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In Tax

International: The British Virgin Islands, Russia, Costa Rica and Marshall Islands added to EU blacklist

by , , and 5 Mins Read

In its efforts to continue to promote fair tax competition and address harmful tax practices, the European Council decided on 14 February 2023 to add the British Virgin Islands, Russia, Costa Rica and the Marshall Islands to the EU list of non-cooperative jurisdictions for tax purposes or “blacklist”. Now is the time for multinational enterprises and investment funds with subsidiaries or investors in these jurisdictions to consider the potential tax implications of this development on their structures.

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In Whistleblowing

European Union: One year on-the EU Whistleblowing Directive

by , , , , , , , and 7 Mins Read

The European Whistleblowing Directive (WBD) was supposed to be implemented by the European Union’s 27 member states by no later than 17th December 2021, impacting employers with operations in those jurisdictions.
This article looks at what those key challenges are and the unique support we can offer in helping global employers harmonize their global approach to managing whistleblowing reports within the prescriptive requirements of the WBD.

In Sanctions

EU and UK implement UN sanctions humanitarian exemption

by and 2 Mins Read

In December 2022, the United Nations Security Council adopted a resolution which introduced a standardized humanitarian exemption across UN regimes according to which activities necessary for humanitarian assistance and other activities that support basic human needs are exempt from sanctions in the form of asset freezes imposed by the Security Council or by its Sanctions Committees. All UN sanctions regimes except the Afghanistan regulations will now include a standardized humanitarian exception to the asset freeze provisions.

In Cybersecurity, Data and Tech

European Union: Court of Justice of the European Union confirms individuals have the right to know to whom their personal data has been disclosed

by and 3 Mins Read

On 12 January 2023, the Court of Justice of the European Union ruled that individuals have the right to know to whom their personal data has been disclosed, unless the controller can demonstrate that it is impossible to identify the recipients or that the request is manifestly unfounded or excessive. Controllers must be able to provide information on the actual identity of all individuals and organizations to whom personal data is disclosed. This can be done for example, by maintaining up-to-date records on the sharing of personal data or by any other (technical) means.

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In Sanctions

Middle East: Russia Sanctions Compliance Briefing Seminar

by , , , and 2 Mins Read

Baker McKenzie is delighted to invite you to interactive seminars on 1 March 2023 in Abu Dhabi and 2 March 2023 in Dubai as part of our EMEA Russia Sanctions Briefings. The seminars will focus on the multijurisdictional sanctions challenges facing financial institutions and their clients and other corporates in the Gulf, in relation to the US, UK, EU and UAE sanctions regimes, particularly against Russia. We will also focus on the current enforcement environment and best practices for mitigating sanctions risk arising from potential compliance failures.

In Trade and Foreign Investment

European Union and UK: Navigating foreign investment restrictions

by and 2 Mins Read

In recent years, the investment policy landscape has become more complex as nations respond to national security threats, state development strategies and geopolitical risks. COVID-19 created a major economic shock worldwide, prompting some countries to take an even more stringent approach, with a focus on protecting the security of supply of inputs.

In Employment

European Union: Significant strengthening of the rights of European Works Councils on the horizon?

by , , , and 5 Mins Read

The European Parliament adopted a proposal on 2 February seeking potentially far-reaching changes to the current European Works Council (EWC) Directive. These include strengthening the information and consultation rights of EWCs and improving enforcement by introducing GDPR-level fines for non-compliance and a risk of injunctions for failure to inform and consult.

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In Environment

European Union: Green deal industrial plan for the net-zero age

by , and 6 Mins Read

On 1 February 2023, the European Commission released its communication on a “Green Deal Industrial Plan for the Net-Zero Age”. This Communication outlines the actions that the Commission intends to take to stimulate investment in the “net-zero industry” within the EU. The Communication is a response to recent increases in state support outside the EU, most notably the United States Inflation Reduction Act.

In Trade and Foreign Investment

European Union: Report shows broad range of penalties for customs infringements

by , and 2 Mins Read

The Union Customs Code (UCC) harmonizes the customs laws of the European Union. The UCC stipulates that Member States must impose penalties for failing to comply with customs legislation, and that these penalties must be efficient, proportionate, and dissuasive. Member States must notify the Commission of the penalties that they apply to various acts of noncompliance and of any subsequent amendments to those penalties (if applicable).

In Trade and Foreign Investment

European Union: Dutch Customs’ determination of when amendments can be made to customs declarations too strict

by , and 2 Mins Read

A declarant may ask for a change to certain of the data elements in a customs declaration in accordance with Article 173 Union Customs Code (UCC), which is applicable to customs declarations that have already been accepted by customs. The Dutch Customs Authorities (DCA), however, apply a very strict application of Article 173 UCC, stating that amendments are only allowed if the amendments are required by customs legislation. This position taken by the DCA deviates from the practice of the tax authorities of other EU Member States, given the fact that Article 173 UCC does not stipulate that the amendments must be required by law.

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