Search results for

The report by Mario Monti into how to complete the EU single market lends some support to the plans of Algirdas Semeta, European commissioner for tax, for a common corporate tax base. Salman Shaheen spoke to both men and other observers about the likelihood of the concept becoming reality

Increased emphasis on indirect tax is forcing taxpayers to start placing extra focus on effective strategies to generate more cash from this area of their business. At June's Indirect Tax Forum speakers outlined how indirect tax should become the top priority for businesses across the world.

Kenya, Tanzania and Uganda have all released budgets containing tax measures. Some aimed at stabilising the countries' tax systems by clarifying certain areas of tax and other changes are intended to improve revenue collection rates.

Slobodan Mihajlovic Recent amendments in corporate taxation in Serbia were introduced on March 23 and came into force on March 27. The discrete revision and immediate implementation of the legislation is the outcome of the fact that this reform was pending for more than two years; the proposed amendments awaited the ratification by the parliament since fall 2007.

Ellen Geeraerts Herman Driessen Until December 31 2009, foreign VAT taxpayers unregistered for VAT in Belgium could file a claim to reclaim the local Belgian VAT incurred for the purpose of their taxable operations. Until this date, Belgian VAT was deductible until December 31 of the third calendar year after the year in which the tax was incurred.

Senate Democrats failed to summon the 60 votes necessary to advance a vote on a jobs bill that would extend numerous tax cuts for businesses.

Rajendra Nayak Ganesh Pai The Mumbai Income Tax Appellate Tribunal in the case of Ashapura Minichem [(2010) 5 taxmann.com 57 (Mum.-ITAT)] adjudicated on the issue of taxability of payments made by the taxpayer for services rendered outside India, under the provisions of the Indian Tax Law (ITL) as well as under the India-China tax treaty. The taxpayer, a company resident in India, engaged a Chinese company (China Co) to provide certain testing services in its laboratories and for preparing test reports which was used by the taxpayer to define its process parameters. The taxpayer relied on the decision of the Supreme Court in the case of Ishikawajima Harima [(2004) 288 ITR 408], which held that for income in the nature of fees for technical services (FTS) to be taxable in India, the services should not only be 'utilised' in India but should also have been 'rendered' in India and contended that since the services were not rendered in India the same were not taxable. The issue before the tribunal was the taxability of the service fee under the ITL as well as under the treaty.

David Cuellar Cesar Acosta In line with the commitments addressed at the G20 summit (including its 2009 London summit) regarding the exchange of information in tax matters, the OECD and the Council of Europe have updated the Convention on Mutual Administrative Assistance in Tax Matters developed in 1988 through the execution of a revised protocol to the convention.

Elena Kostovska FYR Macedonia and Estonia further strengthened their relations by signing an income tax treaty on November 20 2008. The treaty was ratified by both States during April 2009 and entered into force on 21 May 2009. Its effective date is January 1 2010, whereas it is applicable for a minimum period of five years. The treaty with Estonia is generally in line with the OECD convention with only a few variations.

Philippe Durand Fabien Cotte France is contemplating introducing new tax legislation concerning the tax treatment of partnerships. The French tax authorities have launched a consultation process to involve tax experts and are now waiting for their feedback.