. There have been recent landmark decisions by the European Commission (“Commission”) and the French Competition Authority which, alongside Advocate General Emiliou’s opinion in the pending Tondela “Football” case, are instructive for companies navigating the pitfalls of no-poach agreements under antitrust law. These have prompted us to update our previous article. EU Commission on no-poach agreements in an M&A context In 2018, Delivery Hero acquired a minority stake in Glovo, achieving full...

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The 27 Member States endorse plan to increase new financing to record of up to €100 billion in 2025. Revised ceiling includes 3.5% of total financing for European security and defence. EIB Board also approves landmark project for construction of military base in Lithuania. EIB Group shareholders launch largest EU programme to fund Europe’s technological leadership and approve first wave of new instruments to support cleantech. EIF Board approves deal with German Export Credit Agency to provide a...

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Cilcare is pleased to announce that its innovative INEAR3D project has been selected by the Companies & Campus initiative, supported by the University of Montpellier and its Pôle Universitaire d’Innovation (PEI). The project has received a €50,000 grant in recognition of its scientific impact and alignment with the PEI’s health and sustainability priorities. Led by Dr. Sylvie Pucheu, Director of Preclinical Innovation at Cilcare, INEAR3D represents a bold leap forward in the development of human-based in vitro models for auditory drug screening. The project is carried out in collaboration with the Institut Charles...

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We have summarized the upcoming Dutch and European tax changes as well as a recent opinion issued by the Knowledge Group of the Dutch Tax Authority regarding “negative wages,” clarifying the tax treatment of losses employees may face when forced to sell shares under bad leaver clauses. Changes in the Netherlands  VAT and Holding companies From July 1st, 2025, the Dutch "Holding Decree" and ‘’Share Sale Decree’’ will be replaced by two new decrees: the Deduction Decree, which introduces guidelines for the deduction of VAT...

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