Conference programme

This panel will discuss big global tax issues, such as:

• What the future holds for the next five years;
• OECD/G20 Global Pillars 1 and 2;
  • Pillar 1: what are the issues still and what is the most likely
    outcome? How has the change of direction left those keen to
    tax, or reconcile the taxation of, digital operators?;
  • Pillar 2: what is the likely outcome? Where does this leave bona fide tax competition for least developed countries (LDCs) and others?; and
• The balance of power in terms of initiatives for confirming global tax rules and dealing with perceived abuses.

• Background of the proposal and implementation timeline;
• Overview of rules and ordering;
• What tax base is used?;
• Substance-based carve-outs;
• Country participation vs non-participation;
• The challenges of treaty implementation;
• The application of Pillar 2 to investment funds;
• The US controlled foreign company (CFC)/global intangible low taxed income (GILTI) rules and their relation to Pillar 2; and
• The end of tax competition? What is left?

• The approach to OECD/G20 Global Pillars 1 and 2;
• The approach to promoting inbound investments;
• Trends in tax treaties, negotiations and revisions;
• Trends in enforcements; and
• A look to the future: the tax horizon.

• Tax governance and ESG – tax policies;
• Audit trends and the impact on country-by-country reporting;
• Transfer pricing; and
• The Directive on Administrative Cooperation 6 (DAC 6) and transparency.

• Updates on the unilateral digital service tax (DST) – feedback from Italy, France (DST), Mexico (no DST) and the Netherlands;
• The main digital business aspects of the OECD/G20 Global Pillars 1 and 2, interaction with current US tax reform and the EU approach;
• The Directive on Administrative Cooperation 7 (DAC 7) reporting for digital platform and joint audits;
• Updates on the litigation of digital cases and the current attitude of the tax authorities with digital businesses; and
• Other tax developments affecting cross border digital activities.

• The evolution of the classification of crypto assets;
• The intersection of traditional and new capital markets;
• Financing blockchain projects – token offerings and other financing vehicles;
• New twists on traditional instruments/activities – Lending/ Decentralised Finance (DeFi), staking, and stablecoins;
• Tax compliance and enforcement in a decentralised environment;
• Application of tax concepts to Decentralised Autonomous Organisations (DAOs) and DeFi;
• Location, sourcing and withholding issues
• Information reporting and the exchange of information.

This panel will focus on the latest developments in de-SPAC transactions, including the unique challenges and opportunities that arise in cross-border transactions.

The panel will explore:

• Recent de-SPAC trends;
• Going public with a special purpose acquisition company (SPAC) vs an initial public offering (IPO);
• Notable tax considerations in different jurisdictions;
• Re-domiciling the SPAC;
• Founder shares and sponsor considerations;
• 'Double dummy’ transactions;
• Triangular amalgamations; and
• Other combination structures.

• The use of holding companies in M&A;
• Private equity and substance – physical concepts in a virtual world;
• Regulated entities
• M&A management compensation
• DAC 6 hybrid issues

• An overview of US tax reform proposals and their current status’, including issues of interest to non-US investors;
• US offshore lending developments;
• Proposals affecting the deductibility of interest, including 163(n) IRC on excess debt;
• Recent changes to Passive Foreign Investment Company (PFIC) regulations of interest to non-US corporations; and
• Updates on GILTI and developments affecting worldwide minimum taxes.

• Trends in taxation of cross border interest;
• Domestic developments on withholding tax on cross border interest in countries such as the Netherlands;
• Financing domestic acquisitions from abroad: debt-equity distinctions and the future of hybrid financing after BEPS Action 2 and the EU anti-tax avoidance Directive 2;
• Interest barrier rules;
• Notional interest deductions (NIDs) and special regimes;
• The Debt-Equity Bias Reduction (DEBRA) allowance that has been launched by EU;
• Changes in financial structures as a result of OECD/G20 Global Pillars 1 and 2;
• The Directive on Administrative Cooperation 6 (DAC 6) and financial transactions; and
• Intragroup financing and treasury companies – challenges between new CFC rules and OECD transfer pricing guidelines on financial transactions and beneficial ownership requirement.

This panel will examine the latest cases that impact on crossborder finance and capital markets including on treaty abuse, other anti-avoidance measures, recent case law on financing transactions, managing international tax disputes and transparency issues.

• The key points and trends in transfer pricing litigation, including Italian Supreme Court case no 1232 (January 21 2021), Coca-Cola v IRS (November 18 2020), among others;
• New developments in applying transfer pricing rules to financial transactions;
• How tax authorities’ transfer pricing audits are evolving for hidden permanent establishments, forward subscription structures and other cases;
• The changing role of profit split methods in resolving transfer pricing disputes;
• Update on the mutual agreement procedure (MAP) and advance pricing agreement (APA) procedures; and
• Practical issues and the impact of Covid-19 on transfer pricing and year-end adjustments.

• Structuring income from IP (synthetic royalties);
• IP planning after the OECD/G20 Global Pillar 2;
• IP planning in the context of CFCs;
• IP migration and/or onshoring of IP;
• Withholding tax problems for royalties based on where a patent is registered;
• The problems with sourcing software related income for IP maintained in the cloud;
• The potential impacts of pending US tax legislation; and
• Substance requirements

• The UK tax arena post-Brexit;
• Withholding tax developments;
• The impact on tax treaties and EU directives, such as the new German anti-treaty shopping rules and new Italian dividend which withholds a tax exemption for distributions to EU regulated funds;
• The EU anti-tax avoidance Directive 3 (ATAD 3)/EU shell entities initiative;
• The EU anti-tax avoidance Directive 2 (ATAD 2);
• OECD/G20 Global Pillar 2; and
• Country-by-country financial reporting.

• Charting the upheaval from the Denmark cases;
• Shell entities and economic substance under the EU Anti-Tax Avoidance Directive 3 (ATAD 3): challenges with a one size fits all policy;
• Navigating OECD/G20 Global Pillar 2; and
• The appropriate strategies for change: removing problematic holding companies or bolstering local substance.

• The current tax issues for investment managers;
• The latest developments in fund structuring;
• Exiting private equity fund investments in Spain and Italy; and
• New trends in investment strategies and their unique tax issues.