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European Union: VAT highlights of the European Commission’s Tax Action Plan

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On 15 July 2020, the European Commission ("EC") adopted a new Tax Package aimed to "contribute to the economic recovery and long-term growth of Europe". The Tax Package consists of three elements: (i) a revision of the Directive on Administrative Cooperation "DAC7), (ii) a Communication on Tax Good Governance, and (iii) a Tax Action Plan for a fair and simple taxation supporting the recovery. The Tax Action Plan is a set of legislative and non-legislative initiatives on taxation that the EC plans to deliver between 2020 and 2023. As such, the Tax Action Plan itself is not a legislative proposal.

European Union: Entry into force of new VAT e-commerce legislation postponed to 1 July...

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The EU Member States agreed to postpone the entry into force date of the 'VAT e-commerce package'. The VAT e-commerce package introduces new VAT rules that -in essence- aim to make online sales of goods to EU consumers become effectively subject to VAT in the EU. Under the current EU VAT rules, online sales of goods that are imported into the EU, in practice often remain free of VAT.

US: OFAC Issues Amendments to its Ukraine-Related General Licenses

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On July 16, 2020, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) amended and extended two Ukraine-related general licenses related...

International: BCRs as a robust alternative to Privacy Shield and SCCs

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This is the fifth in a series of guidance notes on what the 'Schrems II' decision means for companies that rely on EU-U.S. Privacy Shield, controller-to-processor standard contractual clauses, SCCs for transfers to controllers, derogations/exceptions to transfer restrictions, and binding corporate rules, as well as what 'Schrems II' means for Brexit and what companies can expect with the road ahead on these issues.

US: Recent OFAC Designations Related to Iranian Metal Sectors

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The US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) recently designated as Specially Designated Nationals (“SDNs”) a number of entities linked...

Europe: COVID-19 – Recovery & Renewal — EMEA Tax Issues – Wealth Management

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Baker McKenzie's EMEA Tax Practice Group presented an overview on "Wealth Management" on 7 July 2020, the fourth in a series of short webinars to keep tax professionals abreast of recent developments in these less than certain times.

Europe: COVID-19 – Recovery & Renewal – EMEA Tax Issues – Employee Benefits

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Baker McKenzie's EMEA Tax Practice Group presented an overview on "Employee Benefits", the second in a series of short webinars to keep tax professionals abreast of recent developments in these less than certain times on 9 June 2020.

Europe: Recovery & Renewal – EMEA Tax Issues – Transfer Pricing

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Baker McKenzie's EMEA Tax Practice Group presented an overview on "Transfer Pricing", the first in a series of short webinars to keep tax professionals abreast of recent developments in these less than certain times on 26 May 2020.

A Strengthening Partnership – European Union’s New Africa Strategy Amidst COVID-19 Uncertainty

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In early March 2020, after COVID-19 had already begun its journey of destruction around the world, the European Commission (Commission) published its Comprehensive Strategy...

EU: Employee Benefits within the Financial Services Industry: Balancing COVID-19 Relief with EU Remuneration...

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During the current pandemic crisis many companies within the Financial Services Industry (FSI) are struggling to balance the various countries’ COVID-19 relief measures with...
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