The OECD recently issue a Statement on a “Two Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy”. The OECD/G20 Inclusive Framework, agreed to by more than 130 countries is the OCED’s and G20’s vision for the international tax future. There are two aspects (referred to as “Pillars”): Pillar One - A fairer distribution of profits and taxing rights via reallocation to markets where certain large multinational enterprises (“MNE’s”) have business activities and earn profits,...

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The EU will engage in dialogue with the Taliban in Afghanistan to prevent a “humanitarian and potential migratory disaster”, High Representative for Foreign Affairs, Josep Borrell, said on Tuesday (17 August) after an emergency video conference of EU foreign ministers. Borrell also said any dialogue would focus on preventing Afghanistan from becoming a hub for foreign terrorists. In the meantime, the priority remains the safe evacuation of EU citizens and local assistants. Borrell ranked the fall of Kabul to the Taliban as the most important geopolitical event since...

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Key insights The IRS issued Rev. Proc. 2021-33 to create a safe harbor so that organizations can more easily qualify for the employee retention credit under the gross receipts test. PPP forgiveness, shuttered venue grants, and restaurant revitalization funds no longer need to be included in gross receipts when qualifying for the ERC. On August 10, the IRS issued Rev. Proc. 2021-33 to amplify information in the three notices related to employee retention credit (ERC) issued earlier this year. The...

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Made in Portugal Portugal showcased a selection of 9 Portuguese wine brands at the United States Trade Tasting NYC 2021, one of the most significant beverage events for distributors and importers, organized by the Beverage Trade Network in New York City. With over 150 international exhibitors and 1000+ special guests and specialists, this event reinforces Portuguese wines' presence and continuous growth in the American market. Companhia Agrícola do Sanguinhal, Parras Wines, Quinta do Beijo, Ramos Pinto - Port & Douro Wine, Body...

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The Luxembourg Stock Exchange (LuxSE) has published on 19 August 2021, its first guidelines for the listing of SPACs on each of its markets. The guidelines aim at striking the right balance between the needs of sponsors (and other financial intermediaries) and investor protection. Rounding off a year that saw the rapid growth of acquisition activity by SPACs, the LuxSE issued on 19 August 2021, its first guidelines for the listing of SPACs on both its regulated market (Bourse de...

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IFRS 16 Leases requires that the right of use asset (ROU) and the lease liability should initially be measured at the present value of the minimum lease payments (MLPs). IFRIC were asked to consider how irrecoverable Value Added Tax (VAT) charged on lease payments should be accounted for, given IFRS 16 is silent on the matter. Should the irrecoverable VAT be included in or excluded from the valuation of the ROU and the present value of the MLPs? In the...

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Organizations that harness the wave of post-pandemic data will emerge stronger, according to the 2021 FTI Consulting Resilience Barometer. The impact of the pandemic on world commerce and society has yet to play through. However, it is clear that the pandemic has transformed how we work, learn, consume and communicate. As companies continue to adapt to the new reality, organizational transformation and digital adoption are rapidly accelerating. 'In Brief: The 2021 FTI Consulting Barometer provides insightful thinking into the challenges facing business...

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More News from Littler Mendelson on EACC's sister chapters in Florida and Texas: Florida Ban on Requiring Vaccine Passports Banned (For Now) Florida employers can require employees to obtain COVID-19 vaccinations, submit records of such vaccination, and implement other safety measures for their workplaces notwithstanding national publicity suggesting that recent Florida rules, orders, and laws prohibit or discourage these public health measures. As the pandemic worsens it is important for employers to understand both the specific terms and the limits of...

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