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  • October 2015

    New Delhi: Committee set up to simplify income tax laws

    October 30, 2015

    The New Delhi government has brought together a 10-member committee to simplify income tax laws, specifically the 55-year-old Income Tax Act.

  • Tax transparency and the Swiss financial centre

    October 29, 2015

    Urs Kapalle, head of tax and fiscal policy at the Swiss Bankers Association (SBA) in Basel, and Dominic Gubler, tax counsel at the SBA, look at tax transparency and information sharing initiatives involving Switzerland, assessing FATCA and automatic exchange of information from the Swiss perspective and highlighting the past, present and future activities relating to implementation of the country’s tax transparency strategy.

  • FIBRA-E: Promoting energy and infrastructure in Mexico

    October 29, 2015

    In an attempt to encourage private investment in the energy and infrastructure sectors, and to offer a vehicle through which different investors are able to participate, the Mexican Government has created a new security to be quoted in the stock markets in the form of certificates to be issued by a Mexican infrastructure and energy trust or Fideicomiso de Inversion en Bienes Raíces for the energy sector (FIBRA-E). Alberto Alvarez of Chevez, Ruiz, Zamarippa y Cia breaks down the most innovative features of the new regime.

  • M&A and ‘tax cursors’: Will they make or break your deal?

    October 29, 2015

    With continuing signs of a more business-friendly attitude from the Indian government, mergers and acquisitions (M&A) activity is picking up once more. Sanjay Sanghvi and Vinita Krishnan of Khaitan & Co analyse the role of ‘tax cursors’ in the successful completion of a transaction.

  • Voluntary disclosure in LatAm: A win-win game

    October 29, 2015

    Guillermo Teijeiro, of Teijeiro & Ballone Abogados, analyses voluntary disclosure programmes available across Latin America, assessing whether such programmes represent a win-win outcome for all involved.

  • Mind your own business: The importance of knowing what we really do

    October 29, 2015

    Steven Ouwerkerk, global head of tax at APM Terminals, argues that to deal with the corporate challenges of operating in an increasingly borderless world, multinationals must learn to operate in a department-less manner, sharing experiences across functions and understanding issues from a variety of perspectives. He also brings a new meaning to the phrase ‘mind your own business’.

  • Kenya to reinstate VAT on oil products

    October 29, 2015

    The Kenyan government wants to raise more revenue by reinstating VAT on all oil products, but the proposal would cause a fuel price rise and could reduce the attractiveness of the country as an investment location.

  • The Brockman brief: Tax transparency: Is it a one-way street?

    October 29, 2015

    The envisaged ideals of ‘tax transparency’ are being proposed, and legislated, by tax administrations worldwide. This month’s Brockman brief focuses on the fact that mutual and reciprocal tax transparency with multinational entities (MNEs) remains somewhat elusive. It is now time to briefly assess some of these initiatives to fairly gauge the mutuality of such initiatives.

  • The Cunningham Column: Every little helps in international tax reform

    October 29, 2015

    To start his new monthly column, Ralph Cunningham, the Hong Kong-based managing editor of International Tax Review, argues that capacity building will be critical to BEPS implementation in the Asia-Pacific region if piecemeal, unilateral measures are to be avoided.

  • Hungary’s VAT grouping rules affected by Skandia ruling

    October 29, 2015

    Companies in certain types of VAT groups in Hungary will have to pay higher VAT bills as a result of the European Court of Justice (ECJ) Skandia ruling, and could also face intensified VAT audits, as the country has finally started to implement the ruling.

  • Irish Finance Bill: Country-by-country reporting

    October 29, 2015

    The Irish Finance Bill published on October 22 2015 contains details of Ireland's response to Action 13 of BEPS - the minimum standard of country-by-country reporting (CbCR).

  • Multinationals most compliant as UK tax gap falls again

    October 29, 2015

    Her Majesty’s Revenue and Custom’s (HMRC) annual study into the size of the UK tax gap has revealed a drop in figures, indicating that compliance levels concerning multinationals have improved.

  • Indian tax clarity key to attracting investment

    October 27, 2015

    Vitthal Dehadray of Franklin Templeton Asset Management and Rajeshree Sabnavis of BMR & Associates look at the emerging direct tax debates impacting the asset management industry in India.

  • The CRS and its impact on the financial services industry

    October 27, 2015

    The combatting of cross-border tax evasion is a priority for governments and the automatic exchange of taxpayer information between countries is now seen as fundamental to addressing it. It is out of this objective that the Common Reporting Standard (CRS), which facilitates the automatic exchange of information (AEoI) at a global level, has evolved. Mariano Giralt, Chris Mitchell and Bronwen Noble of BNY Mellon assess the impact of these initiatives on the financial services industry.

  • BEPS implementation: The role of a multilateral instrument

    October 27, 2015

    Jeffrey Owens, director of the Global Tax Policy Centre at the Vienna University of Economics and Business (WU) Institute for Austrian and International Tax Law (IAITL) and former OECD tax chief, and Nathalie Bravo, research associate at the IAITL, explore the role of a multilateral tax instrument in implementing BEPS Project measures, and analyse the treaty issues and technical challenges to be overcome.

  • Ireland's 6.25% Knowledge Development Box

    October 23, 2015

    The Irish Finance Bill was published on October 22 2015. Besides country-by-country reporting, it provides draft legislation of the first OECD modified nexus intellectual property box – the Knowledge Development Box (KDB). As expected, the tax rate applying to eligible income under the new regime will be 6.25%. Gains from the disposal of IP remain taxable at 33%.

  • Tax reform package on the cards for Mexico in 2016

    October 23, 2015

    On September 8 2015 the Mexican President, Enrique Peña Nieto, submitted the 2016 tax reform package for approval to Congress. Should Congress approve the package, it would come into force on January 1 2016.

  • Leibowitz joins Andersen Tax

    October 23, 2015

    Jay Leibowitz has joined Andersen Tax as managing director of the firm’s Orange County office in California.

  • European Court of Justice exempts bitcoin trading from VAT

    October 22, 2015

    The European Court of Justice (ECJ) has ruled that bitcoin trading services should be exempted from VAT entirely, effectively classifying the cryptocurrency as money.

  • EC orders Luxembourg and Netherlands to claw back €30 million in selective tax advantages given to Starbucks and Fiat

    October 21, 2015

    Starbucks and Fiat Chrysler face repayments of up to €30 million ($34 million) to Luxembourg and the Netherlands after the European Commission (EC) ruled that both companies were recipients of state aid.

  • Luxembourg Budget brings changes to corporate income tax rules

    October 21, 2015

    On October 14, the Luxembourg Government presented its 2016 Budget, containing certain tax measures to be introduced in 2015 and 2016. A progressive reduction of the Luxembourg corporate income tax rate has also been announced for 2017 but no further details have been provided.

  • Facebook to face UK PAC scrutiny over low tax bill

    October 15, 2015

    Facebook was on the front page of one of the UK’s most-read daily newspapers for all the wrong reasons this week after it emerged the company paid £4,327 ($6,702) in corporate tax in 2014.

  • Scott DeMartino made partner at Blank Rome

    October 15, 2015

    International law firm Blank Rome has appointed attorney Scott DeMartino partner in its tax group. He will be based in the firm's Washington office.

  • Eight out of ten businesses still using spreadsheets for VAT compliance

    October 14, 2015

    More than 80% of businesses are still using spreadsheets to manage their VAT compliance in at least one jurisdiction in which they operate, despite tax authorities around the world investing in better tools.

  • National authorities react to BEPS recommendations as G20 endorses final OECD package

    October 14, 2015

    The G20 finance ministers on October 8 endorsed the final package of recommendations presented to them in Lima, Peru by the OECD, marking the end of the Paris-based organisation’s project to tackle base erosion and profit shifting (BEPS). National authorities are now beginning to react.

  • Good news for taxpayers as Indian court rules on foreign tax credit application

    October 13, 2015

    A Karnataka High Court (KHC) ruling has re-interpreted Indian tax law relating to foreign tax credits, in a move which will give more flexibility to taxpayers seeking to benefit from tax treaty provisions.

  • Hall & Wilcox hires Murray from KPMG

    October 13, 2015

    Peter Murray, a leading Big 4 tax adviser in Australia, has been appointed head of tax at Hall & Wilcox.

  • Irish Budget 2016: 6.25% IP box and CbCR

    October 13, 2015

    Michael Noonan, Irish finance minister, today delivered his Budget 2016 speech. Taxpayers around the world were keen to see how the country amended its international tax provisions in the wake of OECD recommendations in this area.

  • Jim Mastracchio named partner in Dentons tax practice

    October 13, 2015

    Jim Mastracchio, former co-chair of Baker Hostetler’s national tax controversy practice, has been named partner of Dentons' global tax practice in the US.

  • Mexico’s Form 76: Informative return for relevant transactions

    October 13, 2015

    Gustavo Gómez of EY Mexico explains the motivation for the Mexican authorities implementing Form 76 for the disclosure of relevant transactions, and outlines what taxpayters must do to remain compliant after the introduction of this new reporting obligation.

  • Lenaerts to serve three-year term as ECJ President

    October 12, 2015

    Koen Lenaerts has been elected by his peers to a three-year presidential term at the helm of the European Court of Justice (ECJ). Antonio Tizzano will serve as vice-president.

  • Cyprus: Recovering from the banking crisis and using political capital in shipping

    October 09, 2015

    Cyprus is one of Europe’s premier business locations with low, stable rates and favourable incentives offered to businesses. Recent tax developments have only served to make it more attractive.

  • Mexico announces new tax benefits for the energy and infrastructure sectors

    October 07, 2015

    The executive branch of the Mexican government has submitted a tax reform proposal to Congress as part of the economic package prepared for 2016. The proposal honours the promise of the executive branch to not increase taxes during the rest of its term, and includes certain benefits, although it does increase the compliance burden for Mexican companies and, notably, includes country-by-country reporting (CbCR) obligations for Mexican entities in line with BEPS.

  • Mexico: Everything you need to know about electronic accounting records

    October 07, 2015

    Gustavo Gómez, of EY Mexico, provides an overview of electronic accounting records processes in Mexico, including how to make submissions, and an update on related litigation surrounding the protection of taxpayer information.

  • New EU rules for automatic exchange of advance cross-border tax rulings and APAs from 2017

    October 07, 2015

    EU finance ministers have reached political agreement in Council to amend the existing Directive 2011/16/EU on administrative cooperation in the field of taxation. The changes will apply from January 2017.

  • Castleton case wrapped up as FIIs and FPIs exempted from MAT

    October 06, 2015

    The Indian government’s decision not to apply the minimum alternate tax (MAT) to foreign investors has translated into a positive Supreme Court decision for Castleton Investment.

  • Country-by-country reporting: The German tax perspective

    October 06, 2015

    With the release of the OECD’s final package of recommendations to tackle base erosion and profit shifting (BEPS), the focus now shifts to the manner in which national authorities take up, and implement, the measures outlined. Country-by-country reporting (CbCR) implementation has already begun in a number of countries, including Germany, and use of the reporting method is set to be expanded next year.

  • The end of the (tax) world as we know it? OECD delivers final BEPS recommendations

    October 05, 2015

    The OECD today delivered the second part of its recommendations to reform international tax rules by tackling base erosion and profit shifting (BEPS). While unanimity across all points discussed was impossible, a higher level of agreement - either in the form of consensus or agreement on 'minimum standards' - has been achieved than many expected, though this has not stopped non-governmental organisations (NGOs) from criticising the package as "a sticking-plaster approach".

  • The end of the beginning? Pascal Saint-Amans and Raffaele Russo discuss part 2 of BEPS proposals

    October 05, 2015

    Pascal Saint-Amans, Raffaele Russo and their tax colleagues at the OECD are happy people after the publication of the second and final set of proposals to tackle base erosion and profit shifting (BEPS), following two years of intensive talks.

  • Andersen Tax adds two more managing directors in Chicago

    October 02, 2015

    Andersen Tax has promoted Sean Bruen and Rosa DeLuna-Frede to the role of managing director in its Chicago office.

  • Chris Price to lead new EY people practice

    October 02, 2015

    EY has created People Advisory Services (PAS), a new global, integrated practice combining 10,000 practitioners from tax and advisory to advise clients on people, organisational and compliance issues.

  • Corporations seek comprehensive plans to deal with tax risk

    October 02, 2015

    Corporate executives are questioning their tax colleagues much more closely about risk, according to a senior tax leader at EY, as they try to deal with increasing dangers to their business.

International Correspondents