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Archive

  • October 2013

    UK taxpayers should amend open returns to benefit from High Court Prudential ruling

    October 31, 2013

    UK taxpayers will need to amend any open returns to show foreign portfolio income as carrying a tax credit following the England and Wales High Court's ruling in the Prudential case last week.

  • What taxpayers should know about bringing legitimate expectation claims against HMRC

    October 31, 2013

    The doctrine of legitimate expectation arises in UK disputes where HM Revenue & Customs (HMRC) has reversed its position on a ruling issued to a taxpayer to the detriment of the taxpayer. At a seminar hosted by PwC Legal in London on Monday, Sam Grodzinski QC, of Blackstone Chambers, highlighted the issue and explained how taxpayers should assess when a legitimate expectation argument will succeed.

  • Biggest British energy firms create “straw man” of green taxes to hike prices

    October 30, 2013

    Four of the six largest UK energy companies have now hiked their prices by more than 9%. The companies blame green taxes, but critics say this is a smokescreen to cover their big profits.

  • Financial institutions get glimpse of draft FATCA agreement

    October 30, 2013

    The US Treasury Department and Internal Revenue Service (IRS) yesterday published draft guidance and an agreement for foreign financial institutions (FFIs) under the Foreign Account Tax Compliance Act (FATCA), as well as intended updates to the regulations under the legislation.

  • German Federal Fiscal Court on soccer clubs: No VAT deduction for players’ agent commissions?

    October 30, 2013

    The German Federal Fiscal Court passed its judgment (XI R 4/11) regarding VAT deduction for players’ agent commissions on August 28 2013. The key question is whether the players’ agents render services to the soccer club, writes Oliver Zugmaier of küffner maunz langer zugmaier.

  • Nice Cheer accuses Commissioner of applying extraordinary accounting standard in HK’s top court

    October 30, 2013

    Hong Kong’s highest court is deciding whether unrealised gains should be treated as profits for tax purposes after hearing the arguments in the Nice Cheer Investment case. The Court of Final Appeal’s (CFA) decision should finally settle the distinction to be drawn between legal principles and ordinary commercial accounting principles.

  • Commission gears up for one-stop shop

    October 29, 2013

    The European Commission has published practical guidelines for businesses to prepare them for the one-stop shop which will help them comply with all their VAT obligations across the EU from a single member state.

  • Corporate tax in 2014: The US perspective

    October 29, 2013

    Al Groff, Washington DC based partner at Shearman & Sterling, shares his insights into the year ahead, outlining an optimism for US tax reform that is not shared by all, concerns about reporting obligations, and hopes for a continued pick-up in deal activity.

  • Drifting away: International tax revenue lost in the e-commerce cloud

    October 29, 2013

    The internet has made international borders inconsequential for e-commerce and business transactions, leaving countries with the challenge of developing a workable tax policy for those online dealings.

  • Tax technology: Spreadsheets, Big Data and tax professionals

    October 28, 2013

    One business truism rarely discussed, not just among tax professionals but the wider business community, is just how widespread the use of spreadsheets remains in the modern business world. Applications such as common-or-garden Excel are the core medium for corporate data across small businesses right up to global multinationals and financial services giants, used by all of these as vehicles for business critical data, including tax and accounting information.

  • What you have missed on ITR Premium

    October 28, 2013

    UK Patent Box; Australia open for business; EC Gibraltar state aid; Semeta tax reform; Developing countries cooperation

  • Ireland: Finance Bill brings new international tax changes

    October 25, 2013

    On October 24 2013 the Irish Finance Bill was published, including measures to reform the taxation of Irish incorporated entities.

  • European Commission launches Gibraltar state aid probe

    October 24, 2013

    The European Commission has launched an investigation into the new corporate tax regime in Gibraltar, after a June 2012 complaint from Spain that the regime contravenes state aid rules.

  • Poland: Corporate tax amendments key to deficit reduction

    October 24, 2013

    The Polish government is working to close the state budget deficit. It is not only the spending side that is being revised, but also the revenue that is supposed to show up. With this in mind, the government is determined to introduce new tax laws or amend the existing tax law to manage declining tax revenues.

  • UK Patent Box under threat as European Commission scrutinises regime

    October 24, 2013

    The European Commission said the regime contravenes certain provisions in the EU’s Code of Conduct on Taxation. The code is voluntary, but if the UK does not acknowledge the opinion (delivered to finance ministers on Tuesday) it would be the first time a member state’s government has ignored a commission opinion.

  • Deloitte upgrades tax capabilities at Cardiff shared service centre

    October 23, 2013

  • Developing countries emphasise importance of trust between taxpayers and officials

    October 23, 2013

    Seth Terkper, Ghana’s finance minister, has told a meeting in London attended by tax directors from leading multinational companies that tax evasion means that some countries cannot achieve targets for development and investment. Cooperative compliance, which seeks to identify potential problems before they arise, was highlighted as a key tool for creating trust between taxpayers and officials.

  • EXCLUSIVE: Commissioner Semeta announces his tax reform priorities for 2014

    October 23, 2013

    In an exclusive interview, Algirdas Semeta, EU Commissioner for Taxation, Customs Union, Audit and Anti-Fraud discusses progress on VAT reform, plans for the financial transactions tax (FTT) in the face of opposition from some member states, efforts to tackle tax avoidance and his priorities for 2014, which include taxation of the digital economy.

  • Australia echoes UK’s “open for business” line as tax policies become clear

    October 22, 2013

    Joe Hockey, Australian Treasurer, told the American Australian Association last week in New York that Australia is open for business and open for investment as he announced a “new era” of tax reform.

  • World Tax 2014 is now online

    October 22, 2013

    Find out which firms have been ranked in World Tax 2014, the annual directory of the leading tax advisory and law firms, is now live online.

  • Deals of the week - October 21 2013

    October 21, 2013

  • What you have missed on ITR Premium

    October 21, 2013

    Pascal Saint-Amans aims to deliver on BEPS in two yeas; the implications of Cairn's victory in the Delhi High Court; Why Australia may not be able to repeal carbon tax in 2014; Australia shakes up approach to large business.

  • US tax reform: The potential implications for Europe

    October 18, 2013

    US corporate tax reform could be good news for European multinationals if it forces other OECD countries to drive their own rates down yet further, according to a panel at the Irish Tax Institute’s global tax policy conference in Dublin today.

  • Cairn victory in Delhi High Court lets foreign investors claim lower tax rate

    October 17, 2013

    Energy multinational Cairn’s Delhi High Court win gives certainty for non-residents claiming the concessional tax rate of 10% on long-term capital gains arising on the disposal of listed securities in India.

  • ECJ’s ruling against Portuguese thin cap rules opens door for refunds

    October 17, 2013

    Portuguese taxpayers could be entitled to tax refunds if they were denied interest deductions in relation to loans from non-EU entities, a European Court of Justice (ECJ) ruling has said.

  • Saint-Amans adamant OECD will deliver on BEPS in two years as Commission lends cautious support

    October 17, 2013

    Pascal Saint-Amans, the OECD’s director for tax policy, today affirmed the base erosion and profit shifting (BEPS) action plan will be completed in two years, while European Commission tax head Philip Kermode said he backs the plan as long as it does not interfere with member states’ EU treaty obligations.

  • Australia will struggle to repeal carbon tax in July 2014

    October 16, 2013

    Joe Hockey, Australia’s new Treasurer, wants to abolish the carbon tax by July. But it may not be so simple.

  • Canada: Indirect tax audits and risks on the rise

    October 16, 2013

    Indirect tax audits by tax authorities can be time consuming and expensive for companies, yet they often overlook the opportunity to actually prepare for upcoming audits. Businesses can take steps ahead of time to help alleviate some uncertainty around audits and can take other steps during an audit to help with the final outcome, explains John Bain of KPMG.

  • UK signs information sharing agreements

    October 16, 2013

    The UK has signed agreements to automatically share tax information with the Isle of Man and South Africa as it builds on initiatives aimed at greater cooperation on tax issues.

  • UK to strengthen Code of Practice on Taxation for Banks

    October 16, 2013

    The UK government has announced three changes to the Code of Practice on Taxation for Banks, including a move to publicly name those banks or financial institutions that breach the code.

  • Whistleblower sceptical of Switzerland joining OECD Multilateral Convention

    October 16, 2013

    Switzerland has joined the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters. However Rudolf Elmer, the Swiss whistleblower, doubts it will significantly increase the tax haven’s transparency.

  • Devereux Chambers chooses new head

    October 15, 2013

    Timothy Brennan QC has been elected to succeed Ingrid Simler QC as head of Devereux Chambers.

  • Ireland Budget 2014: Open for business

    October 15, 2013

    With Ireland emerging from its IMF/EU bailout and returning to the debt market, Budget 2014 was delivered on Tuesday. It continued the theme of the past few years of tax austerity for individuals, while maintaining a clear and unambiguous fiscal proposition for international business conducted in and through Ireland.

  • Political pressures add to technical demands on OECD's BEPS project

    October 15, 2013

    The OECD is under substantial political pressure to produce results from its project on base erosion and profit shifting (BEPS), a panel of tax executives and practitioners told an international meeting in London last week.

  • Commission launches review of VAT legislation for the public sector

    October 14, 2013

    The European Commission has today begun consulting stakeholders on VAT rules for the public sector.

  • Industry insights for Asian taxpayers

    October 14, 2013

    Tax directors from some of the largest multinational companies, including Siemens, Caterpillar, Noble, GE, Citi and Standard Chartered, will share their transfer pricing insights and experiences in Singapore later this month.

  • Stephanie Loughlin leaves Dow Lohnes for Venable

    October 14, 2013

  • Tax transparency: Why international cooperation through TIEAs is the way forward

    October 14, 2013

    Harm Oortwijn, director of international tax and reporting at Paramount Pictures and owner/director of EA Tax Services, looks at trends regarding international tax transparency including the role of tax treaties, and analyses why greater cooperation via information exchange mechanisms is necessary.

  • What you have missed on ITR Premium

    October 14, 2013

    SEC on Apple; Moscovici backtracks; Brazil approves amnesty in CFC cases; Gimle ECJ; Italian VAT rise; Japanese consumption tax; Australia’s large business approach; Twitter’s S-1 filing

  • Brazilian government approves amnesty for taxpayers in CFC cases

    October 10, 2013

    Brazilian taxpayers involved in disputes centred on the country’s controlled foreign company (CFC) rules have been offered an amnesty if they withdraw their appeals. Law no. 12865, which was published today, establishes a special payment programme for companies willing to put an end to their CFC litigation.

  • Gimle’s ECJ win prevents Belgium turning exempted capital gains into taxable profits

    October 10, 2013

    The European Court of Justice’s (ECJ) decision to disallow the Belgian tax authorities’ attempt to turn exempt capital gains into taxable profits in the Gimle case gives taxpayers certainty on the accounting treatment of acquisitions and removes the need to undertake contrived intra-group transactions to obtain an exemption.

  • Kirkland & Ellis adds four new tax partners

    October 10, 2013

  • Mexican controversies to rise as anti-abuse clause inserted into legislation

    October 10, 2013

    On September 8 the Federal Executive Branch delivered its proposed tax package for 2014, which includes an important change in the Federal Tax Code (FTC) related to the substance over form concept, which derives from the proposed incorporation of an anti-abusive clause in article 5 of the FTC.

  • Reed Smith takes five from Dentons' tax practice

    October 10, 2013

  • Santander’s shock win in STARS case threatens IRS’ sham transaction argument

    October 10, 2013

    Spanish banking group Santander’s surprising victory on summary judgment before the District Court of Massachusetts could undermine the government’s central argument in fighting the structured trust advantaged repackaged securities (STARS) cases.

  • Australia shakes up approach to large business

    October 09, 2013

    The Australian Tax Office has made some changes to how it works with large businesses, including creating a new role to look at base erosion and profit shifting (BEPS).

  • Italian companies must steer a steady course through chaotic VAT rise

    October 09, 2013

    At the 11th hour, Italy pressed ahead with increasing the VAT rate. The last minute decision has left companies facing large penalties if they are not fully compliant.

  • Japan announces consumption tax rise

    October 09, 2013

    Prime Minister Shinzo Abe has confirmed that the Japanese consumption tax (JCT) rate will increase next year. Companies have accepted the move, but there are more VAT rises to come.

  • Provision of a company car abroad to become more expensive

    October 09, 2013

    The fiscal authority is to impose VAT on the cross-border provision of a company car at the residence of the final consumer. This means that an employer now has to pay foreign VAT if employees have their residence in another EU member state and receive a company car which is also for private use, writes Ronny Langer of küffner maunz langer zugmaier.

  • Scheme for travel agents requires reinterpretation after ECJ decision

    October 09, 2013

    Articles 306-310 of the EU-VAT-Directive contain a special scheme for travel agents’ services, explains Ronny Langer of küffner maunz langer zugmaier.

  • Twitter’s S-1 filing discloses tax position before share offer

    October 09, 2013

    The much-anticipated filing last week of Twitter’s S-1 document with the Securities and Exchange Commission before its initial public offering (IPO) also revealed the micro-blogging site’s tax position.

  • Apple has done nothing wrong says SEC on company's overseas tax

    October 08, 2013

    The Securities and Exchange Commission (SEC) has closed its review of Apple’s finances, concluding that the company has done nothing wrong regarding its overseas cash management and related tax issues.

  • Business conference with OECD on BEPS: Will Morris of BIAC reacts

    October 08, 2013

    The OECD met with BIAC (Business and Industry Advisory Committee) last Tuesday in Paris to discuss industry’s concerns over the base erosion and profit shifting (BEPS) project. Will Morris, chairman of BIAC’s tax and fiscal policy committee, tells ITR how the meeting went and what can be expected to happen next from an industry perspective.

  • Moscovici backtracks as France abandons corporate profits tax

    October 08, 2013

    In a rapid U-turn on tax policy, Pierre Moscovici, French Finance Minister, has said the planned levy on gross operating profit is not going ahead.

  • Serbia offering 10 year corporate tax holiday to foreign investors

    October 08, 2013

    Serbia is trying to attract increased levels of foreign investment by offering new tax incentives including a 10 year corporate tax exemption for companies satisfying certain criteria.

  • Steptoe adds Rizzi as partner

    October 08, 2013

    Robert Rizzi has joined Steptoe’s tax practice as a partner. He specialises in the federal and state income tax aspects of corporate and partnership business transactions, including M&A, reorganisations and joint ventures.

  • Leading silk appointed to High Court bench

    October 07, 2013

    Ingrid Simler QC, the head of Devereux Chambers, has been appointed to the High Court’s Queen’s Bench Division.

  • What you have missed on ITR Premium

    October 07, 2013

    BIAC on BEPS; New approach to taxing MNEs; Cayman taxpayers get ATO request quashed; Canadian Supreme Court denies Envision’s strategy; Grattan UK; Company car provisions; UK country-by-country; and Brazilian tax and accounting guidance

  • Authorities get information exchange warning as Cayman taxpayers get ATO request quashed

    October 04, 2013

    Tax authorities need to follow information exchange protocol more carefully or risk having requests blocked, after the Australian Taxation Office (ATO) sought financial details about two Cayman Islands firms but was blocked by the UK territory’s Grand Court.

  • Canadian Supreme Court denies Envision’s tax strategy for merger

    October 04, 2013

    The Supreme Court of Canada has denied Envision Credit Union’s (Envision) strategy for avoiding tax upon amalgamation in a ruling which could have broader implications for the tax treatment of mergers in Canada.

  • Scott Young joins Ryan to boost tax compliance practice

    October 04, 2013

  • Shell and Vodafone’s Indian TP disputes in Bombay High Court this month

    October 04, 2013

    The Bombay High Court will jointly hear the transfer pricing cases of Vodafone and Shell later this month.

  • Will Morris of BIAC on business conference with OECD about BEPS

    October 04, 2013

    Will Morris, chairman of BIAC's tax and fiscal policy committee discusses Tuesday's meeting between the OECD and business about industry’s concerns over the base erosion and profit shifting (BEPS) project.

  • Grattan’s UK tribunal defeat does not rule out fiscal neutrality arguments

    October 03, 2013

    Clothing retailer Grattan’s UK First-tier Tax Tribunal (FTT) defeat showed that fiscal neutrality is an aid to interpreting VAT directives, not a rule of substantive law. However, that does not mean taxpayers cannot still win with arguments based on the principle.

  • New Brazilian tax and accounting guidance spells danger for taxpayers

    October 03, 2013

    New guidance from the Brazilian tax authorities on the transition tax regime (RTT) could carry serious implications and risks for taxpayers.

  • Peter Barnes leaves GE for Caplin & Drysdale

    October 03, 2013

  • UK starts compliance with EU country-by-country reporting rules

    October 03, 2013

    The UK tax authorities said they will adopt the country-by-country reporting provisions of the EU Capital Requirements Directive 4 (CRD4) and Capital Requirements Regulation (CRR) proportionately and in a way that is consistent with how other member states implementing them and with international tax transparency initiatives, even though the government voted against them in the European Council.

  • Americas Tax Awards winners announced

    October 02, 2013

    Find out who took home the trophies from International Tax Review's Americas Tax Awards in New York on Thursday night.

  • International tax transparency: Past, present and future

    October 01, 2013

    Harm Oortwijn, director of international tax and reporting at Paramount Pictures, and owner/director of EA Tax Services BV, looks at the background and present trends regarding international tax transparency, exploring the objectives of key parties and examining the most likely outcomes.

  • Unlocking MAP disputes: Is mediation the key?

    October 01, 2013

    Item 14 of the OECD's Action Plan on base erosion and profit shifting (BEPS) aims to devise solutions to obstacles preventing countries from resolving cross-border disputes under the mutual agreement procedure (MAP). Joe Dalton investigates whether introducing mediation techniques to the MAP process is a viable solution.

  • Indirect tax reform continues for emerging economies

    October 01, 2013

    As China, India and Brazil are rapidly emerging onto the world stage, the three countries are looking to large-scale indirect tax reform. Salman Shaheen looks at how these plans are coming along and why they are important to economies opening themselves to investment.

  • TP arbitration for developing countries: Benefits and burdens

    October 01, 2013

    The issue of the benefits or otherwise for developing countries of arbitration in tax matters has recently become more pressing. Michael Lennard, chief of the International Tax Cooperation section of the UN speaks in a personal capacity about some of the issues that may shape transfer pricing arbitration clauses and how they operate in future for taxpayers and their advisers.

  • Foreign employee secondments and the PE issue

    October 01, 2013

    Companies often second their employees to other firms in their group abroad but this can create a permanent establishment (PE) risk; something that can take up an unreasonable amount of time for a tax director if not handled properly. Sophie Ashley speaks to taxpayers and their advisers about how best to manage the situation to avoid creating a PE.

  • Legitimate uses of LVCR

    October 01, 2013

    In part two of a two-part series, Richard Allen of Retailers Against VAT Avoidance Schemes (RAVAS) looks at what could be considered a legitimate use of low value consignment relief (LVCR) in contrast to the abusive practices that have put onshore retailers like him out of business.

  • VAT in software transactions: The end of effective use

    October 01, 2013

    Mirna Screpante of the Max-Planck Society Institute for Tax Law and Public Finance looks at the case for replacing the effective use criterion for VAT on software transactions in Argentina.

  • Brazilian taxpayers reveal complaints and desires

    October 01, 2013

    The tax landscape in Brazil is notoriously difficult to navigate. Whether it is the number of tax obligations that must be met, the number of tax returns that must be filed, or the commonplace deviance from international norms, corporate taxpayers have a lot to contend with. The manner in which tax authorities interact with taxpayers is therefore important in either facilitating or further hindering taxpayers in their efforts to comply. Matthew Gilleard talks to taxpayers from various industries to assess their existing relationships with the tax authorities and hear their ideas for how these can be improved.

  • Multilateral cooperative compliance: The next step?

    October 01, 2013

    Machiel Lambooij, of Freshfields Bruckhaus Deringer, and chair of IFA's subcommittee on enhanced relationships, discusses the potential application of cooperative compliance arrangements in cross-border situations, initially on a bilateral basis and perhaps ultimately on a multilateral basis.

  • Advocate General opinion in FII GLO encourages claimants

    October 01, 2013

    The Franked Investment Income Group Litigation (FII GLO) concerning claimants' rights to recover overcharged tax from HM Revenue & Customs (HMRC) has been batted back and forth between the UK courts and the European Court of Justice (ECJ) since 2006. Philippe Freund, of Joseph Hage Aaronson, explains why an Advocate General's opinion on the third reference to the ECJ has given taxpayers cause to be optimistic.

  • BEPS: A new approach for taxing multinationals is needed - Part II

    October 01, 2013

    With international tax rules firmly in the spotlight, Mirna Screpante, invited tax researcher at the Max Planck Institute for Tax Law and Public Finance, takes another look at why a new approach for taxing companies is needed, and how this might look.

  • BEPS: OECD insists it is engaging with developing countries

    October 01, 2013

    More than 300 senior tax officials from more than 100 jurisdictions and international organisations met in Paris on September 26 and 27 to discuss solutions to unintended double non-taxation caused by base erosion and profit shifting (BEPS).

  • France to increase corporate tax in budget

    October 01, 2013

    France’s 2014 draft Finance Bill has been released. With revenue-raising a clear objective, anti-abuse measures dominate, and companies face a higher tax bill.

  • India provides new GAAR notification

    October 01, 2013

    India’s Central Board of Direct Taxes (CBDT) has issued a notification regarding the general anti-avoidance rule (GAAR), set to apply from fiscal year 2016 to 17, including clarifications over the scope of the anti-avoidance tool.

  • Labour plans to increase taxes for UK’s big businesses

    October 01, 2013

    Although Ed Miliband’s pledge to help smaller businesses has been welcomed by some, the strategy behind the planned changes has not been without criticism. In order to deliver a tax break to smaller businesses, Labour plans to increase corporation tax rates for larger businesses, should the party win the general election in 2015.

  • Provision for a company car abroad to become more expensive

    October 01, 2013

    The German fiscal authority will impose VAT on the cross-border provision of a company car at the residence of the final consumer. This means that an employer now has to pay foreign VAT if employees have their residence in another EU member state and receive a company car that is also for private use.

International Tax Review Profile

RT @CBItweets: UK needs a Budget that enables the country to grow its way out of austerity. Here are 5 business priorities https://t.co/CAw

Oct 19 2017 09:19 ·  reply ·  retweet ·  favourite
International Tax Review Profile

This year's World Tax directory is now online. How does your firm stack up? https://t.co/CtRbW1Ub5j

Oct 19 2017 09:13 ·  reply ·  retweet ·  favourite
International Tax Review Profile

RT @AuroChardon: Let's honour the #memory of a brave #journalist and woman ➡️ vigil tomorrow, 18 Oct, 6pm, in front of Residence Palace #Da…

Oct 18 2017 04:42 ·  reply ·  retweet ·  favourite
International Tax Review Profile

Big Soda scores victory as Chicago-area tax repealed - could this be the beginning of the end of the sugar tax trend?https://t.co/PNuafWHy9K

Oct 12 2017 04:03 ·  reply ·  retweet ·  favourite
International Tax Review Profile

Ebay and Netflix pay total UK tax of less than £1.9m - How long until HMRC investigate their TP practices? https://t.co/VPPsT3aGMZ via @FT

Oct 12 2017 03:59 ·  reply ·  retweet ·  favourite
International Correspondents