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Reports on the early years of the euro market. Impact of the vote of France for the ratification of the Maastricht Treaty on the single European currency; Effect of the rejection of Denmark for a monetary union on the European bond and currency market; Importance of political agenda on the borrowing strategy of France in the late 1980s.

The German government has finally approved legislation enabling the ratification of the UPC [ABSTRACT FROM AUTHOR]

Germany's Federal Constitutional Court (BvG) said on Wednesday that it would not block ratification of the way the EU finances its budget, meaning that the bloc will likely be able to begin borrowing for its recovery fund in July. [ABSTRACT FROM AUTHOR]

The European Union's planned €750bn coronavirus recovery fund is facing a lengthy delay to its inception, and possible derailment, after Germany's Federal Constitutional Court issued an injunction to block its ratification by the Bundestag, writes Burhan Khadbai. [ABSTRACT FROM AUTHOR]

The article elaborates on the ratification of the Vienna Convention on Law of Treaties in Brazil. Luiz Felipe Ferraz and Julia Nogueira of Demarest e Almeida explained that the ratification means the adoption of the international standards of interpretation of treaties in general and specifically of tax treaties. It notes that the old treaty had rules that can only be applied based on international practice and treatises, and where there was internal legislation on the same subject. However, there are cited problems about the rules of international tax treaties being perceived as equivalent to internal law and the uncertain administrative and judicial case law on the hierarchy of treaties in the country.

The UK's formal withdrawal from the UPC raises questions about the renegotiation of the UPCA and the relocation of the London court [ABSTRACT FROM AUTHOR]

Lawyers across Europe say the UPC project could be open to future challenges even if the German parliament meets the required two-thirds majority [ABSTRACT FROM AUTHOR]

The political leaders of the European Union are close to being prisoners of the momentum towards European Monetary Union (EMU) that they have stimulated. Those who believe progress hinges on EMU aspirants achieving three point zero budget deficits may be unaware of the accelerating preparations that would be thrown into disarray, probably irretrievably were there to be delayed. The implications for capital markets are crystallizing since the preparations already being made will shape their final form. The Maastricht Treaty was signed in December 1991 and finally came into force at the end of 1993 after a rather difficult ratification process. Some observers felt that its ratification would, ironically, mark its death. However, a treaty is a set of legal obligations and public officials are obliged to implement the expressed will of their political masters. In 1994, the European Commission set up a committee of independent experts to consider how the changeover should be organized during the succeeding five years and momentum that began to build.

The article reports that Kosovo ratified the treaty Convention for Elimination of Double Taxation, that was signed with Austria for developing their economic relationship and enhancing their co-operation in tax matters. It mentions that the convention will be applied to income tax and corporate tax in Austria and to personal income tax and corporate income tax in Kosovo. It states that the treaty defines a maximum withholding tax on dividends at the rate of 15 percent.

The German constitutional complaint challenging the UPC Agreement is on a list of cases to be decided this year. But it is not certain a decision will come in 2018 and, even if it does, the timing will be vital in determining whether the UPC is in effect before Brexit [ABSTRACT FROM AUTHOR]

The article focuses on the move of DAV, the German Bar Association, to submit to the Federal Constitutional Court its view over the constitutional complaint against German participation in the Unified Patent Court (UPC). Topics mentioned the argument of DAV that the complaint is inadmissible, effectivity of the UPC Agreement (UPCA) by the end of 2018, and the need for Germany and Great Britain to ratify the UPCA.

The article reports on the decision adopted by the Bosnia and Herzegovina Prime Minister which ratify the income tax treaty between the country and Romania and will replace the Yugoslavia-Romania income and capital tax treaty of 1986 if becomes effective. It mentions several withholding tax relief to be provided by the new treaty such as taxation of dividends, withholding tax rate interest, and withholding tax on royalties.

The article reports on an update to the Canada-United States Income Tax Treaty awaiting ratification that could encourage Canadian investors to buy certain U.S. securitizations. The update is expected to eliminate the withholding tax on U.S. receivables going into Canada. Under the tax treaty, exemptions to the withholding tax for securities of one to two years and longer than five years are provided.

The article reports on the Future Carbon Fund being developed by the Asian Development Bank to invest in projects that generate carbon credits after 2012, when the first commitment period of the Kyoto Protocol expires. The protocol has been signed and ratified by 178 countries, including China, India, Japan and Australia. However, while China and India have ratified the treaty, they do not have to cut carbon emissions, only monitor them.

The article reports that on December 14, 2007, the fifth Protocol to the Canada-U.S. Income Tax Convention was ratified by Canada when Bill S-2 received royal assent. It is reported that the U.S. has yet to complete its ratification process and the Protocol will enter into force once it has been ratified by the U.S. As reported, the Protocol will extend Treaty benefits, such as the reduced withholding tax rates and the exemption for capital gains in certain circumstances, to U.S. limited liability companies (LLCs). It is also reported that although the Protocol provides for the extension of Treaty benefits to LLCs, it also proposes to deny Treaty benefits for other types of hybrid entities in two new rules.

Reports on the ratification of the Kyoto Protocol in the European Union countries. Reduction of the carbon emissions; Cooperation of the insurers on the program; Increase of job opportunities.

The article focuses on the regulation by Brazil to non-Brazilian multinational enterprises in the country to file the country-by-country report (CbCR) as part of the income tax return. Topics mentioned include the prevention of double taxation (DTT) treaties between the country and Russia, the ratification of DTT treaties, and the taxation management in Brazil.

The article reports on the participation of Canada in the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting, a multilateral instrument (MIL), by the Organisation for Economic Co-operation and Development (OECD) as part of the project on base erosion and profit shifting (BEPS). Topics mentioned include the tax treaties covered by MLI, the ratification of tax treaties, and the regulation for withholding tax.

The article reports on Great Britain's reaffirmation of its commitment for the ratification of the Unified Patent Court Agreement (UPCA). Great Britain and other European Union (EU) member states are encouraged to avoid further delays and launch the system soon. Several expected developments concerning the UPCA system are also cited, including the appointment of judges.

This article reports on a double tax treaty signed by Japan and the Netherlands on August 25, 2010. The treaty seeks to avoid double taxation and prevent fiscal evasion for income taxes. The treaty introduced an arbitration clause. The National Tax Agency (NTA) of Japan has announced the exclusion of the request for mutual agreement procedures in conjunction with the application of bilateral from the arbitration procedures in the clause. The countries expect the effectivity of the treaty in January 2011 upon its ratification.

The article examines the decision of Mexico to ratify a protocol amending the existing 2004 Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Austria which covered income and capital taxation. Signed on September 18, 2009, the protocol was ratified in February 2010 and will be implemented three months after ratification instruments between Mexico and Austria have been complied with. Provisions emphasize on the exchange of tax-related information between the countries' tax authorities.

Hannele Pokka, the Finnish minister for the environment said, in an exclusive interview with GlobalCapital, that she believes the ratification of the Paris Agreement, the first ever universal, legally binding climate accord struck in 2015, will spur on the green bond market's development. [ABSTRACT FROM AUTHOR]

On the eve of the G20 summit in September, the US and China formally ratified the Paris Agreement, boosting the chances it will become international law before the end of the year. At least 55 countries accounting for 55% of global emissions must ratify the treaty for this to happen. With China and the US accounting for 38% of global carbon emissions between them, the announcement was a major step forward for the agreement. [ABSTRACT FROM AUTHOR]

In our latest Unitary Patent and UPC roundup: Finland ratifies the UPC Agreement and its Protocol, UK gears up for ratification with a little legal complexity, UPC judicial posts open to all, and improvements to UPC IT system [ABSTRACT FROM AUTHOR]

The article reports on the expiration of the European Commission's five-year mandate on October 31, 2009 and the protracted ratification process of the Lisbon Treaty. The first permanent European Council president and top diplomat has been selected, which would allow European Union (EU) leaders and re-appointed commission President Jose Barroso to focus on the appointment of the new team of Commissioners. It is noted that political agreement on several issues, such as exit tax resolution, may be reached in December 2009.

The article reports on the slow progress on a proposal for a directive on a common consolidated corporate tax base (CCCTB) from the European Commission (EC). It is noted that progress will unlikely take place, with the Commission even relieving Thomas Neale, the head of its CCCTB task force. It is also asserted that the Commission is thinking of going beyond November 2009 as it waits whether the signing and ratification of the Lisbon Treaty will be finished on time. The treaty will be subjected to a second referendum in October 2009.

The article reports that the Philippine Senate ratified the controversial Agreement between the Republic of the Philippines and Japan for Economic Partnership (JPEPA). It was signed by President Gloria Macapagal Arroyo and then by Japan Prime Minister Junichiro Koizumi on September 9 2006. Chapter 10 of JPEPA is devoted to Intellectual Property (IP), and some of its provisions would require the amendment of current administrative rules provided in the IP Code to further streamline the system.

This article reports on a tax treaty between Japan and France that was signed on January 12, 2007. The treaty will become effective in 2007 by ratification and be applicable to the following taxes in Japan: with respect to withholding taxes, amounts to be taxed on or after January 1, 2008; and with respect to income taxes not subject to withholding, income arising in taxable years commencing on and after January 1, 2008.

The article reports that the U.S. has ratified an international treaty to facilitate asset-based financing and leasing of large commercial aircraft and aircraft engines. Documents formally concluding the Cape Town Convention were received by Unidroit, Rome, the international depositary for the treaty. Export-Import Bank of the United States offers a reduced exposure fee for aircraft buyers in countries where the treaty has been ratified, dropping its minimum fee by one third to 2% in a bid to encourage more countries to join the scheme. The Cape Town Convention was concluded in November 2001. It established a comprehensive international legal framework to protect security and leasing interests in aircraft equipment.

Emphasizes the need for Japan to introduce domestic tax rules to conform to the Japanese Diet's U.S. tax treaty. Requirement for U.S. residents to submit a certain application to receive benefits under the treaty; Personal information needed in the application; Addition of a transactional-net-margin method in the provision of the domestic tax law.

The article examines the possibility of spontaneous exchange of advanced tax rulings in Switzerland. Topics discussed include ratification of the Convention on Multilateral Administrative Assistance in Tax Matters and the instances in which a jurisdiction is obliged to spontaneously transmit information to another jurisdiction. The inclusion of any tax ruling relating to a cross-border transaction involving movable income under the scope of the spontaneous exchange is mentioned.

The article looks at the remaining problems concerning the creation of a Unitary Patent in the European Union (EU) as of June 2015. It is noted that the election of a Conservative Party government in Great Britain poses a problem to the creation of a single patent system. Information is also presented on a pending lawsuit before Belgium's constitutional court that could annul Belgium's ratification of a single patent system.

The article reports the ratification by the government of Serbia of the treaty on the avoidance of double taxation between the governments of the Republic of Serbia and the Republic of Armenia on March 10, 2014. The law will be implemented when ratified by the Armenian government. Among the taxes covered by the treaty are corporate income tax, personal income tax and tax on property in Serbia, and profit tax, income tax and tax on property in Armenia.

The article reports the FYR Macedonian Parliament has sactioned the tax treaty signed with Bosnia & Herzegovina (BH)on September 24, 2013 in Sarajevo on February 3, 2014, and mentions that ratification law was published in the Official Gazette No. 29 of February 6, 2014.

The article focuses on issues related to patent regulation and applications in Europe. Topics discussed include the implementation of the Agreement on the Unified Patent Court (UPC), the ratification of the Agreement in France and progress on further ratifications of other countries such as Denmark and the Netherlands.

The article reports that both FYR Macedonia and Azerbaijan have ensued speedy ratifications of the treaty between tem. It is noted that the personal income tax, property tax and profit tax in FYR Macedonia and the tax on income of physical persons, tax on profit of legal persons in Azerbaijan is covered under the treaty.

The article reports on the ratification by Iran of the Patent Cooperation Treaty (PCT) on July 4, 2013, becoming the 148th contracting state.

The article offers information on the ratification of the income tax treaty between Macedonia and Kazakhstan. It states that the treaty covers the personal income tax and profit tax in Macedonia and the corporate income tax and the individual income tax in Kazakhstan. It mentions that the treaty stipulates that both countries will allow deduction from taxes in the amount of tax paid on it in the other state.

The article reports on the ratification of the tax treaty between Bosnia & Herzegovina (B&H) and Kuwait December 28, 2008, which covers the avoidance of double taxation and the prevention of fiscal evasion related to income and capital. The treaty specifically mandates withholding tax charged on dividends that shall not exceed 5% of the gross amount, while the royalty withholding tax rates was fixed at 10%. Other provisions of the treaty covers taxation of income derived by a resident of a contracting state from immovable property, profit tax and payment to the Kuwait Foundation for Advancement of Science (KFAS).

The article reports on the ratification of the double tax treaty by Bosnia & Herzegovina with Malaysia. The treaty is aimed at preventing fiscal evasion related to income and capital. In Malaysia, the treaty covers the income tax and the petroleum income tax, while in Bosnia & Herzegovina it covers taxes on the income and on the profit. A withholding tax rate of 5 percent on dividends is set by the treaty if the beneficial owner is a legal entity other than a partnership. The tax rate for dividends is 10 percent.

The article reports that a European Parliament committee voted against referring the Anti-Counterfeiting Trade Agreement (ACTA), a multinational treaty on intellectual property (IP) enforcement, to the European Union (EU) Court of Justice for an advisory opinion on any conflicts with EU law. Members of the European Parliament (MEPs) are quoted saying they want to reject the treaty without delay and are opposed to addressing goods counterfeiting and Internet piracy in the same treaty.

The article discusses tax developments in Ukraine. The country has rolled out a new requirement for foreign individuals who are tax residents of Ukraine. April 30, 2012 is the last day for filing personal income tax return in Ukraine. The country has also introduced a new annual personal income tax return form for 2011. The Parliament has passed a law humanizing criminal liability for business crimes, including corporate tax evasion. In January 2012, Ukraine and Mexico have signed a double tax treaty. Ratification of the treaty is pending for both countries.

The article discusses the tax treaty signed by Bosnia & Herzegovina (B&H) with Austria that was ratified by the B&H Parliament on July 27, 2011. It says that the treaty covers the taxation on corporate profit and personal income, profit tax and the tax on agricultural and forestry enterprises. According to the author, the treaty adopts an Organisation for Economic Co-operation and Development (OECD) model and sets a withholding tax rate at 5 percent on dividends if the beneficial owner is a legal entity that holds a minimum 25 percent of the company's voting power.

The article reports on tax treaties signed by Ireland with Singapore and Kuwait in May 2011. These treaties meant that Ireland has already signed a total of 62 tax treaties. The treaties will take effect after the two countries have finalized their ratification procedures. Under the treaty, exemptions from Irish withholding tax can be applied to patent royalties, interest, and dividends. Once the treaties are imposed, they will provide for nil source-country tax on dividends. The treaties have also expanded the definition of permanent establishment.

The article discusses the double taxation avoidance agreement (DTAA) between the governments of Mauritius and Bangladesh signed on December 21, 2009 and ratified on September 15, 2010. The continuous expansion of Mauritius' tax treaty network is said to indicate enhanced tax planning opportunities which improves the image of the country as a jurisdiction of choice for structuring investments. The DTAA includes a tax sparing credit which will not eliminate any incentive that has been provided to Bangladesh. A preferential withholding tax (WHT) on dividends and a provision for capital gains in the DTAA are said be very favourable in terms of structuring investments in Bangladesh through Mauritius.

This article reports on a double tax treaty signed by Macedonia and Morocco on May 11, 2010. The treaty seeks to avoid double taxation and prevent fiscal evasion for income taxes. It applies to the income and corporation tax in Morocco and the personal income and profit tax in Macedonia. The treaty will be effective starting January 1, 2011 upon its ratification by both countries.

The article reports on the income and capital tax treaty signed on April 6, 2010 by the governments of Albania and Germany. The treaty is in line with the Organization for Economic Co-operation and Development (OECD) model convention and shall be effective as of January 1 of the calendar year following the year of entry into force of the agreement. It explains that the withholding tax provisions with respect to dividends, interest and royalties are included in the treaty. The treaty's treatment of capital gains is also discussed.

The article reports on Luxembourg's ratification of exchange of information protocols and double taxation treaties. The country has ratified 12 protocols and 8 new treaties while adopting the procedure applicable to exchange of information upon request. Renegotiations of some of the treaties were held by Luxembourg as part of its compliance with G20 demands.

The article reports on the double tax treaty entered into by Cyprus and the Czech Republic on April 28, 2009. Under the new treaty which is for ratification before enforcement, withholding tax at source is removed. It is noted that revisions to the Czech Republic-Cyprus cross-border tax structures may be needed because of the treaty.

The article reports that the U.S. Senate has ratified the protocols to the U.S.-Canada and U.S.-Bulgaria income tax treaties, as well as the U.S.-Iceland income tax treaties. It is stated that the U.S. State Department must formally notify the foreign government that the U.S. ratification process has been completed with regard to the pending treaties and protocols. The Senate has requested that the U.S. Treasury Department submit rules of procedure regarding the application of the binding arbitration mechanism.