Sponsored briefing: Guidance on Dutch corporate income tax treatment of payments of premiums and pay-outs under W&I insurances

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Sponsored briefing: Guidance on Dutch corporate income tax treatment of payments of premiums and pay-outs under W&I insurances

On 18 October 2022, the Dutch Secretary of State of Finance published a formal decree in relation to the Dutch corporate income tax treatment of payments of premiums and pay-outs under Warranty and Indemnity insurances (the W&I insurances). This decree includes the view of the Participation Exemption Knowledge Group of the Dutch tax authorities (the Knowledge Group) in relation to the Dutch corporate income tax treatment of W&I insurances. As W&I insurances are frequently used in M&A transactions, this tax development is relevant for the deal practice.

W&I insurances

Both warranties and tax indemnities play an important role in M&A transactions. By including warranties in the sale and purchase agreement, the buyer aims to get a clear view on the key characteristics and (potential) issues of the target by way of disclosure of information. Next to the warranties, the tax indemnity caters for a proper coverage of any tax liability in respect of any event occurring on or before the transaction date. In order to cover losses arising from a breach of a warranty and claims under a tax indemnity parties can enter into W&I insurances. These W&I insurances have gained popularity in recent years. Continue reading “Sponsored briefing: Guidance on Dutch corporate income tax treatment of payments of premiums and pay-outs under W&I insurances”

Sponsored briefing: Looking ahead: What does 2023 hold for Portugal?

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Sponsored briefing: Looking ahead: What does 2023 hold for Portugal?

In past years, Portugal was on the radar for all the wrong reasons, primarily due to the accrued debt problem, but also due to the consequences of the lack of structural projects or investment. Now things seem to have changed and 2023 looks like a promising year.

Not only is Portugal the furthest European country from the war in Ukraine, but it is also one of the countries least impacted by that war, as it does not depend materially on Russian gas and has other sources of supply. As a consequence, energy prices have not climbed as much as in the rest of Europe and Portugal seems to be one place where energy prices will be more attractive in the future. Continue reading “Sponsored briefing: Looking ahead: What does 2023 hold for Portugal?”

Sponsored briefing: Q&A with Nuno Galvão Teles, managing partner of Morais Leitão

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What do you see as the main points that identify Morais Leitão as a leading firm in the Portuguese legal market?

One of our key points of recognition has always been the innovation in legal advisory and the significance of being a full-service firm. We regularly advise across many areas and sectors and take on multidisciplinary projects, thus establishing future trends and models while covering all grounds. The main challenge in our very competitive market, with new entrants and a geographical disadvantage, is to continue providing in-depth legal advice while remaining economically sustainable. In order for this kind of approach to be effective, we privilege internal innovation. From project and knowledge management to legal tech, from legal design to AI, we pioneer an innovative approach to procedures and content that produces real benefits for the client, both in terms of the output and of the process that leads to it. Continue reading “Sponsored briefing: Q&A with Nuno Galvão Teles, managing partner of Morais Leitão”

Sponsored Spotlight: Insurance, reinsurance and insurance regulatory – Unrivalled expertise

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Sponsored Spotlight: Insurance, reinsurance and insurance regulatory – Unrivalled expertise

The ever-changing legal and economic environment for insurers calls for experts with a solid background and comprehensive expertise in the field of insurance law, as well as a solution-oriented approach to the client’s needs.

The insurance practice of Prager Dreifuss can look back on a longstanding tradition and unrivalled expertise in advising and representing insurers and reinsurers in all aspects of insurance law, and fields one of the largest insurance teams in Switzerland. The team is led by Christoph K. Graber who has repeatedly been named as a ‘Thought Leader’ and as Switzerland’s ‘most highly regarded practitioner’ in leading insurance law rankings. Continue reading “Sponsored Spotlight: Insurance, reinsurance and insurance regulatory – Unrivalled expertise”

Sponsored briefing: Enforcement law in Türkiye: Discovering the elusive world of debt collection

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Sponsored briefing: Enforcement law in Türkiye: Discovering the elusive world of debt collection

Though often perceived as neither a glamorous nor exciting field, enforcement law has been and will continue to be the somber reality all legists eventually face. Whether you’re an independent attorney successfully negotiating a favourable deal in mediation proceedings or filing a claim for compensation as an international firm representing a multinational conglomerate, sooner or later, all paths lead to enforcement, because: What happens when they refuse to pay?

Developing a firm grasp on enforcement proceedings and debt collection allows for the uncertainty of financial gain to dissipate, ensuring tangible results for both attorneys and clients. Continue reading “Sponsored briefing: Enforcement law in Türkiye: Discovering the elusive world of debt collection”

Sponsored briefing: Portugal – Towards a carbon neutral transportation system

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Sponsored briefing: Portugal – Towards a carbon neutral transportation system

As the European Union has made a commitment to becoming carbon neutral by 2050, member states are having to accelerate plans to modify the way people, goods and services are sourced, produced, transported and consumed, to significantly reduce the greenhouse gases (GHG) emissions. Portugal has already made public its road map for net zero in 2050, and the bulk of the efforts are front loaded in the few years remaining to 2030. A significant part of the effort has to be made in transportation, which accounted for about 28% of emissions in 2019, of which 95% are caused by road transportation. In order to achieve the target for the sector of 40% emissions reduction by 2030, significant action will have to be taken on several fronts, and the country is already acting.

The first major component of the change is the increase in investment in public transportation in metropolitan areas. New metro lines in Lisbon and Porto are under construction or already have funds appropriated in the national Resilience and Recovery Plan (RRP), which has been approved under the Next Generation EU programme. Investment in the bus fleets is also under way in the metropolitan areas, both to increase the frequency and coverage of public transportation services and to acquire electrical or low emissions vehicles. Soft mobility investments in bike lanes and shared bikes schemes are also being undertaken. Portugal is the largest producer of bicycles in Europe and has recently grown the manufacture of e-bikes, so the investments are also favouring local industry. The same is actually happening in respect of the manufacturing of electrical vehicles (EV) and fuel cell buses.
Continue reading “Sponsored briefing: Portugal – Towards a carbon neutral transportation system”

Sponsored briefing: Portugal: Sustainable finance

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Sponsored briefing: Portugal: Sustainable finance

VdA’s Ana Luís de Sousa and Hugo Moredo Santos on the importance of capital markets to sustainable financing

The capital market plays a very prominent role in sustainable financing. The issue of instruments such as green bonds or sustainability-linked bonds still represents, in absolute and relative terms, a small portion of total bond issues. However, the interest of issuers and investors for sustainable bonds has grown very significantly. Continue reading “Sponsored briefing: Portugal: Sustainable finance”

Sponsored briefing: Portugal as a magnet of foreign direct investment

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Sponsored briefing: Portugal as a magnet of foreign direct investment

In 2022 Portugal climbed to eighth place in the ranking of ‘top ten’ of European economies that most attract foreign direct investment projects, following a couple of decades in which investing in Portugal has been a common topic in different worldwide forums.

During that period Portugal managed to attract to its territory projects of the greatest importance, such as the Volkswagen’s vehicle-production unit in Portugal, a joint venture established in 1991 initially between Volkswagen and Ford, which constitutes the largest foreign investment in the country, contributing to more than 1.5% of its GDP (pre-pandemic data) and creating a high number of direct and indirect jobs in a region in the south outskirts of Lisbon.
Continue reading “Sponsored briefing: Portugal as a magnet of foreign direct investment”

Sponsored briefing: Landmark Privy Council decision on the scope and ranking of trustees’ indemnity

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Sponsored briefing: Landmark Privy Council decision on the scope and ranking of trustees’ indemnity

In October 2022, the Privy Council finally handed down judgment in the Z Trust (II) appeals (ETJL v Halabi; ITGL v Fort Trustees [2022] UKPC 36). This decision concerns the under examined (and hitherto rather dull) topic of the nature and scope of the right of a trustee to recover liabilities and expenses from the trust assets. Continue reading “Sponsored briefing: Landmark Privy Council decision on the scope and ranking of trustees’ indemnity”

Sponsored briefing: Dispute Resolution: Strategic case management with legal acumen

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Sponsored briefing: Dispute Resolution: Strategic case management with legal acumen

State court litigation and private arbitration proceedings require practitioners to combine legal thoroughness and the management of evidence with strategic ingenuity. Understanding court processes, legal practice and tactical procedural advantages all add up to sound advice in contentious legal matters.

Dispute resolution in all its appearances enjoys a longstanding tradition at PRAGER DREIFUSS. Our attorneys represent parties before local state courts as well as administrative authorities. Debt collection and bankruptcy matters are strong areas of our practice, in particular in disputes involving foreign parties. International arbitration has special significance in our firm and a number of our attorneys are regularly appointed as arbitrators in institutional and ad-hoc arbitration tribunals. Continue reading “Sponsored briefing: Dispute Resolution: Strategic case management with legal acumen”