On 11 July 2023, the EU Commission adopted a new strategy on Web 4.0 and virtual worlds, in order “to steer the next technological transition and ensure an open, secure, trustworthy, fair and inclusive digital environment for EU citizens, businesses and public administrations.” In its “Communication on Web 4.0 and virtual worlds” the Commission states that “the EU should act now to become a major player in nascent markets related to Web 4.0 and virtual worlds”, and invites the European Parliament and the Council to endorse the strategy and work together on its implementation.
The EU Markets in Crypto-Assets Regulation (“MiCA”) was published in the Official Journal of the European Union on 9 June 2023 and entered into force on 29 June 2023. Crypto-asset service providers (“CASPs”) need to be MiCA compliant by no later than 30 December 2024. It is notable that the requirements applicable to issuers of asset-referenced tokens and e-money tokens (Title III and IV MiCA) will already enter into force six months earlier, on 30 June 2024. In addition, Member States may apply transitional periods of no longer than 18 months, starting on 30 December 2024. These transitional periods will postpone the applicability of the licence requirement. The Dutch Minister of Finance is considering a reduced transitional period of 6 months, resulting in a final compliance date for Dutch CASPs of 1 July 2025.
In a similar way to many other sectors, the finance industry is now placing more and more value on environmental, social, and governance (ESG) factors. In light of this, the importance of ESG is increasingly reflected in finance documents and banks have started to recognise the need to focus on ESG in their business practices. Banks in the Netherlands are keeping up with the trend, with conscious efforts to integrate ESG into their operations.
Teleworking expanded considerably during the Covid-19 pandemic, which forced millions of workers overnight to carry out their duties from home, leading to the widespread adoption of new working methods and tools such as videoconferencing.
Since then, many companies have incorporated teleworking into their current practices, aware of the new habits that have become established and the expectations of workers, who see many advantages in terms of flexibility, savings on commuting time and work-life balance.
However, when it comes to cross-border teleworking, i.e. when workers carry out their duties from a country other than that of their employer’s head office where they usually carry out their activities, the tax and social implications are still largely ignored.
Let’s have a look at the latest developments in this area.
“CBAM” stands for Carbon Border Adjustment Mechanism and is one of the key elements of the European Union’s (“EU”) “Fit for 55”-package. The CBAM’s main objectives are to avoid carbon leakage, contribute to the EU’s goal to be climate neutral and encourage partner jurisdictions to “decarbonize” their production processes by leveling the playing field in carbon-pricing between the EU and third-country producers. The CBAM is a border adjustment mechanism for CO2-emissions that aims to ensure that the cost of those emissions is adequately reflected in the price of products imported into the EU.
You may have heard about EU Tax Law, but what is it exactly? Aren’t the EU Member States independent countries with their own direct tax systems? Yes, they are, and the sole responsibility of direct taxes, such as personal income tax and corporate income tax, remains with the Member States. So what role does European Tax Law play exactly in the field of direct taxation? This article provides a crash course in European Tax Law.
The European Union (hereafter: EU) is starting the green revolution. Following the EU Commission’s FIT for 55 proposal, new legislation is on its way to achieve climate goals.
Despite geopolitical disruption and looming economic concerns, CEOs remain focused on navigating through uncertainty. While the challenges are many, today’s CEOs demonstrate incredible resilience through their ability to navigate external factors and continue to explore and invest in emerging technologies. Below are highlights from the most recent Fortune/Deloitte CEO survey.ì
The OECD released multiple new documents in relation to its Two-Pillar solution, including further Administrative Guidance on the GloBE rules. This Administrative Guidance, amongst others, provides welcome relief for US MNEs. We have summarized the key takeaways for US MNEs below.
