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Arent Fox LLP | OECD, USA | 9 Apr 2021

USTR Tai takes control of Trump tariffs

Now that United States Trade Representative Katherine Tai has officially assumed office, there have been some early developments to take ownership of both the ongoing investigations regarding digital service taxes and the EU Airbus dispute. These developments are consistent with Tai's goal of rebuilding US alliances while continuing to address the challenges posed by China and other countries.
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MLL Meyerlustenberger Lachenal Froriep Ltd | OECD, Switzerland | 3 Feb 2021

Indirect counterproposal to CRI – impact of new reporting and due diligence duties on M&A transactions

As the Corporate Responsibility Initiative was rejected, an indirect counterproposal will likely enter into force, introducing reporting duties for companies of public interest and due diligence duties for companies active in certain high-risk areas. The potential penalties and liability, and the potential reputational risks stemming from violations of these duties, are relevant for the......
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Elias Neocleous & Co LLC | Cyprus, OECD | 4 Dec 2020

Tax Department clarifies tax status of permanent establishments and legal persons during COVID-19 pandemic

The COVID-19 pandemic has led to the imposition of various measures on a global scale which have inevitably put restrictions on the physical presence of persons at their workplaces. This has raised concerns in relation to the permanent establishment of businesses and the tax residence status of legal persons. The Organisation for Economic Cooperation and Development recently issued general......
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Venable LLP | OECD, USA | 17 Aug 2020

Fighting counterfeits at the border: Counterfeit Goods Seizure Act of 2019 would expand CBP enforcement to design patents

The Counterfeit Goods Seizure Act of 2019, which a bipartisan group of senators introduced at the end of 2019, is a significant legislative effort to tackle the problem of imported counterfeit goods. The act would add design patents to US Customs and Border Protection's current IP rights enforcement mechanism for trademarks and copyrights.
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Elias Neocleous & Co LLC | Cyprus, OECD, Switzerland | 14 Aug 2020

Cyprus and Switzerland agree updated double tax treaty

Cyprus recently agreed an updated double tax treaty (DTT) with Switzerland. The amendments made to the DTT focus on business profits, associated enterprises, mutual agreement procedures and benefit entitlement, and the amending protocol introduces the mandatory minimum standards of the Organisation for Economic Cooperation and Development's Base Erosion and Profit Shifting actions regarding......
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Arent Fox LLP | OECD, USA | 26 Jun 2020

US withdrawal from international tax talks pulls numerous trading partners closer to new tariffs

The Organisation for Economic Cooperation and Development's Inclusive Framework aims to reach an agreement on a multilateral taxation framework for the digitised economy by the end of 2020. However, US Trade Representative Robert Lighthizer recently confirmed that the United States has withdrawn its participation from the digital tax talks. The United States' withdrawal is a step towards new......
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Basch & Rameh Advogados Associados | Brazil, OECD | 22 Apr 2020

Emergency draft legislation may violate Cape Town Convention

A draft law providing emergency relief due to the COVID-19 pandemic has been submitted to the lower house of Congress. The impact of the draft law on the rights of aircraft lessors would be significant and would place into question Brazil's compliance with the Cape Town Convention on International Interests in Mobile Equipment and the Protocol to the Convention on Matters Specific to Aircraft......
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Elias Neocleous & Co LLC | Cyprus, Kazakhstan, OECD | 13 Mar 2020

New double tax agreement between Cyprus and Kazakhstan

The Cyprus-Kazakhstan double tax treaty recently entered into force. The agreement – which is the first of its kind between the two countries and closely based on the latest Organisation for Economic Cooperation and Development Model Tax Convention framework – is to be welcomed in view of the possibilities for business, transactional work and business synergies that it may help to create......
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Walder Wyss Ltd | OECD, Switzerland | 28 Feb 2020

Taxation of digital economy: Swiss response to recent OECD statement

The Organisation for Economic Cooperation and Development recently released a statement update on a new international framework to allocate part of the profits of multinational enterprises with a substantial digital business footprint in countries in which they have a large user base, but no physical presence. Switzerland has stated that it will maintain its support for the development of a......
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Fischer (FBC & Co) | Israel, OECD | 17 Jan 2020

Tax implications of sale of functions, assets and risks to affiliates

In a recent decision, a district court in Israel ruled in favour of Broadcom Semiconductor Ltd and rejected the Israeli Tax Authority's claim that Broadcom Semiconductor was required to pay additional taxes of NIS100 million due to the deemed sale of its main functions and assets to affiliated companies. In its decision, the court ruled that a change of a company's business model would not......
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