Latest news with #BEPS
Business Upturn
2 days ago
- Business
- Business Upturn
IBFD Appoints Three New Members to Board of Trustees
Amsterdam, May 27, 2025 (GLOBE NEWSWIRE) — The International Bureau of Fiscal Documentation (IBFD) is pleased to announce the appointment of three distinguished experts to its Board of Trustees (BOT), strengthening its position as the 'Home of International Taxation'. Effective 17 May 2025, Juliane Kokott, Alexia Scott and Paolo Valerio Barbantini have joined the IBFD BOT, bringing a wealth of expertise in international taxation, law and policy. Their diverse backgrounds and esteemed careers will enhance IBFD's mission of providing independent, high-quality research, analysis and data in the field of international taxation. Juliane Kokott Juliane Kokott is Advocate General at the Court of Justice of the European Union since 2003. With a distinguished career in European and international law, she is a respected authority in tax regulation and compliance. Ms Kokott has published numerous scholarly articles and books on tax law and has been a keynote speaker at many international conferences. Her deep legal expertise and insights into the evolving landscape of tax law will provide valuable guidance to IBFD's initiatives. Alexia Scott Alexia Scott is the Global Head of Tax at L'Oréal, the French cosmetics group, since 2013. She is a senior international tax executive with over 30 years of leadership in tax strategy, planning and compliance across globally recognized groups in different sectors (beauty, transport, automotive and civil work). Ms Scott is a specialist in cross-border taxation and policy, dedicated to advancing sustainable fiscal strategies and promoting transparency. She has worked with various governments and international organizations to develop ESG-focused tax initiatives. IBFD will greatly benefit from her leadership in international corporate taxation. Paolo Valerio Barbantini Paolo Valerio Barbantini is Head of Tax of Fincantieri Group, a leading Italian multinational in shipbuilding, as from March 2024. Between 2018 and February 2024, he served the Italian Revenue Agency (Agenzia delle entrate) as Deputy Director General. From 2015 until January 2018, Mr Barbantini worked at the OECD Centre for Tax Policy and Administration as coordinator of BEPS and developing countries, then as responsible for their engagement and launch of the Inclusive Framework on BEPS. Mr Barbantini's extensive experience in tax administration and tax policy development, as well as in international cooperation, will be invaluable to IBFD's ongoing efforts in fostering innovative solutions for fiscal challenges. ' We are honoured to welcome these prominent members of our community to our Board of Trustees ,' said IBFD CEO Jan Maarten Slagter. ' Their expertise and leadership will be instrumental as IBFD continues to provide valuable and trusted insights and help to shape the future of international taxation .' IBFD's Board of Trustees oversees the overall management of the organization. It consists of highly experienced tax professionals, (former) government officials and professionals with relevant non-tax backgrounds from all corners of the world. For more information about IBFD and its initiatives, visit the IBFD website. About IBFD IBFD is a leading independent foundation specializing in international tax research, education and knowledge dissemination. With a global network of experts and institutions, IBFD provides unparalleled resources in cross-border taxation, policy and compliance. Attachment IBFD Appoints Three New Members to Board of Trustees Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
Yahoo
01-05-2025
- Health
- Yahoo
Critics sound off after new legislation exempts hospitals from key policy: 'We think it was unnecessary'
Hospitals in Maryland will no longer be required to cut building emissions under the state's signature climate policy — a move that some climate advocates say could set a dangerous precedent. This year, lawmakers passed House Bill 49 to modify the Building Energy Performance Standards (BEPS) program, Maryland Matters reported. The program has been revised to exempt hospitals from the rules and requirements. The new legislation exempts hospitals and certain equipment used in hospitals and medical facilities from the BEPS program, which aims to reduce building pollution by 2040 in Maryland. The Maryland Hospital Association pushed for the change, arguing that continuous, reliable power is critical for patient safety in facilities like intensive care units, emergency rooms, and operating rooms. The MHA added that power disruptions could have deadly consequences. Natasha Mehu, the MHA's vice president of government affairs and policy, said hospitals do support efforts to fight rising global temperatures but need special consideration for an exemption. The nonprofit organization Chesapeake Climate Action Network was initially in favor of House Bill 49, but lawmakers started discussing broader revisions to the program, which included exempting residential buildings and hospitals. "We think it was unnecessary," said CCAN lobbyist Jamie DeMarco, per Maryland Matters. "No other BEPS in the country exempts hospitals." Scaling back the rules and weakening the policies could delay Maryland's path to its 2040 net-zero emissions. This could also raise energy costs and limit job creation in the clean energy sector. Beyond the economic impact, the BEPS rollback could also have consequences on the environment. According to the Environmental Protection Agency, indirect emissions from homes and businesses accounted for 31% of total emissions in the U.S. in 2022. Exempting large buildings could enable them to continue relying on dirty energy sources that contribute to warming the climate and exposing people to harmful indoor air pollution that can cause respiratory issues and heart disease. Do you think governments should ban gas stoves? Heck yes! Only in new buildings Only in restaurants Heck no! Click your choice to see results and speak your mind. These new changes to Maryland's BEPS program could slow down the progress toward cleaner energy in the state's big buildings. While the setbacks is discouraging, there are still ways to push for meaningful change. Maryland has other acts and initiatives that are still in place, including ENERGIZE Maryland, which aims to boost clean energy production in the state to 75% of the total. It could help accelerate the state's journey toward achieving 100% clean energy by 2035 and reduce its pollution at the same time. The best thing individuals can do to lobby for stronger environmental policies is to vote for pro-climate candidates during elections. Supporting them could give pro-climate leaders the power to push for policies that can make a difference and pave the way for a cleaner and safer future for all. Other ways that individuals can help include staying informed about critical climate issues and policies and supporting local retrofitting projects and initiatives. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
11-04-2025
- Automotive
- Yahoo
Maryland's building emissions rules got ‘trimmed' this session
Two air source heat pumps installed on the exterior of a house. ( photo by Nimur.) Environmentalists who feared an extensive rollback of one of the state's signature climate programs, instead managed to escape this year's legislative session with what they say are just revisions to the Building Energy Performance Standards. The BEPS program, adopted as part of the Climate Solutions Now Act of 2022, requires large buildings in the state to electrify over time, and reach net-zero greenhouse gas emissions by 2040, or pay fees. This year, lawmakers exempted hospitals from the rules, amid other changes, but largely left the program intact to the relief of environmentalists. 'BEPS was trimmed, not cut down,' said Jamie DeMarco, a lobbyist for the Chesapeake Climate Action Network. CCAN initially supported House Bill 49, which would have given buildings some more flexibility, including with a waiver program for specific cases. The Maryland Department of the Environment, which enforces building emissions rules, proposed the bill. But midway through the legislative session, lawmakers began discussing broader modifications to the rules, including exempting residential buildings and hospitals, said Brittany Baker, CCAN's Maryland director. 'Once we were having these BEPS conversations, legislators had all of this angst … about BEPS, that now they wanted to attach all of these weakening amendments to the bill,' Baker said. Moore issues executive order that could delay EV sales penalties That came about the same time that a bill rolling back Maryland's electric vehicles program was advancing in the legislature. Ultimately, that bill failed, but not before Gov. Wes Moore issued a similar executive order, allowing his administration to pause penalties for the first two years of the EV program, which requires manufacturers to sell an increasing percentage of electric cars in Maryland. 'This legislative session was a tough, tough few months,' read an online post from CCAN. 'However, our advocacy changed the trajectory of the session in a tangible way.' Residential buildings don't appear in the passed bill, which is on the governor's desk. But hospitals were exempted, and emissions associated with steam sterilization and back-up generators at medical facilities, nursing homes and laboratories are also exempt under the bill. 'We think it was unnecessary. No other BEPS in the country exempts hospitals,' DeMarco said. 'But that's what happened.' Prior to this year's bill, historic buildings, elementary and secondary schools, manufacturing buildings, agricultural buildings and federal buildings could all apply to be exempted from BEPS. In testimony on the original bill, the Maryland Hospital Association pushed for lawmakers to exclude hospitals, arguing that they are held to unique HVAC standards, and intensive care units, emergency rooms and operating rooms need 'continuous and guaranteed access to power.' 'While hospitals support efforts to combat climate change, the unique nature of hospitals — and the potentially deadly consequences of power failure on patient safety — requires special consideration for an exemption,' wrote Natasha Mehu, vice president of government affairs and policy at MHA. This year's bill also clarified the relationship between the state and a similar building emissions program established in Montgomery County, in a way DeMarco called 'fair and reasonable': It lets MDE certify county-level programs and waive the state rules for buildings in counties that have approved regulations. Tom Ballentine, vice president for policy and government relations for Maryland NAIOP, a commercial real estate association, said the change reconciles 'overlapping requirements at the state and local level' and lets building owners focus on Montgomery's rules, which include earlier deadlines. SUPPORT: YOU MAKE OUR WORK POSSIBLE Buildings — with fossil-fuel burning furnaces, water heaters and stoves — contributed 16% of Maryland's greenhouse gas emissions as of 2020. Under state law, Maryland's overall emissions must be net-zero by 2045. In addition to reducing emissions, Maryland's BEPS program requires large buildings (over 35,000 square feet) to reduce their 'energy use intensity,' which measures annual energy use per square foot. The exact reductions haven't been set yet, after the General Assembly required MDE last year to take in energy use data from buildings first. Ballentine said that the energy use regulations represent an 'expansion of the policy scope that needs some consideration,' because it goes beyond greenhouse gas emissions. 'The way that energy efficiency has been managed in the past is through building and energy codes that are developed through a process that puts a high value on technical feasibility and cost effectiveness,' Ballentine said. 'MDE doesn't have that same mandate.' The bill exempted buildings with permanent 'sensitive compartmented information facilities,' or SCIFs, owned by certain federal agencies, from the energy use requirements. These facilities are essentially secure rooms where classified information is discussed, protected by security technology. DeMarco said he would have preferred to see SCIFs themselves exempted from the rules, rather than any building that contains a SCIF. 'The fear is that any data center, if it wants to be exempted from energy-use intensity, could just find a SCIF to be contained in it. But most data centers right now do not have SCIFs,' DeMarco said. Lawmakers approve energy reform bills aimed at cutting rates, boosting in-state generation Meanwhile, BEPS waivers focused on economic feasibility were stricken from the bill. The energy use regulations are a 'co-equal pillar' of the BEPS rules, DeMarco said, because they help prevent building owners from purchasing cheaper yet more inefficient electric heating systems, forcing tenants to deal with high bills. As originally introduced, this year's bill, which came from MDE, would have set up alternative compliance payments for the energy use segments — instead of only the greenhouse gas emissions. But that language was scrapped from the bill. Ballentine said the fees were set far too high. Using data from Montgomery County, his association estimated that the worst performing condominium building might have paid up to $600,000 per year. 'I was very surprised, actually, that in a session where the BGE bill impacts of increased energy costs and power surcharges were such an item of discussion, the energy intensity fee didn't get more attention,' Ballentine said. 'Because it is big for some buildings. It's a substantial number. With MDE's backing, the fees may resurface in the legislature. Getting the balance right is critical, DeMarco said. The fees must be high enough to encourage building owners to make the building renovations, but low enough that they don't bankrupt building owners who cannot comply. 'It essentially caps how much any building will ever have to pay, and knowing that there's an upper bound of how much you would ever have to pay provides a lot of beneficial certainty,' DeMarco said.
Zawya
11-02-2025
- Business
- Zawya
EY seminar reveals innovative strategies that help Bahrain's businesses optimize their tax position
The event saw EY's tax experts review the main developments in Bahrain's and regional tax systems over the past year Manama, Bahrain – EY has hosted its Bahrain Annual Tax Seminar 2025 in Manama with the aim of guiding businesses in navigating the evolving tax landscape in the country and beyond. The latest edition of the event provided an overview of the major developments in the tax system that have taken place in Bahrain and regionally over the last 12 months. The seminar saw the participation of over 250 C-suite executives and finance professionals from Bahrain-based companies. The event leveraged the knowledge and practical experience of EY's senior tax professionals to offer comprehensive insights that will help the participants achieve an optimal tax position and adapt their strategy in response to market trends. The agenda covered all aspects of the taxes that are currently imposed in Bahrain in line with domestic laws. Among the key changes over the past year was the introduction of the domestic minimum top-up tax (DMTT) in line with the country's commitment to compliance with Base Erosion and Profit Shifting (BEPS) Pillar Two. Additionally, there have been numerous updates to the value-added tax (VAT) procedures in diverse sectors. EY's subject matter experts shared their experience with DMTT and discussed the potential future introduction of a broader domestic corporate tax, similar to those found in neighboring GCC countries. The speakers also offered detailed updates on international tax developments, which affect Bahraini businesses operating in other jurisdictions while contributing to shaping the local tax environment, with a focus on the regional implementation of e-invoicing. The session explored the various models being introduced and the technology options available to adopt tax governance, helping businesses prepare for upcoming digital tax compliance. The seminar provided participants with an ideal platform for networking and the exchange of experience and best practices in the field of taxation. Ahmed Al-Esry, EY MENA Tax Leader, says: We are committed to helping our clients navigate Bahrain's evolving tax landscape by providing expert insights and tailored solutions to ensure compliance. Our Bahrain Annual Tax Seminar assists businesses in aligning their financial reporting with local regulations and understanding related tax impacts while sharing updates on important regulatory developments. The seminar also offers tax insights for specific industries, highlighting each sector unique challenges and opportunities, while keeping multinational enterprises informed about international tax developments." Ali Al-Mahroos, EY Bahrain Tax Leader, says: 'Bahrain's tax landscape continues to evolve, reflecting the Kingdom's commitment to economic diversification and fiscal sustainability. Over the past 12 months, we have witnessed key developments in both direct and indirect taxation, including the introduction of DMTT as well as refinements in VAT regulations and compliance measures. These advancements enhance Bahrain's business environment by fostering transparency, aligning with global tax trends and attracting foreign investment. 'On a regional level, the implementation of e-invoicing is a pivotal step in the transformation of the GCC tax landscape, which is set to revolutionize tax compliance for both businesses and the government. By digitizing transactions, e-invoicing improves efficiency, reduces tax evasion and enhances real-time reporting. Should Bahrain introduce e-invoicing, it would ultimately strengthen the country's position as a competitive and forward-thinking economic hub.' -Ends- About EY | Building a better working world EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets. Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate. Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers to the complex issues facing our world today. EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of individuals' rights under data protection legislation are available via EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit The MENA practice of EY has been operating in the region since 1923. For over 100 years, we have grown to over 7,500 people united across 21 offices and 15 countries, sharing the same values and an unwavering commitment to quality. As an organization, we continue to develop outstanding leaders who deliver exceptional services to our clients and who contribute to our communities. We are proud of our accomplishments over the years, reaffirming our position as the largest and most established professional services organization in the region. © 2025 EYGM Limited. All Rights Reserved. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, legal or other professional advice. Please refer to your advisors for specific advice. This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
