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 intra-group transactions.
A judgment from the ECJ has stated that electronic messaging services for financial institutions are not covered by the VAT exemption on banking transactions.
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.
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.
A judgment from the ECJ today has stated that electronic messaging services for financial institutions are not covered by the VAT exemption on banking transactions.
