Conference programme

• Employees or Directors working from home: PE or not PE?
• Recent case law on PEs and evolving trends
• BEPS Multilateral instrument and PEs: a changing landscape?
• Focus on auxiliary and ancillary activities amounting to PE (eg.: warehouse and purchasing office

• Discussion of any recently published Pillar 2 implementation framework guidance
  • Current status of Pillar 2 implementation in key jurisdictions around the world
• Interplay of Pillar 2 and the US tax system in the absence of any US legislation, including the interaction with GILTI and the new Corporate AMT
  • Status of domestic minimum top-up taxes and the interplay with CFC regime taxes and any GloBE safe harbors
• The impact of Pillar 2 on domestic tax incentives and how those will change

• European dividends to non-EU funds
• Anti hybrid and pre-existing avoidance rules
• EU DEBRA proposed directive & interaction with anti-hybrid rules
• Recent changes to the UK’s anti-hybrid rules

The panel will discuss selected hot topics in each jurisdiction:

• Recognition of NPL losses in securitisation vehicles
• Special purpose vehicles connected to securitisation transactions
• Beneficial ownership of derivatives in the light of the Danish cases
• Derivatives and cryptocurrencies

• ESG
• Impact of tax transparency on multinationals
• Handing an international tax audit

Please note this session will be held under Chatham House Rules

• Unshell directive proposal
• Pillar 2 in the EU
• DEBRA and BEFIT (Business in Europe: Framework for Income Taxation)
• Withholding tax recoveries
• Practical experiences DAC 6
• Tax enablers consultation (SAFE)

• Impact of Pillar 2 and EU directives
• Fresh look at substance including ATAD3, DEMPE, new domestic rules (e.g.Canadian GAAR, harmonizing substance)
• What if conflict between analysis of substance in Luxembourg conflicts with substance requirements in payor country?
• Beneficial ownership
• Impact on financings
• Impact on funds
• What if ATAD3 does not pass?

• Cross-Border Demergers/Split-Ups/Spin-Offs
• Migrations and tax or corporate conversions
• Cross Border LBOs in an anti leverage environment

• Tax issues in target jurisdictions (including anti-hybrid rules)
• Brief overview of holding companies
• Tax challenges at fund level and choice of fund vehicle
• Developments in carry structuring
• Tax issues for managers (including creating PEs)
• LP tax requests

• APA practice trends and experience – increased demand for certainty
• COVID & extraordinary events: Practical applications of methods to reflect impact of COVID, sanctions, etc.
• Tax rulings issued by 2 or more countries in a single procedure (ICAP of OECD and ETAX of EU)
• Transfer of functions across borders where employees move
• Intercompany financing: dissecting the findings in HMRC v. Blackrock and Singtel (Federal Court of Australia) cases)
• Data collection and sale by related companies

• Austria: cum/ex Supreme Administrative Court VwGH 28 June 2022 Ro 2022/13/0002
• Canada: exchange of info Levett v CRA
• Denmark: Beneficial ownership EU law C-116/16 T Danmark and C-117/16 Y Denmark ApS. (NetApp)
• Italy: WHT regime on dividends paid to US investment funds EU law American funds insurance
• Spain: deduction of borrowing costs Duscholux; recovery of excess withholding taxes by non-resident alternative investment funds EU law infringements (AIF´s or Hedge Funds).
• UK: Cum/ex and Revenue rule SKAT v Solo Capital; Treaty abuse main purpose test Burlington v HMRC
• US: exchange of info Puri v US

• What is Decentralised Finance (DeFi)?
• How are lending transactions on marketplaces like AAVE taxed?
• How is the provision of liquidity on DEXes like Uniswap taxed?
• How is the provision of insurance coverage on Nexus Mutual taxed?
• What are the tax consequences of DeFi rug pulls?