On 08 October 2021 there was finalised a major reform of the international tax system at the OECD which will ensure that Multinational Enterprises (MNEs) will be subject to a minimum 15% tax rate from 2023.
The landmark deal, agreed by 136 countries and jurisdictions representing more than 90% of global GDP, will also reallocate more than USD 125 billion of profits from around 100 of the world’s largest and most profitable MNEs to countries worldwide, ensuring that these firms pay a fair share of tax wherever they operate and generate profits.
Following years of intensive negotiations to bring the international tax system into the 21st century, 136 jurisdictions (out of the 140 members of the OECD/G20 Inclusive Framework on BEPS) joined the Statement on the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy. It updates and finalises a July 2021 political agreement by members of the Inclusive Framework to fundamentally reform international tax rules.
With Estonia, Hungary and Ireland having joined the agreement, it is now supported by all OECD and G20 countries. Four countries – Kenya, Nigeria, Pakistan and Sri Lanka – have not yet joined the agreement.
International community strikes a ground-breaking tax deal for the digital age
In the era of COVID-19 pandemic, online shopping has become even more popular. Electronic payments are one of the most important, if not the most important segment of modern finance. Many companies have been quick to recognize this trend by introducing the BNPL (buy now pay later) service. This service allows you to postpone the payment for purchases for up to 30 days. However, most importantly it is a free service with no hidden additional costs as long as the buyer pays for the product on time. In case the consumer does not pay, he will have to pay commissions or be charged interest. In practice it means that the buyer pays for the product after receiving it, gets acquainted with it, checks whether it suits him and whether it works properly. With the rapid progress of digitalization, consumers’ approach to shopping and paying for the latter is changing. Such a facility is useful especially in the case of fashion shopping, where the customer has the opportunity to try the product before making the final decision. This service enjoys considerable interest in Poland and worldwide, e.g. in the United Kingdom it has already been used by nearly 33 percent of consumers who shop online.
Buy now pay later in Poland – legal regulations and market trends
The Polish medical and pharmaceutical industry has a long tradition. In recent years, its structure and dynamics have changed significantly. The domestic pharmaceutical industry is one of the strategic industries of the Polish economy. It plays a key role in the whole healthcare system, providing Polish patients with examined, effective, high-quality and affordable medicines. Most Polish pharmaceutical companies have been privatized and numerous companies have been taken over by large foreign pharmaceutical corporations. In addition, new successful companies are emerging, which thanks to their innovation and implementation of new technologies, are entering foreign markets and becoming competitors of foreign companies. They also contribute to a significant increase in the competitiveness of the Polish economy.
KIEŁTYKA GŁADKOWSKI KG LEGAL constantly supervises and prepares its lawyers for the specialization in which they provide services for foreign clients. In order to systematize the conceptual grid of very specialized fields of pharma, biology, medicine and life sciences as well as new tech in healthcare KIEŁTYKA GŁADKOWSKI conducts internal consultations to improve the experience of our lawyers specializing in legal assistance for foreign clients from life science and tech sector. As a result of such internal research, KIEŁTYKA GŁADKOWSKI creates and publishes texts on topics related to modern legal problems, but also to explain the basic concepts of specialized life sciences and pharmaceutical fields. In this way, KIEŁTYKA GŁADKOWSKI aims to demonstrate to potential clients within specialized industries that our lawyers are also familiar with specialist terms necessary for a proper understanding of our foreign client’s business and legal needs.
This is
one of those texts. We invite you to read it.
Thousands of lawsuits have been filed against Johnson & Johnson, a company known for its baby products, in recent years – but the most well-known one involves 22 women who alleged that their ovarian cancers have been caused by the baby powder they had been using. After the appeal, by the end of which the amount of money the company had to pay those women was reduced from 4.7 billion to 2.1 billion, Johnson & Johnson took legal steps to present the case before the Supreme Court. The Supreme Court has decided not to consider their case, however, which resulted in leaving in place the last verdict of the Missouri appeals-court.
The link between the illness and the product
was supposed to be based on the fact that Johnson & Johnson baby powders
contained talc. Talc is oftentimes found in close proximity to asbestos, which
is carcinogenic, and in the past the talc has been contaminated with asbestos.
It is also worth mentioning, that talk on itself is dangerous while inhaled in
large doses but the studies aren’t clear on whether or not it’s carcinogenic on
itself.
Although Johnson & Johnson denies that
their products are dangerous to health, they will no longer be selling the baby
powder containing talc in the US and Canada, focusing instead on the
corn-starch-based alternative.
