This article is part of Portolano Cavallo’s monthly “INFORM@ Digital & IP” Newsletter. Click here to subscribe. | Increasing use of digital platforms to sell goods and services, according to the information available to the Commission, has led to inconsistent income reporting and significantly raised the risk of tax evasion. The Commission hopes to put in place via the Commission proposal (the “Commission Proposal” or “Proposal”) amending the directive regarding administrative cooperation in the field of taxation, also known as the DAC (Directive 2011/16/EU) a...

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The unprecedented economic downturn from the COVID-19 pandemic and widespread uncertainty are a few of the global themes that have characterised 2020, which are likely to continue in 2021. The impact of the global pandemic on the global economy has not only taken a toll on business and consumers but has also hit tax authorities where it hurts most - their pockets. Tax revenue collection shortfalls coupled with the implementation of emergency COVID-19 support measures have put severe strain on...

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As the world continues to battle the Covid-19 pandemic, small businesses are struggling to survive, affected by successive lockdowns. Despite significant government support, many are finding it hard to cover their fixed costs, including rent.  While some property owners have voluntarily lowered lease payments (Luxembourg City granted its tenants a rent-free period of a few months), others have been forced to accept significant discounts during the lockdown period. In two recent decisions, the Luxemburg Small Claims Court upheld (i) a lowering...

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On the 26th of January 2021 the National Labour Council (NAR) concluded a national interprofessional collective agreement on telehomework during the COVID-19 crisis, which provides a clear framework for the minimum arrangements to be made at company level. The new collective agreement applies to government-recommended or compulsory telehomework to prevent the spread of the coronavirus. The CBA is concluded for a fixed term until 31 December 2021 and is mainly aimed at forcing companies that do not yet have a...

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Most of the time, investors are focused on two V’s: value and volatility. However,  two other V's will continue to dominate the month ahead of the investment climate: virus and vaccine. At the end of January, it seemed like many high-income countries had begun seeing leveling-off after the holiday-inspired surge. Economic-cramping restrictions will remain in place for the next several weeks, and many consider deepening and/or broadening restrictions. The IMF boosted this year’s outlook and sees world growth at 5.5%,...

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Have you ever stopped to think about what consumers are really motivated to buy? The Jobs to be Done theory shows us that customers are not looking for a product or service but a solution to a need. What do you look for when you buy running shoes? Something comfortable to work out in seems to be the obvious answer. However, if you apply the Jobs to be Done theory, the answer to the question would probably be: improving health...

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It is undeniable that 2020 was a very challenging year in many respects. The Covid-19 outbreak played the leading role globally. We have seen its impact on the corporate sector and, consequently, on the overall financial markets first hand. Our year-in-review touches upon the main events and trends observed in the European CLO, CRE, and CMBS space throughout 2020. How Did the CLO Market Fare in 2020? The Covid-19 outbreak produced an unprecedented negative shock to businesses globally, with repercussions on both...

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As the public conflict between the European Commission and the British-Swedish pharma giant over apparent shortages in COVID-19 vaccine deliveries continues to heat up, the Commission has today implemented a new export transparency regime, allowing Member States to potentially block their exports. In recent days, Commission considerations of whether to institute greater oversight of which, and crucially how much, Covid-19 vaccines, manufactured in the EU, have raised considerable fears across the globe of an EU “export ban.” Under the new mechanism,...

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This article is part of Portolano Cavallo’s monthly “INFORM@ Digital & IP” Newsletter. Click here to subscribe. | The COVID-19 pandemic crisis has highlighted the central role that digital platforms play from both an economic and a social perspective, along with the challenges arising from online flow and concentration of Big Data. In response to political pressure for reforming the rules governing digital markets and services, on December 15, 2020 the European Commission (Commission) published the text of two proposals that undoubtedly represent...

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As 2020 drew to a close, Indivior PLC, a global pharmaceutical company and manufacturer of the opioid treatment Suboxone, was sentenced in the U.S. District Court for the Western District of Virginia for making false statements to the Massachusetts Medicaid program about the relative safety of Suboxone Film around children to increase its sales, in violation of 18 U.S.C. § 1035. The Indivior sentencing closed out yet another significant, multifaceted investigation led by the U.S. Department of Justice (DOJ...

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