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Buckling up the UK’s digital seat belts: Online Safety Bill covering ‘basic protections for the digital age’ introduced to Parliament The UK took a major step on Thursday towards establishing the world’s first online safety laws with the introduction of the Online Safety Bill to Parliament for formal legislative scrutiny. With it the Government hopes to bring in a “new digital age which...
Cum/ex, the final decision: And in the end, short sales didn’t even matter The German Federal Fiscal Court (Bundesfinanzhof, BFH) published its long-awaited ruling on the legality of so-called "cum ex"-structures which may have led to multiple refunds of German withholding tax (WHT) that was paid only once. The ruling brings an...
Final report on the UK ring-fencing regime Back in January I wrote about the update which the independent panel reviewing the UK ring-fencing regime (the "Panel") had given about the progress of its work and its initial findings. Just over two months later the Panel has now published its Final...
First ICO ransomware fine: what lessons can we learn? Last week the ICO fined leading criminal solicitors Tuckers LLP £98,000 for breaches of its security, and other, obligations under the GDPR which came to light following a ransomware attack. The monetary penalty notice provides some useful lessons for all...
Exploring the pros and cons of an online sales tax It is clear from the recent HM Treasury consultation document that an online sales tax (OST) applied to certain sales to UK customers would be a very complex measure, even though its aim of levelling the playing field between retailers operating on the...
Is tax gender-neutral? A recent OECD report, based on a July 2021 survey of 43 countries, including from the G20, the OECD and beyond, found few examples of explicit bias (i.e. where tax rules differ by gender). But more than half of the respondent countries saw a risk of...
EU Banking Package: Regulatory harmonisation of incoming third-country branches On 27 October 2021, the European Commission published the EU Banking Package 2021 which contains draft amendments to the centrepieces of European banking regulation, including the Capital Requirements Directive IV (CRD IV) and Capital Requirements...
Cyber risk in uncertain times: NCSC urges UK organisations to bolster online defences and follow its ‘heightened threat’ guidance On Monday, the world’s largest carmaker Toyota was forced to close all of its factories in Japan for a day due to a suspected targeted hack of one its key suppliers. Similar attacks have been made against a wave of Western companies including US broadband...
CJEU concludes that Spain's Tax Form 720 violates the free movement of capital The obligation to file Tax Form 720 to declare foreign assets and rights remains in force, but the original associated fines for late filing and failure to provide sufficient information can no longer be imposed following the Court of Justice of the...
EU Banking Package: Commission proposes new notification and assessment procedures On 27 October 2021, the European Commission published the EU Banking Package 2021 , which is intended, among other things, to complete the implementation of Basel III (sometimes referred to as ‘Basel 3.1’ or ‘Basel IV’). This includes the introduction of...