The Garrigues Digital Forum has brought together regulators from Spain, Portugal and Colombia, and representatives from the private sector, to analyze the challenges involved in the regulation of innovative technology-based financial services.
Following the vertiginous advances in artificial intelligence, there has been much speculation over which professions and tasks will be replaced by robots. International arbitration has not escaped these thoughts. Although the future time when arbitrators will be replaced by robots continues to be a long way off, artificial intelligence is already making its presence felt in international arbitration and this will increase in the foreseeable future.
At the council of ministers’ meeting held on January 18 the Bill on the Tax on Certain Digital Services (known as the “Google tax”) was approved, after undergoing the period for public consultation and comments between October 23 and November 15, 2018.
During the Workshop on Digital Advances in Employment held on December 5, 2018, the Colombian Minister of Labor, Alicia Arango, announced that electronic and digital signatures are now permitted for employment contracts.
In order to maximize the benefits that innovation brings to the finance industry and thereby to increase people’s access to financial services, the Colombian Ministry of Finance issued Decree 2443 of 2018, authorizing credit establishments, financial service firms and capitalization associations to acquire holdings in the share capital of domestic or international companies that have as their sole purpose to develop and apply innovation and technologies connected with the corporate purpose of the supervised entities.
The Official Journal of the European Union published two VAT amendments this week: one extending the time period for the reverse charge mechanism in certain transactions, the other concerning the ability to charge reduced rates on electronic books, as occurs with paper books.