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Australian Business Tax Working Group fails Swan

The Business Tax Working Group (BTWG), appointed by Treasurer Wayne Swan in 2011 to explore ways in which a corporate tax cut could be funded from within the business tax system, has produced its draft final report, saying it is “unable to recommend a revenue neutral package to lower the company tax rate”.

Matthew Gilleard, October 30 2012

Americas Tax Awards

Hot on the heels of the presentation of the primetime Emmy awards, the seventh annual Americas Tax Awards ceremony took place in New York on September 27.

October 29 2012

Bulgaria: Amendments to Value Added Tax Act in Bulgaria

Donka Pechilkova, Eurofast Global The Bulgarian Finance Ministry has published proposed amendments of the effective Value Added Tax Act. The purpose of the amendments is to harmonise Bulgarian tax legislation with the EU directives and decisions, as well as facilitate practical application of the law. The amendments related to Directive 2010/45/EU aim to change the effective invoicing rules and requirements, to be clear-cut and to demarcate the rules of which EU state they are applicable.

October 29 2012

Cyprus: Changes to the Income Tax Law

Eylem Philippou, Eurofast Global Law 112 (I)/2012, has been published in the Official Gazette of Cyprus, amending various provisions of the Income Tax Law of Cyprus. The main principle is that for an expense to be deductible from profits/income, it must have been incurred wholly and exclusively for the production of income. Accordingly, expenses that are not wholly and exclusively incurred for the production of income are classified as non-deductible.

October 29 2012

Mexico: Investment in Mexican development capital certificates

David Cuellar

October 29 2012

Montenegro: Regulation on form, content and procedure to issue tax residency certificate

Sead Dado Salkovic, Eurofast Global A new regulation about procedures for issuing the Certificate of Residency for the use of the provisions and tax benefits resulting from double tax treaties (DTTs), is effective from August 8 2012. The Montenegrin Ministry of Finance is responsible for the content, the form and issuing of the certificate. The main provisions of this regulation are:

October 29 2012

Financial products specialist joins Latham’s NY tax team

Raymond Holst Latham & Watkins has added new counsel Raymond Holst to its New York tax department. Holst, an expert in complex financial products, will join the firm from Morgan Stanley, where he served as executive director in the tax counsel group, providing tax advice to a wide range of business units including the principal investments, capital markets, investment banking, bank resource management securitised products and wealth management groups.

October 29 2012

Former Baker & McKenzie US associate rejoins as partner

George Clarke Law firm Baker & McKenzie has added extensive experience to its tax disputes practice in Washington, DC, by appointing George Clarke as a partner from Miller & Chevalier. Clarke, who was an associate at Baker from 2003 to 2008, has extensive experience in all facets of the tax dispute resolution process including litigation of civil and criminal tax matters.

October 29 2012

Wolf Theiss expands tax practice to Poland

Wolf Theiss will add one new tax partner and two lawyers to its ranks when it takes over Beiten Burkhardt's Warsaw office on January 1 next year. Three other partners and 37 lawyers also work in the office, which will be renamed Wolf Theiss Warsaw and will be the firm's largest outside Vienna.

October 29 2012

Alesco’s appeal to test application of New Zealand’s GAAR

New Zealand taxpayers are watching Alesco's Court of Appeal case with bated breath, as the outcome could give a big indication of the extent to which the country's general anti-avoidance rule (GAAR) can be invoked against transactions.

Joe Dalton, October 29 2012

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