ITR Search | International Tax Review

At last, some income tax rules for trusts

Massimo Agostini Notwithstanding the ratification of the Hague Convention on Trusts back in 1989, Italy has enacted the first income tax rules applicable to trusts, effective from January 1 2007. A preliminary overview of law number 296, dated December 27 2006 (Law 296), is outlined below.

March 01 2007

Supreme Court rules on the taxability of income from turnkey contracts

Rajendra Nayak Ganesh Pai The Supreme Court of India (SC) recently examined the taxability of income from a turnkey contract, where separate entities are responsible for setting up a plant or equipment and for putting it into operation, in India on a Special Leave Petition filed against an earlier Authority for Advance Rulings (AAR) decision.

March 01 2007

New tax treaty signed with the US; Belgian legislature tackles Seeling on the private use of an immovable asset

New tax treaty signed with the US Luc Van Walleghem Hans Decleir On November 27 2006, Belgium and the US signed a new treaty to replace the 1970 Treaty and Protocol.

March 01 2007

Taxpayers frustrated by lack of reform of distorting taxes on export duties and financial transactions

Andrés Edelstein Ignacio Rodríguez Tax revenues in Argentina have increased sharply in recent years following the trend shown by the general performance of the country (GDP has grown 9% on average in the last five years). The federal primary surplus that has been observed lately was due to high value-added tax receipts and a strong performance by income taxes, reflecting the recovery in GDP and also certain degree of success in the fight against tax evasion and the informal economy.

March 01 2007

Update

Juan Carlos Chavarría Costa Rica The Costa Rican (CR) Government recently announced that the approval and ratification of the Free Trade Agreement signed by Central America, the Dominican Republic (DR) and the United States (DR-CAFTA), together with all the complementary reforms to the telecommunications, insurances and banking industries that would be required as part of its domestic implementation, should be Congress' main priority for the rest of 2007.

March 01 2007

EC infringement proceedings: taxpayers can make a difference

Bob van der Made Since 2001, the European Commission has followed a proactive tax infringement strategy to eliminate tax obstacles to cross-border activity in the Internal Market. But most taxpayers do not seem to be aware that EC infringement proceedings (Article 226EC) can also be an additional, highly effective, and relatively low-cost tool for safeguarding EU rights.

March 01 2007

Tax incentives package

Nélio Weiss Philippe Jeffrey Initially announced on November 23 2006, an economic tax package (Programa de Aceleração do Crescimento – PAC) was formally reintroduced on January 22 with Federal Decree No. 6,025.

March 01 2007

Authorities seek investment funds

The Belgian government has implemented some eye-catching plans to attract investment to the country. The effort has created many planning opportunities, believe Kurt De Haen and Tom Wallyn of PricewaterhouseCoopers

March 01 2007

Authorities get crawling to catch evaders

Six tax authorities are using software to collect information from websites to help them catch tax evaders, a technology magazine reported in February.

March 01 2007

Ernst & Young

March 01 2007

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