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In March 2020 the Comptroller of Revenue released a concession confirming that where companies had to alter their operating practices to compensate for the COVID-19 outbreak, the comptroller would not determine that such company had failed the economic substance test under Article 6 of the Taxation (Companies – Economic Substance) (Jersey) Law 2019. Given that the pandemic remains ongoing, the comptroller recently issued further guidance in relation to the concession.

In a welcome move, the European Union has notified the United Kingdom that all EU countries will apply the 'detached worker' exception to UK employees who are temporarily seconded to work in the European Union. Similarly, the United Kingdom will apply the detached worker exception for EU employees who are temporarily seconded to work in the United Kingdom. This article reviews the latest position.

Introduction On 1 January 2021 a number of tax law amendments introduced by Federal Law 374-FZ of 23 November 2020 entered into force. Among these amendments was the introduction of a rule concerning the taxation of transactions involving the transfer and acquisition of property rights to the Tax Code. Now, the law directly states that property rights, along with other property, are exempt from taxation. At present, according to Article 251(1)(11) of the Tax Code, where one company directly or indirectly participates in the charter capital of the other and the participating interest is at lea...

Introduction Across the globe, more companies are looking into ways to strengthen their environmental, social and corporate governance (ESG) profile as investors realise that a strong ESG profile is the key to safeguarding a company's long-term profit and growth. Besides pressure from investors, the importance of sustainability has also been driven by public debate and consumers using spending power to signal their priorities. With the topic of sustainability moving up the global political agenda (eg, achieving the sustainability goals set out in the EU Green Deal has become one of the Europe...

Extension of 10% threshold for listed companies until end of 2021 On 28 December 2020 a decree extended until 31 December 2021 (instead of 30 December 2020) the decreased threshold of 10% applying to shareholdings' acquisitions of listed companies made by non-EU and non-EEA investors in French sensitive sectors (for further details please see "Private M&A transactions: tightening state control over foreign investment due to COVID-19 pandemic"). Photonis/Teledyne In mid-December 2020 the government vetoed a foreign investment project for the first time by rejecting the takeover of Photonis by ...