Search results for

Andrew Sliwa, Hadley Leach and William Methenitis of Ernst & Young in the US look at the problems associated with cross border effectiveness, provide hypothetical examples of how the issue can impact your tax department and explain how to apply the theory to the realities of business.

On December 26 2012, the Cambodian government passed the 2013 Financial Management Law which updated the registration tax (sometimes referred to as a seal tax). In some instances the scope of the tax was modified and in others completely new categories of "transfers" that will also be subject to the tax were created.

Bryan Bailey

More than 100 charities have launched the IF campaign to tell the UK government, which hosts the G8 summit this year, that the world produces enough food for everyone if four key goals are met. Joseph Stead, senior economic justice adviser at Christian Aid, examines the tax aspects of the campaign and argues that tax avoidance is inextricably linked to hunger in the developing world.

With the Secret Hotels2 Limited decision released on December 3 2012, the UK Court of Appeal has provided guidance on the correct approach to be taken when determining who is the supplier of a service in agency / principal arrangements, explain Mark Delaney and Arianne Wijdeveld of Baker & McKenzie.

Donka Pechilkova Some new amendments in the Corporate Income Tax Law in Bulgaria have been approved by the Bulgarian National Assembly, and entered into force on January 1 2013. One of the most significant amendments concerns the advance payments for corporate income tax, such as: The method of calculation; the range of tax obliged entities; the criteria for assignment of the base on a monthly or three months basis; the declaration and payment of the advance payments.

Khoonming Ho

Bob van der Made As expected, the European Commission presented its new draft proposal for a Council Directive implementing a financial transaction tax (FTT) in 11 countries on February 14. The new proposal is largely based on the Commission's September 2011 proposal. It is similarly very wide in scope, both in terms of the types of transactions in scope and the financial instruments in scope. The proposal retains the approach of applying the tax to transactions involving a financial institution and placing the liability for the tax on all financial institutions involved in a transaction. The principal changes to the previous Directive are that:

Janne Juusela The recent government Bill (93/2012) includes amendments to the Inheritance and Gift Tax Act. The amendments are effective as from January 1 2013. According to the amendment, a new tax scale is applicable on inheritance and gifts exceeding €1 million ($1.3 million). Tax on the exceeding amount is subject to 19% rate within the first tax bracket and 35% in the second. The new tax scale shall only be in force for two years, although the government's temporary measures have a tendency to become permanent.

Arantxa De Luis The Spanish legislation exercising the powers granted by article 199 of Directive 2006/112 on the common system of VAT has included, with effect from October 31 2012, three new cases on which the VAT reverse charge mechanism applies for certain real estate transactions. With this amendment, the legislation intends to avoid the detriment that arises for the public purse in these transactions if the VAT is not paid over to the Treasury (or is paid late – deferrals, insolvency situations) but is already deducted by the recipient of the goods and/or services. These three new cases of reverse charge come to sum up to that introduced in 2011 as a result of the reform of the Insolvency Law, in connection to supplies of properties made as a result of an insolvency proceeding.