EU: EU ends tax aid probes into major companies

The European Commission announced the closure of its state aid investigations into tax rulings granted to Amazon, Fiat, and Starbucks by Luxembourg and the Netherlands. Initially, the Commission had ruled in 2015 and 2017 that these nations provided the companies with selective tax advantages that breached EU state aid rules. The allegations were part of broader efforts to address unfair tax practices within the European Union.

EU courts, however, annulled the Commission’s decisions in subsequent legal challenges, ruling that the tax arrangements did not constitute illegal state aid. As a result, the Commission concluded that the companies had not violated EU rules and formally ended the investigations.

The cases underscore the complexities of enforcing tax harmonisation across EU member states. Critics of the initial rulings argued that such cases reflect the challenges of balancing national tax sovereignty with EU-wide competition regulations. The closures may also influence future policies on corporate taxation in Europe.

21 May 2024

SWITZERLAND: World Bank Issues Digital Bond in Switzerland on the Blockchain

The World Bank priced the first CHF digital bond by an international issuer, which will settle using Swiss Franc wholesale Central Bank Digital Currency (wCBDC) provided by the Swiss National Bank (SNB).

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22 April 2024

ASIA: Asia’s next-gen want fulfilling jobs from venturing to family offices

Discussing career development can be a softer entry point into tougher conversations around succession, according to UBS’s Thomas Ang. Asia’s next generation is redefining their career aspirations,

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SOUTH AFRICA: South Africa Enforces 15% Global Minimum Corporate Tax Rate: A Step Towards Fairer Taxation

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CRYPTO: FATF Flags Threat of Money Misuse in Rapidly Digitalising World

Global terror financing watchdog, Financial Action Task Force (FATF) has underlined the potential threats where money can be misused in a rapidly digitalising world. FATF says money can be misused to

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