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OECD pushes back deadline for international tax reform The OECD has published blueprints for a solution to the tax challenges arising from the digitalisation of the economy and acknowledged that a multilateral, consensus-based solution will not be agreed by the end of 2020. The blueprints will be presented to...
United Biscuits’ hopes of a VAT refund crumble The CJEU has held in the United Biscuits case that pension fund management services provided to occupational pension schemes are not within the VAT exemption for insurance transactions. This is bad news for United Biscuits and the other taxpayers with...
FCA calls time out for cryptoasset investments On 6 October 2020 the FCA published a Policy Statement (PS20/10) prohibiting the sale to retail clients of certain investment products referencing cryptoassets, observing that there is growing evidence that cryptoassets are causing harm to consumers and...
The UK's green gas levy proposal The UK currently has the second lowest gas prices compared to other countries in the EU15. In contrast, the UK’s electricity prices are the highest for both industrial electricity prices and domestic electricity prices among the EU15, largely due to...
New Dutch fiscal unity regime: a long-term project This is the last blog in a series on three documents published around the 2021 Dutch budget. It deals with a letter from the Dutch government to parliament on the future of the Dutch fiscal unity regime, the Dutch form of tax consolidation (earlier blogs...
Proposed unilateral amendment of arm's length principle by the Netherlands Following my blog on the (non-)amendment of the Dutch participation exemption for substance-less holding companies, this blog considers the Dutch government's announcement that it intends to unilaterally amend the application of the arm's length...
Mass claims for data breaches: if Lloyd v Google doesn’t open the floodgates then perhaps the DCMS will? Giving proper effect to individuals’ data privacy rights is at the heart of the GDPR and Data Protection Act (DPA) 2018. It is therefore no surprise that s187 DPA 2018 allows ‘representative actions’. Individuals can ask certain non-profit organisations...
Dutch substance-less holding companies remain eligible for participation exemption Somewhat hidden among the massive volume of tax legislation that came out as part of the 2021 Dutch budget on 15 September 2020, three important documents were released by the Dutch Under Secretary of Finance.  I will consider these in a three-part series...
Fines for data privacy breaches - the ICO shows its hand (or, rather, its calculator) The ICO has published draft guidance around how it will flex its regulatory muscles when enforcing data privacy legislation in the UK. The draft statutory guidance, published on 1 October, will (once finalised) sit alongside the ICO’s Regulatory Action...
US responds to Schrems II judgment As many will know, the Schrems II decision has caused quite a stir in the data privacy community, most immediately because of its consequences for EEA-to-US data transfers. In its decision, the CJEU struck down the EU-US Privacy Shield as a basis for...