A Singapore tax ruling will allow foreign companies to preserve tax attributes following branch de-registration, and could open the door for other tax planning opportunities, according to advisers.
The European Commission has launched infringement procedures against France and Luxembourg for reducing their VAT rates on eBooks, which it argues is distorting competition for other member states.
A ruling by the European Court of Justice (ECJ) has left BNP Paribas and Banca Nazionale del Lavoro (BNL) with a hefty tax bill and could see Italian authorities targeting other banks.
EXCLUSIVE: Donald Korb, now of Sullivan & Cromwell, spent almost five years as chief counsel for the Internal Revenue Service (IRS) from 2004 to 2008. He is best known for developing the litigation strategy that led to the US government’s success in tackling tax shelter cases.
An opinion released by the Advocate General (AG) of the European Court of Justice (ECJ) indicates that companies migrating their seat of management or assets out of Portugal will receive better protection against exit tax in future.
Holders of trading investments in Hong Kong will be buoyed by a Court of Appeal decision that provides that unrealised gains from such investments are not taxable until realised, while unrealised losses can continue to be treated as tax deductible.
