This newsflash summarises three of the most important OECD and EU tax developments released in October 2023. 1. OECD multilateral convention implementing Pillar 2 subject to tax rule open for signature On 3 October 2023, the OECD/G20 Inclusive Framework on BEPS announced it had concluded negotiations on a multilateral convention (“MLC”) implementing the Pillar 2 subject to tax rule (“STTR”). The STTR is part of the 2-Pillar solution to address tax challenges from the digitalisation of the economy and complements the...

Read more

Reflective of the Government’s increasing focus on cybersecurity, on October 3, 2023, the Federal Acquisition Regulation Council (FAR Council) released two new proposed rules that will have major impacts on federal contractors. These rules implement the May 2021 Executive Order on Improving the Nation’s Cybersecurity.1 One rule applies to any federal contractor that uses information and communications technology (ICT) systems in the performance of a federal contract, sets forth cybersecurity incident reporting requirements, and imposes a software bill of...

Read more

In this week’s Roar: net zero emissions by 2050, the container market, diesel prices trending up, West Coast ports doing better, and a supply chain warning system. The shipping industry has a goal to reach net zero emissions by 2050, but there are questions as to whether this is achievable. A lot of things need to change or be improved, including new technologies in ship design, like smaller engines and improved hull shape — or perhaps lower-cost solutions like wind power, waste heat...

Read more

Today, sustainable procurement is more important than ever due to increasing climate, environmental and social concerns. What was once a voluntary tool which was considered to have marginal additionality, has now become the key driver for tackling climate change and achieving just transition goals. In 2023, the Multilateral Development Banks (MDBs) Heads of Procurement, including the EIB, created a Working Group on Sustainable Public Procurement. This group aims to prompt and accelerate environmental, social, economic, and borrower institutional sustainability outcomes in the projects...

Read more

Digital access management company, iLOQ, has signed a global Master Supply Agreement with Honeywell, a global supplier of industry specific solutions. Honeywell Building Technologies operates in more than 75 countries and is supported by a global channel partner network. Its solutions and services are used in more than 10 million buildings worldwide. Commercial building owners and operators are dealing with Honeywell Building Technologies to create safe, efficient and productive facilities. “The purchase of access management solutions from iLOQ demonstrates that Honeywell...

Read more

In an era of escalating environmental challenges, the European Union (EU) introduces a groundbreaking policy: the Carbon Border Adjustment Mechanism (CBAM). This article offers an in-depth exploration of CBAM, a strategic initiative designed to harmonize the EU's ambitious climate objectives with international trade practices. By addressing the complexities of carbon leakage and establishing a level playing field for domestic and foreign producers, CBAM marks a significant step in the EU's journey towards a sustainable future. This comprehensive overview examines...

Read more

Thompson Hine recently published its inaugural internal environmental, social and governance (ESG) report, “Always Thinking Ahead,” which highlights the firm’s investments, achievements and ongoing initiatives to operate responsibly and sustainably.The report outlines the firm’s comprehensive ESG program development process, which started with conducting a prioritization assessment to assist in defining key metrics that are essential to Thompson Hine’s stakeholders and help hone its ESG strategy, improve internal reporting and public disclosure processes, and identify business opportunities to support growth and innovation....

Read more

Until recently, class actions existed only in a handful of EU Member States. However, they will become an EU-wide phenomenon soon as a result of the Representative Actions EU Directive (“RAD”), which should take effect on June 25, 2023. Under the RAD, all EU Member States must put in place at least one effective procedural mechanism for “qualified entities” to bring class actions to obtain injunctions, damages and other redress on behalf of a group of consumers against traders for...

Read more

Office performance has been shaky throughout 2023 with commercial mortgage-backed securities (CMBS) delinquency rates nearly quadrupling since the end of last year, up to 5.58% from 1.58%. This trend has also been observed within two of the largest subtypes within the sector, suburban and urban offices. Ranging from traditional private offices to collaborative coworking spaces in the most densely populated areas, the prime positioning of urban offices offers convenience at a premium cost. Suburban offices typically offer a more spacious and diverse...

Read more

Following their recent announcement regarding new partnership and global high wealth enforcement initiatives,1 the Internal Revenue Service (IRS) on Oct. 20 announced another enforcement initiative focusing on foreign corporations and the largest corporate taxpayers. Last week, IRS Commissioner Danny Werfel announced the IRS would be sending out approximately 150 compliance alerts to U.S. subsidiaries of foreign corporations. Commissioner Werfel noted the alerts are intended “to remind them of their U.S. tax obligations and to incentivize taxpayer self-correction.” It appears that much...

Read more