On 16 July 2020, the European Court of Justice found that the EU-U.S. Privacy Shield fails to protect individuals’ rights to privacy. As a result, data transfers using the Privacy Shield mechanism are no longer GDPR-compliant.
The new United States-Mexico-Canada (USMCA) trade agreement entered into force on 1 July 2020.
The UK has introduced a temporary reduced VAT rate of five percent for certain supplies of hospitality, hotel and holiday accommodations.
France has introduced a new law that requires social media platforms to remove hateful content from their platforms within one to 24 hours of being flagged by users.
The European Commission has postponed the implementation date of the VAT e-commerce package to 1 July 2021.
U.S. regulatory agencies announced that they’ll lift certain Volcker-rule restrictions to make it easier for banks to invest in venture capital funds and other previously restricted funds.
The UK government has advanced plans to apply a zero rate of VAT to electronic publications.
The U.S. Trade Representative’s office is launching investigations into a number of countries’ digital services taxes.
France will impose a 3 percent digital services tax in 2020, regardless of whether or not an international agreement on such a measure has been made.
Germany has announced a temporary reduction to the rates of value added tax (VAT).
Japan has approved its 2020 tax reform bill.
Russia has established new terms of retention for certain categories of HR documentation.