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The newly sworn in Austrian government recently introduced its 326-page government plan for 2020 – 2024, which also includes some intended changes with respect to taxation. The aim of these possible changes is to lower the overall tax burden and to make the tax system more ecological.

Dentons and Kirkland & Ellis have represented GIC, Singapore’s sovereign wealth fund, on the acquisition of the Maximus logistics real estate portfolio from funds managed by Apollo Global Management, a US-based private equity firm. Noerr advised the sellers on the transaction, which was signed in December 2019 and closed on January 31, 2020, and which was valued at approximately EUR 950 million.

After several extensions and long negotiations, the United Kingdom is now set to leave the European Union on 31 January 2020, after which a transitional period will commence until 31 December 2020. Trade between the EU and the UK will be impacted severely, most notably due to changes to harmonised indirect taxes, such as VAT. When EU law ceases to apply, which is currently projected to be after the transitional period, the UK will be treated as a third country instead of a Member State for VAT purposes. This article will provide a legal analysis of the consequences for VAT law.

In a recent judgment, the Austrian Supreme Court found that the concept of the "single economic entity" (wirtschaftliche Einheit) may also apply to jointly controlled undertakings. The judgment entails an interesting discussion on the applicability of the antitrust group privilege in the relationship between a joint venture and its shareholders.

Tourism in Austria is booming. The capital, Vienna, has reported a 9.9% increase of overnight stays, to 7.94 million, in the period from January to June 2019, a new record. Demand for common rental platforms, such as Airbnb, has increased even more. For several years now, Austria’s federal states, municipal administrations, legislators, and competitors (in particular the hotel industry) have been kept busy with the business model of commercial short-term rentals.

Wolf Theiss has advised Erste Group Bank AG on the issue of EUR 500 million of Additional Tier 1 Notes and on the issue of EUR 750 million Mortgage Pfandbriefe. Linklaters and Rautner Rechtsanwalte advised the lead managers (HSBS, BofA Securities, Morgan Stanley, and Societe Generale) on the Tier 1 note issuance. Weber & Co advised the banks (Banca IMI, Danske Bank, DekaBank, DZ BANK, Erste Group (in its capacity as Manager) and LBBW) on the Mortgage Pfandbriefe.

Brandl & Talos has advised founders Simon Falkensteiner and Matthias Trenkwalder and investors including aws Gruenderfonds, Falkensteiner Ventures, and Nextfloor Ventures on the sale of RateBoard, a developer of a revenue management software for the hotel industry, to Zucchetti, an Italian software developer in the field of hospitality and restaurant industry.

Wolf Theiss and Linklaters had advised J.P. Morgan and Erste Group Bank AG as joint book-runners on S Immo AG's issuance of 6,691,717 new shares via an accelerated book-building procedure involving the exclusion of shareholders' subscription rights. S Immo AG was reportedly advised by DSC Doralt Seist Csoklich.

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