12 December 2022
Proposed changes to franked dividend rules: Australian M&A implications
The Australian Treasury has released an Exposure Draft of legislation which will further curtail the ability of companies to frank distributions. If enacted in its proposed form it could well impact special dividends paid in conjunction with M&A transactions.
09 December 2021
Abolishing digital taxes one part of the OECD's global tax reform
The OECD announced in October 2021 final agreement, by 136 of the 140 base erosion and profit shifting (BEPS) Inclusive Framework countries (including the UK, US and China), of a landmark global tax reform package, aimed at addressing the tax challenges arising from the digitalisation of the...
25 October 2021
The final Senate report on Australia as a tech and finance hub – An opportunity missed
The Senate Select Committee on Australia as a Technology and Financial Centre produced its Final Report on 20 October 2021 which supplements its recommendations in its first two interim reports. For the Committee’s recommendations in its second interim report, see our Article available here .
16 July 2021
Federal Ministry of Finance reacts to the ruling of the Fiscal Court of Hesse on cum/cum trades
The German Federal Ministry of Finance has now reacted to the ruling regarding cum/cum-trades of the Fiscal Court of Hesse dated 28 January 2020 by way of two decrees (dated 9 July 2021 which were published today), and amended the previous decrees of 2017 on the "Tax Treatment of Cum/Cum...
22 June 2021
German Federal Tax Court decides that "Sweet Equity" can be taxed at beneficial capital gains tax rates – what does this mean for financial investors?
The German tax treatment of disposal proceeds of so-called "sweet equity" had until recently been somewhat unclear: While the German tax authorities often tried to apply the regular, top income tax rates of up to c. 48%, taxpayers usually aimed for the more beneficial so-called partial income...
08 April 2021
Real estate transfer tax (“RETT”) reform likely to be implemented on short notice
The German RETT reform is gaining momentum and an updated draft bill is contemplated to be voted on by the German parliament as early as mid-April. While a draft bill has not yet been published, with a few exceptions, the new rules are expected to be largely similar to a previous draft published in...
14 September 2020
Restructuring and turnaround: tax implications of financial restructurings (Germany)
Introduction Businesses are struggling. Many have lost a significant portion of their annual revenue as a result of lockdowns and other measures to prevent the spread of Covid19 during the first half of 2020.
12 August 2020
Germany: DAC6 – The impact of the new EU Disclosure Rules on Lending Transactions
With effect from 1 July 2020, new mandatory disclosure obligations to tax authorities of certain cross-border arrangements have come into force in Germany. The new rules are based on the 6th EU Directive on Administrative Cooperation (“ DAC6 ”). Even though the underlying updated EU rules would...
27 May 2020
Tax Treaty Interpretation: The Limits of Fiction
In Fowler v HMRC  UKSC 22, the Supreme Court determined that a statutory fiction created by a deeming provision of UK tax law did not affect how the terms of a bilateral tax treaty should be applied. In particular, the Supreme Court held that although the UK deeming provision in question...
03 February 2023
New UAE Commercial Agencies Law comes into force
Last year, we published an e-bulletin on the key changes that had been announced to the draft UAE Commercial Agencies Law. Following the passage of Federal Law No. 3/2022 in December 2022 (the " Commercial Agencies Law "), these changes are now in-force. Below we have provided a re-cap of the key...
25 January 2023
M&A STANDPOINT: Formal sale processes: A useful tool to solicit offers or a last resort?
FSPs were created to encourage a competitive and confidential sale process under the Takeover Code, but often they may signal that a company has run out of options. However, a number of companies have elected to launch FSPs in recent months, so when is an FSP is the right choice for a company?
24 January 2023
Global M&A Outlook 2023: Automotive Electric and digital revolutions still drive M&A
The automotive sector is currently experiencing two inflection points at the same time: an electric vehicle revolution, as the industry transitions from the internal combustion engine (ICE) to zero emission vehicles (ZEV) including battery electric vehicles (BEV) as part of the wider...
24 January 2023
Global M&A Outlook 2023: Consumer 2022 was a challenging year compared to 2021
M&A in the consumer sector slowed throughout 2022 as compared to the buoyant trends in 2021. Macro-economic issues and global headwinds have meant a tougher environment for consumers, particularly with record-breaking inflation adding to the cost of living and turning the screws on household...
23 January 2023
How hard is it? The Takeover’s Panel consults on guidance for exclusivity granted at the non-binding bid stage
Following two Takeovers Panel decisions that found pre-deal exclusivity and other deal protection arrangements to be unacceptable, the Takeovers Panel has now commenced consultation on proposed new guidance on deal protection granted in respect of non-binding proposals. Most importantly, the...