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Countries around the globe are facing unprecedented and rapid change due to the COVID-19 pandemic. The Government Intervention Schemes Guide provides a summary of key government intervention measures across jurisdictions around the globe in relation to: Foreign Investment Restrictions, Debt, Equity, Taxation, Insolvency, EU State Aid Approvals, where relevant.

The EU has determined that securitisation can soften the negative economic impact of the pandemic and assist in the recovery from this impact. The European Commission proposals to amend Regulation (EU) 2017/2402 (“STS Proposal”) and Regulation (EU) No 575/2013 (“CRR Proposal”) are intended to preserve the ability of banks to continue lending to companies, especially small and medium-sized companies, by updating the current securitisation regulatory framework. Within the sophisticated Dutch securitisation market, some Dutch credit institutions have already been exploring synthetic securitisations. As a result of the introduction by the STS Proposal of a specific framework for simple, transparent and standardised synthetic on-balance-sheet securitisations, we expect many more to follow this path.

On 14 and 15 January 2021, the OECD held a public consultation to address comments received from the public on the Draft Pillar 1 and Pillar 2 Blueprints (available here). The first day of the two-day consultation, which was held via video conference, addressed feedback received from stakeholders (businesses, trade associations, academia and NGOs) in December of 2020 on the Pillar 1 Blueprint. The OECD also provided an update on the state of play, with confirmation that the Inclusive Framework goal remains to reach a consensus political agreement by July of 2021. While the participants echoed the broad support among businesses and organizations for an international consensus-based solution, it is clear following the January 14 consultation that substantial work lies ahead before a Pillar 1 agreement is reached, and thereafter further work to draft the necessary multinational agreements and obtain national agreement before it can be successfully implemented across a meaningful number of jurisdictions. Below, we examine the key take-aways from the consultation on Pillar 1.

On 21 November 2020 the European Member States reached consensus on a proposal for the seventh Directive on Administrative Cooperation (“DAC7”). The updated Directive is a part of a package which was published by the European Commission earlier this year to promote fair and simple taxation.1 It is expected that DAC7 will be officially adopted on short notice.

DAC7 introduces an obligation for certain digital platforms to collect and report information to their local tax authority on income generated by certain sellers on those digital platforms. This reporting obligation imposes an additional compliance burden for the digital platform companies in scope, as such companies will be confronted with an additional due diligence and reporting obligation.

This tax alert will provide the most relevant considerations of DAC7. We note that preparations are already in motion for an eighth Directive (“DAC8”) which will cover crypto assets.

Countries around the globe are facing unprecedented and rapid change due to the COVID-19 pandemic. The Government Intervention Schemes Guide provides a summary of key government intervention measures across jurisdictions around the globe in relation to: Foreign Investment Restrictions Debt Equity Taxation EU State Aid Approvals (where relevant) READ REPORT…