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Common Consolidated Corporate Tax Base (CCCTB) is an ambitious tax reform project under EU law, to harmonize corporate income tax base on a group basis at the EU level, and use a pre-determined formulary apportionment mechanism ( i.e. a formula consisting the sales factor, the asset factor and the labour factor) to allocate taxing rights between EU Member States. The standard formula is based on the ...
In this paper, the author reports on how the European and American Competition Authorities apprehend margin squeeze viz. the fact for dominant undertakings operating simultaneously as vertically-integrated entities and as downstream market participants to increase wholesale prices by reducing their retail price, thus squeezing their downstream-market competitors out.#This is significant because the ...
Sommario 1. Introduction International trade is one of the vastest areas of business where, due to technicalities and frenetic activity, parties often end up disputing about contractual performance, rights and obligations. Each of these disputes shall be resolved before judicial bodies and, as it often happens, it is not easy to predict the outcome of the proceedings. Whether the proceedings take ...
Although cryptocurrencies were originally intended to create alternative currency, they have been branded with litany of names including money, commodity, security, and payment instruments. This article overviews the established wisdom that cryptocurrencies do not qualify as investment contract because they do not meet the criteria of investment of money in a common enterprise with reasonable expectation ...
Sommario 1. Introduction   A good traveler has no fixed plans, and is not intent on arriving (Lao Tzu)   This article will explain how the megacity of Shanghai, China is currently developed and ever progressing, which is key to attracting foreign investors and continuing to build a world leading financial center. Additionally, this article will revisit the setbacks China experienced under rule ...

Magazine article - BLP - 2016/7

Perdigão Borrego , Luis Miguel

State Aid Law and Taxation


1. Introductory Framework As part of the commitment[1] made in the «Code of Conduct»[2] on business taxation, the European Commission (hereinafter referred to as the «Commission») has undertaken to publish a set of guidelines on the application of rules of state aid to measures relating to direct business taxation. These were to be effectively adopted by the Commission on 11 November 1998.[3] In ...

Magazine article - BLP - 2016/7

Romano Donato, Casamassima Stefano

European Directive 25/2004/EC and the Rules on Defenses in Takeover Bids


1. Introduction It has been demonstrated that, in general terms, a successful takeover bid can have positive effects on the target company, allocating the company resources more efficiently and creating synergies between companies. Takeovers are capable, in fact, to significantly increase shareholders’ value and this has long been supported by research.[1] In light of these important factors, one ...
In national cases where EU law issues arise, legal practitioners (i.e. lawyers and legal advisors) often have to deal with problems related with the meaning of a particular legal provision. In such situations, it is vital for practitioners to know how to use the interpretative tools in order, not only, to defend the client’s interests in courts at national level, but also to contribute with better ...
Fear of unpredictable transaction risks leads many parties to M&A deals to adopt mechanisms to adjust or even terminate their agreements if certain adverse events occur. Material adverse change clauses («MAC»; also known as «material adverse effect» or «MAE») are one of those mechanisms and they have received a renewed attention due to their frequent invocation during the financial crisis of ...
This paper considers the ongoing debate around criminal enforcement of competition law and discusses whether the provision of criminal offences is a desirable option to prevent the great harm caused to the economy and consumers by cartel behaviour. After having given an account of the main arguments invoked to support criminalisation, the article highlights the significant difficulties – both theoretical ...