The recently published ruling 14 K 588/20 of the Munich Tax Court dated October 27, 2022, addresses the case of a lump-sum TP adjustment at the end of the fiscal year that resulted in a lump sum increase in resale prices and thus in an additional intercompany charge to the German distributor.
Australia’s Modern Slavery Act 2018 created a regime requiring large companies to report annually on what they have done to assess and address modern slavery risks in their operations and supply chains. On 25 May 2023, the Federal Government tabled a report on a review of this Act. This review covered the first three years of the Act’s operation. Thirty recommendations have been made.
The European Medicines Agency (EMA) has published a number of recommendations on good practices in securing the supply of medicinal products for human use with the aim of avoiding stockouts and reducing their possible consequences. The document states that ensuring the availability of authorized medicines in the European Union is a priority for the EMA. Among the recommendations published are the obligation to inform the national authorities of shortages of medicines as early as possible and to provide detailed information so that preventive measures can be implemented.
The Energy Commission of Malaysia has recently issued a public consultation paper to collect feedback from the public to be used as a basis of consideration by the Ministry of Natural Resources, Environment and Climate Change to propose regulations for off-border electricity exportation and importation activities.
The e-commerce moratorium at the World Trade Organization (WTO) continues to provide fertile ground for discussions between WTO Members. In the most recent discussion round, held in April 2023 in the context of the WTO Work Programme on Electronic Commerce, WTO Members agreed there was a need for further discussions on the definition and scope of the moratorium, and on its implications on developing countries.
On 17 May 2023, the European Commission published a set of proposals that, according to the Commission, constitute the “most ambitious and comprehensive reform of the EU Customs Union since its establishment in 1968.”
The Secretariat of Foreign Trade of the Ministry of Development, Industry and Trade and Services by means of Circular No. 12, published on 10 April 2023, set a 30-day deadline (extended for additional 30 days by means of Circular No. 14, published on 27 April 2023) to gather contributions from the civil society regarding the draft ordinance that provides for new procedures for the assessment of public interest in the context of trade defense measure.
ESG litigation risk is on the rise for corporates. They are facing the prospect of real monetary liability and challenges to their business models and corporate governance, whether as a result of shareholder activism, or claims by individuals, groups or communities impacted by the company’s activities or those of its subsidiaries or supply chain partners. And directors of those companies find themselves particularly under the spotlight, with claims being crafted in some cases around breach of director duties. In this latest instalment of our Demystifying ESG series, we will be delving into what this evolving liability landscape means for companies, their directors and those advising boards, with perspectives from the US, the U.K. and Europe.
Introduction of an EU Customs Agency is becoming more and more tangible. This idea of a “European Customs Agency” was first proposed on 31 March 2022 by the “Wise Persons Group on Challenges Facing the Customs Union”. More recently, on 28 February 2023, during the 62nd Plenary Meeting of the Trade Contact Group set up by the European Commission, the creation of an EU Customs Authority was once again discussed alongside the introduction of an EU Customs Data Hub and further simplification of customs processes.
The United States is one of the most active countries in investigating so-called “unfair pricing” in the form of dumping or subsidization by foreign countries. In the past three years, the United States has initiated five investigations against imports from Brazil, having very recently initiated a case involving brass rods. Brazilian producers/exporters should be aware of the US activity in the antidumping and anti-subsidy space and, where there is a risk of such an action targeting a company’s exports from Brazil to the United States, consider taking steps to prepare in advance and implement a global trade remedies compliance, prevention, and action strategy.