Stephenson Harwood - As anyone who is active in the blockchain space is very well aware, 2017 saw an enormous increase in the number of "Initial Coin Offerings" (ICOs) that have been arranged. Over US$5.68 billion was said to have been raised in 2017, with over 1.4 billion in December 2017 alone, for example. The key advantages of ICOs for fund raisings have been: speed; lack of bureaucratic "red tape"; interest generated by offerings; and/or low cost of the process. In recent...

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Stibbe -  Tax Alert February 2018 In this Tax Alert Stibbe addresses the anxiously awaited ruling of the European Court of Justice ("ECJ") on the joined cases C-398/16 and C-399/16. This judgement deals with the question whether EU law obliges the Netherlands to let taxpayers cherry pick benefits from the fiscal unity regime. Stibbe also mentions the announcement of the Dutch Ministry of Finance to improve the rules for obtaining tax rulings in the Netherlands. Furthermore, the firm is proud to...

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Loyens and Loeff - On 14 February 2018, the European Systemic Risk Board (ESRB) published a Recommendation addressed to the European Securities and Markets Authority (ESMA) and the EU Commission on actions to address systemic risks related to liquidity mismatches and the use of leverage in investment funds. It focuses on the following five areas: Additional liquidity management tools for redemption; Additional provisions to reduce the likelihood of excessive liquidity mismatches; Stress testing for individual AIFs and UCITS; Harmonised UCITS reporting;...

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Ernst & Young - Many governments around the world are introducing reforms to make sure their indirect tax systems are fit for the internet age. Over recent decades, indirect taxation has become increasingly appealing to governments. The “tax of the moment” keeps evolving to keep pace with technological innovation, global tax reform, shifting trade patterns and policies, and new governmental priorities for health and the environment. Businesses need to pay attention — this tax has staying power. Going global — general consumption...

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Ernst & Young -  How and why is technology changing the way we work? As the world adjusts to the digital age, workers will increasingly be freed up from repetitive tasks and can explore the attributes that make us human. These human attributes, including lateral thinking, creativity, decision-making, innovation, intuition and empathy, will become more important as the balance of machines and humans in the workplace shift. As this shift occurs, whereby machines take on more, we should also see the...

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Ogletree Deakins - Harold P. Coxson (Washington DC) On February 12, 2018, the White House released its fiscal year 2019 (FY 2019) budget plan and sent it to Capitol Hill just a week after signing a two-year budget deal lifting the spending caps for 2018 and reopening the federal government, which had been temporarily shut down. For that reason, the budget cuts in the FY 2019 proposal have little chance of enactment by Congress which is loath to give back money already...

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AlixPartners -  Brrr! Weather aside, it has been a bone-chilling start to the year for retailers. US core retail sales fell 0.2 percent in January, the biggest decline in 14 months. Not even the Winter Olympics could drum up enough excitement to lift sporting goods and hobby stores, which fell 0.8 percent. Speaking of winter gear, it's February again, and we all know what that means. It's time to bundle up and check out our top 10 retail predictions for the...

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Loyens & Loeff - Loyens & Loeff's new EU Tax Alert Newsletter is now available. Highlights in this edition: EU State aid investigation opened into IKEA’s tax treatment in the Netherlands EU adopts and updates list of non-cooperative jurisdictions for tax purposes (black list) CJ does not allow too general anti-abuse and substance provisions for holding companies (Deister Holding and Juhler Holding) Commission proposes new rules on VAT rates and small enterprises CJ rules on repayment of customs duties in the...

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Wilson Sonsini Goodrich & Rosati - Wilson Sonsini Goodrich & Rosati is pleased to present its Tax Reform Q&A: The Implications for Emerging Growth Enterprises and Start-Ups. This Q&A highlights recent key changes to the U.S. Internal Revenue Code that the firm thinks most impact domestic emerging growth enterprises and start-ups.  The Q&A begins by discussing changes in tax rates and how this impacts choice of entity between corporations and pass-throughs, as well as the potential impact of tax reform...

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Pepper Hamilton LLP -  Pepper Hamilton recently announced results of the deals closed during the fourth quarter, ending December 31, 2017. The firm advised on more than 18 deals, with combined transaction values over $2.1 billion, including cross-border deals in Ireland and Canada. Partners provided counsel to organizations across a variety of industries, including health care, life sciences, airlines and aviation, telecommunications, manufacturing, consumer products and retail, software and more. “Deal execution remained strong in the fourth quarter, further proving our commitment...

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