Foreign investors were given helpful guidance on how to value assets for capital gains tax purposes by the Federal Court of Australia’s ruling in favour of Resource Capital Fund III (RCF) last week.
The UK Supreme Court unanimously dismissed motor breakdown insurance provider WHA’s appeal over the recovery of VAT on car repair services this morning, agreeing with an earlier decision by the Value Added Tax and Duties Tribunal.
The Supreme Federal Court (STF) of Brazil resumed its judgment in the case set to decide the constitutionality of the country’s controlled foreign company (CFC) rules yesterday and confirmed an injunction meaning mining multinational Vale will not have to pay its R30.55 billion ($15.09 billion) tax assessment until the court has made further analysis.
Indian taxpayers were reassured by a ruling of the Income Tax Appellate Tribunal (ITAT) that company shares cannot be equated with immovable property to apply Indian capital gains tax to a transaction.
The European Court of Justice (ECJ) yesterday ruled that non-taxable entities such as holding companies are permitted to join VAT groups, dismissing an action brought by the European Commission against Ireland and confirming a solution to BAA’s (now Heathrow Airport Holdings) England and Wales Court of Appeal defeat in the process.
A Milan tax court has dismissed an appeal by Italian fashion house Dolce & Gabbana in a dispute over the transfer of the company's brands to Luxembourg. The ruling shows the Italian tax authorities are particularly suspicious of reorganisations involving certain jurisdictions, advisers say.
