Italian austerity package: capital gains tax rises, but not VAT As part of a package of austerity measures aimed at cutting the country’s deficit, Italy has announced an increase in the capital gains tax rate, from 12.5% to 20%. By Matthew Gilleard August 15 2011
UK appeals court confirms tax avoidance schemes, rejects breach of human rights in Huit... The England and Wales Court of Appeal has dismissed the appeal of taxpayers in two disputes where the claimants argued the retrospective provisions of the amended 2008 Finance Act contravened... By Matthew Gilleard August 11 2011
Swiss banks to pay $2.8 billion to Germany in tax evasion deal Switzerland and Germany have reached agreement on a deal to stop the prospect of tax evasion through Swiss accounts from influencing Germans’ investment decisions. By Matthew Gilleard August 10 2011
Hyundai fighting tax evasion charges in India Hyundai Motor India Ltd (HMIL), the largest domestic exporter of cars, and Mobis India Ltd, its parent company’s subsidiary, which imports critical components for HMIL’s manufacturing plants, are facing charges... By Matthew Gilleard August 10 2011
Swiss banks to pay $2.8 billion to Germany in tax evasion deal Switzerland and Germany have reached agreement on a deal to stop the prospect of tax evasion through Swiss accounts from influencing Germans’ investment decisions. By Matthew Gilleard August 10 2011
Proposed changes to beneficial owner definition contrary to OECD goal The distorted and varied interpretations of the concept “beneficial owner” have led to a risk of double taxation and non-taxation, prompting the OECD to seek clarity on the term’s meaning. By Matthew Gilleard August 08 2011
South Africa introduces traffic light system to stem excessive debt Following a string of perceived abuses, the South African Revenue Service (SARS) and the National Treasury have issued amendments to section 45 of the Income Tax Act, which deals with... By Matthew Gilleard August 04 2011
UPDATE: Exemption on VAT banking transactions does not cover electronic services A judgment from the ECJ has stated that electronic messaging services for financial institutions are not covered by the VAT exemption on banking transactions. By Matthew Gilleard August 03 2011
INSIGHT: Why Brazil has issued new tax rules for derivatives transactions The Federal Government of Brazil has issued new tax rules applicable to derivatives transactions, in a move aimed at restricting speculation around the Brazilian futures market. By Matthew Gilleard August 01 2011
Application of Investment Tax Act to foreign investment funds extended in Germany The German Federal Ministry of Finance has extended the grandfathering clause for the application of the German Investment Tax Act (GITA) to foreign investment funds for a further two years. By Matthew Gilleard August 01 2011
