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Khoonming Ho

Christos Kourouniotis Transfer pricing provisions have existed in the Greek tax legislation since as early as 1958, but it was not until 2008 that the burden of proof was shifted to the taxpayer with the introduction of transfer pricing (TP) documentation requirements. Thus, after a 50-year period during which the taxpayer was not required (unless challenged by the tax auditors) to demonstrate the arm's-length nature of its intragroup transactions, we have experienced a six-year period during which the Greek taxpayer has been required to prepare documentation on an annual basis and under three different sets of documentation, whereas quite recently a fourth set of documentation requirements was introduced.

Bob van der Made The Informal ECOFIN Council meeting on September 13 2014 in Milan included a behind-closed-doors political discussion among the EU-28 finance ministers on the way forward with the EU financial transaction tax (FTT) under enhanced cooperation (no minutes or conclusions of these informal council meetings are published). It is understood that although no substantial progress has been made or communicated after the informal ECOFIN, it seems that the participating EU-11 member states in the enhanced cooperation procedure (EU-11; Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain) are now closer to a compromise agreement than they have been. The project now seems to go in the direction of a UK-style stamp duty but with revenue sharing among the participating member states to keep the smaller EU-11 on board.

Emilie Fister Luxembourg continues to expand its double tax treaty (DTT) network with the ratification of five new DTTs (with Saudi Arabia, Jersey, Guernsey, the Isle of Man and the Czech Republic), two protocols to existing DTTs (with Denmark and Slovenia) and a double taxation agreement entered into with Taiwan. These new DTTs share some common features with the alignment of these DTTs and protocols with the OECD standards on exchange of information and the granting of treaty benefits to collective investment vehicles (CIVs). We present the main features. The protocol to the new Saudi Arabia-Luxembourg DTT provides that CIVs are considered as residents and beneficial owners of the income they earn. No distinction is made between CIVs in corporate form (SICAVs/SICAFs) and in contractual form (FCPs).

Peter Dachs South Africa taxes a resident, as defined in the Income Tax Act, on its worldwide income. A South African resident is defined in section 1 of the Income Tax Act as a person (other than a natural person) which is incorporated, established or formed in the Republic or which has its place of effective management in the Republic, but does not include any person who is deemed to be exclusively a resident of another country for purposes of the application of any double taxation agreement entered into by South Africa.

Zoe Kokoni On July 25 2014, Cyprus and Switzerland signed a double taxation agreement based on the OECD Model Convention for the Avoidance of Double Taxation on Income and on Capital. The treaty is not yet in force since it is subject to ratification by the two contracting states. By signing this agreement both countries aim to strengthen their trade and economic relations.

Jim Fuller

Vladimir Kotenko

Sean Foley

The Indian government announced its opposition to the OECD’s proposal to resolve disputes with mandatory arbitration, claiming that it will infringe on the country’s national rights.