European Court of Justice, Case C-94/19 (San Domenico Vetraria S.p.A.) of March, 11 2020: the secondment of an employee of a parent company to a subsidiary, for which the latter reimburses only the relevant costs, will be subject to VAT in cases where the contractual relationship between parent and subsidiary qualifies as a provision of services against consideration. The Case at hand, submitted by the Italian Supreme Court to the European Court of Justice (“ECJ”), concerns the VAT regime applicable...

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We recognize that this is a moment of deep hurt and anguish for millions of Black people across the country. Systemic racism, discrimination and injustice is a human rights crisis. We vow to be a voice and force for change. EY is taking actions as a US firm to eradicate racism and discrimination against the Black community by leveraging our influence to drive strategic change in our firm, in the communities where we work, and through public policy. Understanding that...

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When coronavirus struck, the European Commission joined with EU countries and European institutions to prepare a swift and massive package of relief for businesses devastated by the pandemic. One European programme was already at work, immediately delivering hundreds of millions of euros in financing for projects that aim to fight COVID-19. With the backing of the European Fund for Strategic Investments (EFSI), the European Investment Bank financed a €50 million deal in May to back COVID-19 trials of a treatment...

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Accounting for COVID-19 related rent concessions and other modifications to lease contracts, from the lessee’s perspective Implementing IFRS 16 Leases was a substantial task for many preparers, and COVID-19 has brought a new and unexpected source of difficulty and complexity. The challenges posed by COVID-19 have resulted in a significant increase in the number of leases being re-negotiated or modified, usually where tenants can no longer operate, or have experienced a sudden drop in revenue.  As a result, the IASB has...

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Taxation Partner Seth Entin wrote an article published in Bloomberg Tax discussing potential U.S. federal income tax opportunities and challenges for foreign investors in U.S. distressed debt. Foreign investors may earn interest income on debt issued by U.S. borrowers and may even gain from the sale or retirement of these debt instruments, free of U.S. federal income tax, as long as certain conditions are met. Mr. Entin's article outlines the rules favorable to investors and describes the potential pitfalls that could...

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Following 90 hours of tense negotiations, white smoke finally rose over the glass façade of the European Council’s Europa building as President Charles Michel tweeted one word to the world: “Deal!” In the end, it took the longest EU Summit on record to reach an agreement on the Commission’s blueprint for the €750 billion coronavirus Recovery Fund and the bloc’s €1.074 billion multiannual financial framework (MFF). Before the Summit had begun Austrian Chancellor accused southern EU members of being “states that...

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CMS, the leading global law firm, has announced that Heike Wagner has been appointed as Chair of the CMS Council, effective 1 October 2020. She will be replacing Robert Bosman, who has held this position since 2007. The CMS Council is the highest decision-making body within CMS. Pierre-Sébastien Thill, CMS Chairman, commented, “During his 13-year tenure of the CMS Council, Robert has been a highly popular, diligent and inclusive Chair, supporting the strategy and the goals of CMS and contributing...

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