Member News

10 Sep
Member News

BBGFX | ECB and Beyond

Overview: A strong recovery in US stocks, a softer dollar, and higher gold and oil prices may signal the end of the brief though dramatic correction, but the market is in a bit of a holding pattern ahead of the ECB meeting.  Most of the major equity markets in the Asia Pacific region stabilized, except for Hong Kong and China.  Indonesia's plan to reimpose social distancing protocols saw the Jakarta Composite slump 5% before circuit breakers kicked in.  European...

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09 Sep
COVID-19 News, Member News

Loyens & Loeff | Cross-border workers: COVID-19 agreements extended in Belgium

Belgium has concluded agreements with Germany, France, Luxembourg and the Netherlands on the tax impact of international travel restrictions and health instructions (‘work at home’) for cross-border workers and their employers. In force until 31 August 2020, these agreements have now been extended up to (and included) 31 December 2020. Click here to read the article Cross-border workers & COVID-19 This article is also available in French COVID-19 Agreement with Germany The Belgian and German authorities concluded a COVID-19 Agreement on 6 May 2020. The...

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09 Sep
Member News

Osborne Clarke | Distributed workforces: navigating the labor and compliance challenges

Businesses are increasingly willing to take on workers wherever they are in the world, but with a variance in tax and labor laws, businesses need to consider the different models that are available. We regularly advise businesses that have identified a new region or country with a talent pool or customer base they want to take advantage of. There are usually a number of ways for them to have people on the ground in that new region or country.  The...

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08 Sep
Member News

GOP | Italian Tax Authorities clarify the tax treatment of perpetual, subordinated and equity-accounted bonds

With Ruling no. 291 of 31 August 2020 (“Ruling”), the Italian Tax Authorities (“ITA”) confirm  that perpetual, equity-accounted and subordinated bonds qualify as debentures similar to bonds (titoli similari alle obbligazioni) for Italian tax purposes. The Ruling concerns financial instruments with the following features: they are perpetual instruments, as the issuer shall reimburse the capital only in the event of the winding-up (or other similar events) of the issuer; the early repayment may be made by the issuer at its...

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08 Sep
Member News

Faegre Drinker | Business Email Compromise Scams: What You Should Know and What You Can Do To Be Prepared

Business Email Compromise (BEC) scams have become increasingly commonplace and financially destructive. According to the Federal Bureau of Investigation (FBI), 2019 was the worst year on record for BEC scams — both in terms of the number of attacks and the financial losses incurred because of the scams. 2020 figures to be even worse, as businesses have increasingly been victimized by attackers seeking to exploit companies whose employees are working remotely due to the COVID-19 pandemic. As the risk...

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08 Sep
Member News

MHC | Working From Home – Tax and Employment Law Implications

The COVID-19 crisis has had a profound impact on the way we live, interact and work. As government policy over the last number of months has advised (1) working from home where possible and (2) against non-essential local and international travel, working from home (WFH) has become the norm for many employees. For most employees, WFH has meant confining themselves to the desk or kitchen table from their house/apartment/flat-share a few miles from the office, always on the basis that...

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08 Sep
Member News

Vulcan Insight | Mairead McGuinness nominated as European Commissioner for Financial Services

European Commission President Ursula von der Leyen this morning confirmed her intention to nominate Irish MEP Mairead McGuinness for the Financial Services, Stability and Capital Markets portfolio in a small reshuffle of the Commission’s political leadership. In the reshuffle announced today, Commission Executive Vice-President Valdis Dombrovskis, currently in charge of the financial services portfolio will take over as EU Trade Commissioner. The position was vacated when Phil Hogan resigned on 26 August over a political scandal in Ireland over his...

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04 Sep
Member News

Loyens & Loeff | Belgium: Return to the usual rules concerning temporary unemployment

As of 1 September 2020, the usual rules for temporary unemployment due to force majeure or for economic reasons will apply again, with the exception of the following nuances and deviations: Application of transitional measures until 31 December 2020 if the temporary unemployment regime for economic reasons is invoked; Keeping the simplified procedure for temporary unemployment due to force majeure (corona) for sectors or companies that have been particularly affected by the crisis. Keeping of the simplified procedure for sectors...

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04 Sep
Member News

BBGFX | September 2020 FX Outlook

The US dollar's rally in the initial phases of the pandemic has been unwound, and sentiment appears to be the most negative since the Great Financial Crisis.  New lows for the year against the euro, Swiss franc, the British pound, Swedish krona, and the Australian dollar were recorded in recent weeks. The Dollar Index (DXY), which is heavily weighted toward Europe, fell by over 4% in July, the largest monthly decline in a decade, and another 1.25% in August. ...

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04 Sep
Brexit News, Member News

Vulcan Insight | UK Failure to Engage makes Agreement Unattainable, Barnier Says

The UK can’t have its cake and eat it too, so warned the EU’s chief negotiator Michel Barnier during his address to the Institute of International and European Affairs (IIEA) in Dublin on Tuesday. In his latest comments on the UK’s lack of engagement in negotiations over its future relationship with the European Union, Barnier stuck to the mantra that an EU-UK partnership was possible, “provided the conditions were right”. Frustration with the UK remains over its reluctance to guarantee...

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