Tax planning by Bhoruka Engineering (Bhoruka) to avoid capital gains tax on a share sale which effectively transferred immoveable property between two entities has been deemed acceptable by the Karanataka High Court. Advisers say there is nothing to stop other taxpayers taking advantage.
Denmark's largest listed company, Novo Nordisk, has been hit with transfer pricing adjustments of DKK 22 billion ($3.95 billion) by the Danish tax authority (SKAT) resulting in an increased tax bill of DKK 5.5 billion.
Domestic and foreign companies acquiring Brazilian entities through the incorporation, as opposed to the sale, of shares should pay no capital gains tax, according to the country’s Administrative Council of Tax Appeals (Conselho Administrativo de Recursos Fiscais).
Switzerland’s upper house of Parliament approved a draft proposal to let the country’s banks forgo secrecy laws to appease the US yesterday, but some taxpayers may fear that tax information exchange agreements (TIEA) will see information transferred beyond the US.
The Israeli tax authorities are claiming that medical technology firm Medinol owes between $150 and $225 million in capital gains tax on a $750 million compensation payout it received from US company Boston Scientific in 2005.
