Tax Rulings and state aid: an update On 19 September 2016, the Commission opened another in-depth investigation in a tax-related matter, namely into Luxembourg's tax treatment of the GDT Suez Group (now Engie). The Commission is concerned that several tax rulings may have given GDF Suez an unfair advantage over other companies, in breach of EU state aid rules. The tax rulings appear to treat the same financial transaction between companies of GDF Suez in an inconsistent way, both as...

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2015 was another record year, with the deal value of the European investment market reaching an unprecedented high of almost EUR 250bn. Highest growth was in Germany, where deal values were almost EUR 55bn. At around 30%, Europe's share of the global real estate investment market remained broadly unchanged. As the present year progresses, we see the greatest migration to Europe for a century across a fragile Schengen zone, interest rate rises in the US, a US presidential election with...

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The Act of 10 August 2016 (the "Act"), modernising the Luxembourg Companies Act of 10 August 1915 as amended, introduces a formal legal basis for both the redemption of shares and the issuance of redeemable shares by a SARL. The Act also amends certain provisions regarding the redemption of shares by an SA. The amended rules will facilitate the implementation of management incentive plans and the buy-back of shares by listed companies. Redemption of a SARL's shares The issuance of redeemable...

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Serving on a board of trustees is both an honor and a responsibility. As a trustee, you are a link between your institution and students, faculty, staff, the public and other constituencies that support it and are served by it. You are a steward of mission, reputation and resources. In fulfilling your responsibilities, you will contribute your talent, expertise and dedication. To expand your understanding of a board’s purposes and composition, and your duties as a trustee, consult our Higher Education...

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On 5 October 2015, the OECD issued final reports for the 15 BEPS (Base Erosion and Profit Shifting) actions that are fundamentally changing the course of corporate international taxation. Businesses with international operations must address these challenges head-on and act quickly to ensure they are not caught out by new rules coming into effect from 2017. To help businesses, BDO has developed a range of innovative tools to help clients through every step of the new corporate international tax landscape. In our...

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Bank share prices rose for the week as a second round of bank earnings reports lifted investors’ spirits. Bank of America is among the banks that boosted attitudes, with non-interest income bolstering total revenues. Shares of regional banks led the way, rising 4.1% for the week. Share prices of the largest banks also increased, gaining 2.1% for the week. The gains came as the broader market rose by a more modest 0.4% and surprisingly, bond yields fell slightly as the yield...

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On October 13, 2016, the Commodity Futures Trading Commission (the “CFTC”) approved an Order delaying for one year the reduction of the threshold for determining whether an entity constitutes a “swap dealer” for purposes of the U.S. Commodity Exchange Act.  Currently, persons are not considered to be swap dealers unless their swap dealing activity in aggregate gross notional amount measured over the prior 12-month period exceeds a de minimis threshold of $8 billion.  This threshold had been scheduled to...

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A&L Goodbody has become the first Irish law firm to be awarded the Business Working Responsibly certification (The Mark) for responsible and sustainable business practices, such as its approach to supporting the community, energy and environment management, workplace policies and its relationships with clients and suppliers. The Mark, which was awarded by An Tánaiste at a CEO Breakfast Forum in Dublin Castle, recognised the Firm's approach to Corporate Responsibility centering on A&L Goodbody's leadership, policies, practices, performance and impact. The...

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The European Securities and Markets Authority (ESMA) has issued guidelines on Alternative Performance Measures (APMs) for issuers whose securities are listed on a regulated market in the European Economic Area. The guidelines set out a common approach towards the use of APMs, and aims to promote the usefulness and transparency of APMs included in prospectuses, financial reports and market disclosures, which qualify as regulated information. The guidelines apply to APMs disclosed in regulated information on or after 3 July...

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On October 14, New Jersey Governor Chris Christie signed into law important new tax legislation. The new law increases the gas tax in New Jersey by 23 cents per gallon. While the gas tax hike aims to increase the revenue paid to the state, the law also includes provisions that are designed to reduce taxes for New Jersey residents. Those who live in New Jersey are likely aware that the state is currently one of only two states  that still...

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