Baker McKenzie’s Sanctions Blog published the alert titled Canada Introduces Additional Designations on Russia, Implements Ban on Specific Russian Petroleum Products on 15 March 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled CBP issues guidance on petroleum imports from Russia on 15 March 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled US Government Issues New Executive Order Prohibiting Certain Imports, Exports, and New Investments Involving Russia and Four New General Licenses Related to Operations in Russian and Ukraine on 15 March 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled G7 Countries Move to Revoke Russia’s “Most Favored Nation” Status and Impose Other Sanctions on 16 March 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled EU introduces additional sanctions against Russia on 17 March 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled EU Imposes new Iron and Steel import restrictions from Russia and denies Russia Most Favored Nation status on 17 March 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled Singapore Sanctions Measures Come Into Force on 17 March 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled “FinCEN issues alert on potential Russia and Belarus sanctions evasion” on 18 March 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On 22 December 2021, the European Commission released its proposal for a directive setting the rules to prevent the misuse of shell undertakings for tax purposes (ATAD III or unshell or Proposal) amending Directive 2011/16/EU on administrative cooperation in the field of taxation. ATAD III is subject to negotiation among all 27 member states and requires unanimous agreement for adoption.
On 14 March 2022, the OECD published its long awaited commentary to the model GloBE rules. At more than 200 pages, the commentary will take some time to fully absorb. However, it appears that the guidance still leaves some fundamental issues unanswered, such as how the GloBE rules co-exist with the US’s GILTI regime, and what simplifications/safe-harbors will be available to taxpayers to reduce their compliance burden. It is expected that this will be further addressed in the implementation framework, for which a public consultation was launched on the same day.