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%. Surprisingly, however, the VAT rate has remained unchanged for now.
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 their human and EU rights.
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 of tax evasion in India, for the period from July 2005 to December 2010. The case calls into question Hyundai’s continued qualification for a favourable customs regime that other international taxpayers also benefit from.
Switzerland and Germany have reached agreement on a deal to stop the prospect of tax evasion through Swiss accounts from influencing Germans’ investment decisions.
Switzerland and Germany have reached agreement on a deal to stop the prospect of tax evasion through Swiss accounts from influencing Germans’ investment decisions.
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. But feedback suggests that their proposals for change could actually cloud the definition further.
