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“Reference” value: the new Spanish “market” value for real estate transactions Since 1 January 2022, taxpayers in Spain have had to pay tax on the “reference value” of their real estate acquisitions, which is a value approved by the Directorate General of the Cadastre (an administrative body within the Spanish Treasury Ministry)....
Do you know how to manage your cyber supply chain risk? NCSC joins international partners to publish new supply chain guidance.   As organisations continue to shore up their own cyber defences, cyber criminals are increasingly looking for other routes into their systems. High profile supply chain attacks such...
Clearview lacking: ICO announces £7.5m fine for tech firm but questions remain The ICO made headlines this week when it announced its third largest GDPR-era fine to date, over £7.55m, against the controversial facial-recognition database provider Clearview AI Inc (Clearview). It has also issued an enforcement notice against the...
Permanent establishment risk for virtual asset service and e-wallet providers in Italy One of the consequences of the entry-into-force of the Italian requirement for virtual asset service providers (VASPs) and e-wallet providers to register with the Italian authority overseeing financial agents and credit mediators (OAM, Organismo Agenti e...
Virtual asset service and e-wallet providers must register in Italy The Italian requirement for virtual asset service providers (VASPs) and e-wallet providers to register with the Italian authority overseeing financial agents and credit mediators (OAM, Organismo Agenti e Mediatori) for anti-money laundering purposes...
DEBRA: A deleveraging allowance to reduce the debt-equity bias If one were to regard the European Commission’s Directive proposal to tackle the debt-equity bias in the tax system as the fruit of a discussion that started around a decade ago, it appears overly complex and unambitious at the same time. A...
The Strong and Simple Framework: A step towards a simpler prudential regime for non-systemic UK banks On 29 April 2022, the UK Prudential Regulation Authority (PRA) published its first consultation (CP5/22) on a proposed simpler prudential regime for non-systemic UK banks and building societies, termed by the PRA as the “Strong and Simple Framework” (see...
Climate experts alarmed by boom in digitising carbon offsets Environmental experts have sounded the alarm over a new boom in digitising carbon offsets. Carbon offsets are generated from reductions in greenhouse gas emissions, which may then be utilised by companies to compensate for greenhouse gas-emitting...
Regulated financial services exclusion from Amount A of Pillar One I have put off writing about Amount A of the first international tax reform Pillar for two reasons. The main reason is the concern that it might not actually ever happen. Since international agreement in principle was reached in October 2021, the...
UK Government's plans for digital regulation feature in Queen's speech The UK Government's plans to regulate digital markets featured in today's Queen's speech, despite recent press reports that the plans might be shelved from the Government's legislative agenda for the coming year. Referring to the "Draft Digital Markets,...