In this contribution, we focus on the uses of the blockchain in the financial sector. In its most extensive form, blockchain technology could dramatically change the financial sector and monetary systems. Virtual currencies Even without making use of virtual currencies, such as bitcoin, blockchains can be used to settle transactions quickly and cheaply by rendering the involvement of traditional players in the banking system superfluous. This is done by making assets "intelligent". We'll write more about this in a later...

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On 20 September 2016, the Dutch government presented the 2017 Budget.  As part thereof legislative proposals were submitted to Dutch Parliament on the amendment of certain tax laws in the Netherlands. Below, we will summarize some of the rules which are relevant for internationally oriented corporate taxpayers, that will apply as from 1 January 2017. Please note that the summary is based on the current version of the legislative proposal which is still subject to parliamentary approval.   In addition to...

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Education in Belgium ranks third-best among the 35 OECD countries, well above the EU and world averages, with the highest level of pre-school participation, good teachers and a broad and flexible higher education system. The ranking is based on a report by the Organisation for Economic Co-operation and Development (OECD). Belgium is one of only six countries in the EU to meet the benchmark level performance on at least seven out of 10 targets set by the OECD and measured...

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NASCIO, Grant Thornton LLP and CompTIA have collaborated for a seventh consecutive year to survey state government IT leaders on current issues, trends and perspectives. New service delivery models, innovative technology solutions, and rising customer expectations all require state CIOs to adapt continually to changing circumstances. We asked state CIOs to share their perspective on a number of topics, with a particular focus on the continued evolution of the CIO as a broker of shared services, on the IT workforce...

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Over the past eight years, we've made incredible progress in our economic recovery. Our businesses have created more than 15 million new jobs since early 2010. Twenty million people now have the security of health coverage thanks to the Affordable Care Act. Together, we've turned around an economy in freefall and put it on a stronger, more durable course. And last week, we got even more great news: the policies we've put in place since the recession have started to pay...

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The drive to make data open—free to use, reuse, and redistribute—is not new, but it’s changing by finding new potential business applications as data technology evolves. Companies are finding that making their data open enables complementary businesses to develop around that information. That openness to other businesses can enhance companies’ own businesses and increase overall transparency. Recent growth in the power of data manipulation, visualization, and storage technologies continues to transform the whole concept of open data, spurring business...

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Today, the European Commission (Commission) announced the opening of a formal investigation into advance tax rulings (ATRs) granted by Luxembourg to companies of the Engie group since 2008. This investigation concerns an individual measure, like most of the recent tax State aid investigations, including those pending into the tax treatment of Amazon and McDonald’s in Luxembourg. As such, it should not directly impact other taxpayers. According to EU State aid rules, the granting of State aid that may distort competition...

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One of the key principles of Luxembourg financial regulation is the obligation of professional secrecy (often referred to as the bank secrecy, the "Professional Secrecy Obligation") laid down in Article 41(1) of the law dated 5 April 1993 on the financial sector, as amended (the "Financial Sector Act"). Outsourcing arrangements and, in particular, IT outsourcing operations which can lead to the disclosure of confidential data and thus to a potential breach of the Professional Secrecy Obligation are subject to...

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NEW YORK, September 19, 2016 — A group of outstanding university women studying technology fields at top universities in China will come together to celebrate their accomplishments on September 22 at the Qualcomm office in Beijing in a celebratory event designed to acknowledge the achievements of the scholars and solidify and strengthen their interest in technology careers. Students will tour the Qualcomm research and development lab in Beijing, learn about Qualcomm’s STEM initiatives, and participate in a workshop where the...

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On September 7, 2016, the New York State Department of Labor (“NYDOL”) adopted a final regulation setting the conditions by which employers in New York State can pay wages by direct deposit or by debit card. This regulation is effective March 7, 2017, and adopts most of the provisions that the NYDOL initially proposed on June 5, 2016.  The regulation magnifies the scope of New York Labor Law section 192, which prohibits employers from directly depositing the net wages...

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