The unprecedented changes in the economic environment following the outbreak of COVID-19 have created unique challenges for setting prices in intra-group transactions. The correct setting or verification of transfer prices for the past year while observing the arm’s length principle has become a hot topic. In this respect, identifying the actual effects of the pandemic on a company, and comparing and assessing them will be of key importance.

In recent years, new technologies like artificial intelligence, machine learning, and robotics have helped companies increase efficiency and productivity and become more competitive on the global stage. But with these technological advances come challenges for governments and employers: in the short term, technology can fundamentally change the way people work, and in the long term it can displace some jobs altogether. With the additional upheaval of jobs markets as a result of the pandemic, it’s imperative that skills programs are targeted at those most at risk of displacement. 

Following the mandatory testing of employees at COVID-19 and the resulting ambiguity in the treatment of VAT, the financial administration decided to clarify the conditions for the exemption of these services from VAT. The Directorate-General for Finance states in official information that COVID-19 testing services, whether mandatory or self-paying, are exempt from VAT without the right to deduct. These services include not only antigen or PCR testing for the presence of the virus, but also testing for the presence of antibodies. This approach will be officially applied with effect from 1 April 2021. 

Last week, AmCham Sustainability Council held another session within a series of case study presentations focused on successful green projects.