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  • December 2014

    Common Reporting Standard grabs 2014 headlines

    December 19, 2014

    One event dominated the world of tax compliance and administration this year: the signing of the multilateral competent authority agreement in Berlin on October 29 to enable the Common Reporting Standard (CRS), the global standard for the automatic exchange of tax information, to operate.

  • The big moves of 2014

    December 19, 2014

    A string of departures by senior Internal Revenue Service figures dominated the comings and goings among tax professionals in 2014.

  • Despite progress, Indian tax professionals say GST by 2016 is ‘close to impossible’

    December 18, 2014

    Even if Arun Jaitley succeeds in tabling a bill in parliament by the end of the year to introduce national GST in India, tax professionals say the government’s 15 month time frame for introducing the tax on April 1 2016 is not viable.

  • Luxembourg to keep €1.1 billion of VAT due to phased implementation

    December 18, 2014

    Luxembourg will keep around €1.1 billion ($1.4 billion) of the losses it would incur as a result of the EU’s VAT changes over the next four years.

  • New Spanish corporate income tax: The holding regime

    December 18, 2014

    Jose Maria Garcia-Valdecasas Alloza, partner at Balaguer-Morera & Asociados and assistant lecturer at the University of Barcelona, explores upcoming changes to the Spanish tax regime, which has not been comprehensively reformed since 2004.

  • US extenders Bill passes Senate, awaits Obama signature

    December 18, 2014

    The US Senate voted this week to approve a one-year retroactive extension of certain temporary tax provisions that expired at the end of last year, including the research and experimentation credit.

  • Bank loss relief restriction: UK financial services sector takes pre-election hit

    December 17, 2014

    COMMENT: As we look to another general election in the UK in 2015, the latest Autumn Statement contained a further measure affecting the financial services sector. Whether this represents sensible long-term tax policy or is another short-term political ploy to appease voter antipathy by punishing the banks is something for you to decide.

  • Criminal charges for Luxembourg leaker will not deter whistleblowers

    December 17, 2014

    Antoine Deltour, the former PwC auditor who leaked thousands of the company’s documents into the public domain has been charged with a string of offences including theft.

  • European Commission to seek information on tax rulings from all member states

    December 17, 2014

    The European Commission has expanded its state aid inquiry into tax rulings to cover all 28 EU member states.

  • Finance Bill gives UK tax authorities more weapons against reluctant taxpayers

    December 17, 2014

    The UK tax authorities expect taxpayers will spend about £200,000 ($314,000) annually to comply with UK rules on country-by-country reporting (CbCR).

  • Thomson Reuters honours Taxologists

    December 16, 2014

    Regulatory complexity and globalisation aren’t the only factors changing the landscape of tax.

  • China streamlines taxpayer services

    December 16, 2014

    China has been accelerating its fiscal and tax reforms in recent years. The central government is keen to establish a healthy fiscal and tax system to help optimise allocation of resources, establish a fair market playground, and ultimately achieve prosperity of the nation. Wang Jun, Minister of Taxation of the People's Republic of China, outlines how the government is achieving this.

  • Digital goods enter the 21st century of taxation

    December 16, 2014

    Richard Asquith, VP of Global Tax Compliance at Avalara, explains upcoming changes to European Union VAT rules and how they will affect digital service providers from January 1 2015. The changes are contained within article 58 2006/122/EC of the EU VAT Directive and all 28 member states are in the process of ratifying the changes through local VAT legislation.

  • Kazakhstan amends tax code from 2015

    December 16, 2014

    Kate Habershon and Bakhytzhan Kadyrov of Morgan Lewis in Kazakhstan examine the potential impact on business of the country’s draft tax code.

  • The Global Tax 50 2014

    December 16, 2014

    Now in its fourth year, International Tax Review's Global Tax 50 provides a rundown of the who’s who of the tax world. One way or another, the individuals and organisations on this list have had an impact or influence on taxation that will be felt beyond, or outside of, the 12 month period covered by this list.

  • Ansip responds to EU VAT concerns

    December 16, 2014

    European Commission vice president for the Digital Single Market Andrus Ansip says that last-minute concerns about the EU VAT changes “should be listened to”.

  • Anti-abuse clause added to EU Parent-Subsidiary Directive

    December 16, 2014

    The Council of the European Union has approved an amendment to the EU Parent-Subsidiary Directive in a clampdown on aggressive corporate tax avoidance.

  • Recent transfer pricing decisions in India: The road ahead

    December 16, 2014

    The Indian State Supreme Court (Bombay High Court) has issued two important verdicts concerning Vodafone and Shell.

  • Tax transparency applied to all is Odier message from Swiss banks

    December 16, 2014

    Defending the interests of the Swiss banking industry has not been the easiest challenge in recent years, particularly when it comes to tax. The role has fallen for the last five years to Patrick Odier, chairman of the Swiss Bankers’ Association (SBA), which has 317 institutional members and about 18,500 individual members. He talks to Ralph Cunningham of International Tax Review about some of the group’s objectives for 2014 and what it hopes to achieve next year.

  • Netherlands court reinforces ECJ position on Dutch fiscal unity regime

    December 12, 2014

    Judgments in three cases by the Court of Appeals Amsterdam (CAA) yesterday have stated that the Netherlands’s restrictions on its fiscal unity rules go against European freedom of establishment principles.

  • New Indonesian tax minister targets transfer pricing to collect $112 billion in 2015

    December 12, 2014

    Following his appointment by Indonesia’s Finance Minister Bambang Brodjonegoro on December 1, new acting director general of taxation Mardiasmo has indicated his intention to improve Indonesia’s tax collection record by gaining access to taxpayers’ bank accounts.

  • Taxing taxis: GST may cause Uber confusion for e-commerce companies in India

    December 12, 2014

    A Bill amending the taxing rights of the states and central government is rumoured to appear in the winter session of India’s parliament. This reallocation of taxing rights, however, will cause technology companies who may be liable for services tax in India to reassess their tax positions.

  • UK diverted profits tax reaction: Don’t jump the gun, George

    December 12, 2014

    The UK government has published draft legislation for the diverted profits tax (DPT) – dubbed the ‘Google tax’ – announced by George Osborne, Chancellor of the Exchequer, in last week’s Autumn Statement. The consensus is that the UK would be better served waiting for the delivery of international initiatives on tackling aggressive tax avoidance.

  • Average OECD VAT rates up 8.5% in five years

    December 11, 2014

    The average standard VAT rate in the OECD has risen 8.5% in the past five years and will reach an all-time high of 19.1% in January 2015.

  • OECD tax revenues approaching pre-crisis levels

    December 11, 2014

    Tax burdens in the OECD rose 0.4 percentage points in 2013 to an average of 34.1% of GDP, following rises of 0.3 percentage points in both 2012 and 2011.

  • Status of constitutional appeal against electronic record uploading in Mexico

    December 11, 2014

    On November 26 2014, the Mexican Supreme Court ruled, through a contradiction, that taxpayers should be granted a suspension for the obligation to upload their accounting records electronically until the constitutional appeal (amparo) against such obligation is decided.

  • Learning from Lone Star: What the company’s second win in Korean court can teach MNCs

    December 10, 2014

    Lone Star emerged as a winner for the second time in a case against the Korean tax authorities in the Seoul district court in late November. The court ruled that the Namdaemun District tax office owes the American-owned private equity firm $159 million (177.2 billion won) of previously collected capital gains tax on the company’s sale of its 51% stake in Korea Exchange Bank (KEB) in 2011.

  • FTT delayed again as countries fail to reach agreement

    December 09, 2014

    The European financial transaction tax (FTT) is unlikely to be implemented by January 1 2016 as planned.

  • Tax tips for multinationals in the Netherlands

    December 09, 2014

    There are only a few weeks before another new year. Now is an opportune moment to review your tax strategy and to consider whether Dutch tax laws require your company to take action before January 1 2015. The next few weeks can also be used to prepare for anticipated new tax legislation in the Netherlands.

  • China: You can download the latest edition of our guide now

    December 08, 2014

    The 4th edition of China - Looking Ahead is available as a downloadable pdf. It features articles on how China regards the BEPS project, the progress of the VAT reforms and what China expects from multinationals on transfer pricing.

  • Brazil Ministry of Finance reduces threshold rate for tax haven classification

    December 05, 2014

    The Ministry of Finance this week published Ordinance MF 488/14 in the Official Gazette, which reduces from 20% to 17% the threshold income tax rate for defining the concepts of low-tax jurisdictions and privileged tax regimes.

  • North America leads global increase in MAP uptake

    December 05, 2014

    The US and Canada are at the forefront of a global increase in new mutual agreement procedures (MAPs) being initiated, OECD figures show.

  • UK is first to implement EU rules on reporting for extractive companies

    December 05, 2014

    Public oil, gas and mining companies in the UK will now have to report what payments they make to governments on a country-by-country and project-by-project basis, after the UK became the first member state to put reporting provisions of the EU Accounting Directive into its national law this week.

  • 17 Asian countries meet in Australia to create a new regional tax taskforce

    December 04, 2014

    From November 24 to 27, Chris Jordan, commissioner of the Australian Tax Office (ATO), hosted tax administrators from 17 Asian member countries including tax leaders from key trade partners Japan and China at the Study Group on Asia Tax Administration in Research (SGATAR). The group of delegates agreed to form a regional task force to share best practices and information.

  • Ashok Lahiri heads up new committee on Indian tax and trade

    December 04, 2014

    In his Budget Speech 2014-15, Indian Finance Minister Arun Jaitley announced the setting up of a committee to interact with trade and industry and ascertain areas where greater clarity on tax laws is required.

  • Good news for investors as Spain changes dividend legislation after EC pressure

    December 04, 2014

    Spain has elected to change its dividend and capital gains legislation after pressure from the European Commission (EC).

  • Michael Danilack joins PwC's Washington transfer pricing practice

    December 04, 2014

    Mike Danilack has been snapped up by PwC as a principal in the firm’s Washington National Tax Services’ transfer pricing practice.

  • US Treasury clarifies position of jurisdictions with unsigned IGAs under FATCA

    December 04, 2014

    The US Treasury has responded to calls for clarity about the status of jurisdictions that have agreed in substance an intergovernmental agreement (IGA) with the US to implement the Foreign Account Tax Compliance Act (FATCA), but will not have signed it by the end of 2014.

  • Autumn Statement 2014: Osborne stresses compliance as key part of pro-business regime

    December 03, 2014

    Delivering his Autumn Statement today, George Osborne announced new anti-avoidance measures for international businesses – including a 25% diverted profits tax – and repeated his statement that the UK is host to an environment of “low taxes, but taxes that will be paid”.

  • China to announce VAT on financial services in 2015

    December 03, 2014

    China will announce VAT policies for some financial services in early 2015 as part of its sweeping VAT reforms which started in 2012, the Ministry of Finance has announced.

  • Liechtenstein: Private foundation funds as holding companies – a new (hybrid) tax vehicle?

    December 03, 2014

    The Liechtenstein private foundation (Private Stiftung) is still a well-known instrument for private estate planning in Liechtenstein, especially for foreign investors. After recent legislative changes in Liechtenstein, a foundation may adopt the form of an alternative investment fund (AIF) and therefore access fund taxation rules in Liechtenstein and abroad. This new compound of a corporate, regulatory and tax hybrid vehicle also offers interesting opportunities for setting up a financial holding company without operative functions.

  • Deferred taxes – the initial recognition exception (IRE) related to taxable temporary differences – what you should consider under IAS 12

    December 02, 2014

    The general rule is to recognise deferred tax liabilities for all taxable temporary differences, except to the extent that they are within the scope of the IRE mentioned in IAS-12.

  • Irish air travel tax under renewed scrutiny as ECJ partially annuls 2011 EC decision

    December 02, 2014

    The ECJ has partially annulled a 2011 decision that elements of the Irish air travel tax (ATT) did not constitute state aid.

  • Japan’s credit rating downgraded following sales tax increase delay

    December 02, 2014

    Credit rating agency Moody’s has downgraded Japan’s credit rating from Aa3 to A1 due to concerns over Prime Minister Shinzo Abe’s economic plan and last month’s delay of a sales tax rate hike until 2017.

  • Weinberger to drive Business Roundtable’s tax work

    December 02, 2014

    EY’s chairman and chief executive officer, Mark Weinberger, who has worked for two US presidents, will lead the efforts of his fellow business leaders in the US to ensure Congress passes legislation on tax extenders and tax reform.

  • David Patterson steps up at Chapman Tripp

    December 01, 2014

  • The attractiveness of Ireland’s ICAV regime

    December 01, 2014

    On July 29 2014, the Irish Government published the Irish Collective Asset Management Vehicle Bill 2014 (the ICAV Bill). The ICAV Bill, when enacted, will provide for a corporate vehicle structure specifically designed to meet the needs of the global funds industry with several advantages over the existing corporate structure (that is, the public limited company (plc)) for collective investment schemes in Ireland. The Irish Government has indicated that the ICAV Bill will be enacted before the end of 2014.

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