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Guidance on the one-time repatriation rules released Alston & Bird

March 01 2005

Changes to the controlled foreign companies excluded countries regulations

The UK's controlled foreign companies (CFC) rules operate to impose a tax charge upon UK-resident companies in respect of undistributed profits of certain controlled foreign companies in which they have an interest. A company will be a controlled foreign company if it is tax resident outside the UK in a country with a lower level of tax and is controlled by UK residents.

March 01 2005

Parliament seeks to counter treaty discrimination gap

The avoidance "technique" relying on non-discrimination clauses in double tax agreements has been adopted in South Africa and was the subject of a mild furore recently, culminating in some amending legislation passed by parliament last year.

March 01 2005

Tax treaty with Israel signed

In order to maintain its position as the place of choice for international transactions, Luxembourg has developed an extensive network of double tax treaties. At present 45 treaties have already been signed and a further 11 treaties are under negotiation. In this context, Luxembourg has just signed a treaty with Israel on December 14 2004. Once the said treaty has been ratified by both countries, its provisions should come into force as from January 1 2004.

March 01 2005

White House looks for enforcement boost

President Bush sent his budget request for fiscal year 2006 to the US Congress on February 7 2005. Simon Briault gets the reaction of corporate taxpayers and their advisers to the increase of $500 million for IRS enforcement activity

March 01 2005

Proposed tax changes for partnerships

The tax reform plan for 2005 includes a tax increase for partners of a partnership, as follows.

March 01 2005

Japan plans withholding tax on private equity funds

Private-equity firms, including the Carlyle Group and JPMorgan Partners, have sent a strongly-worded protest letter to the Japanese government about the introduction of a crippling 20% withholding tax on private-equity funds. The tax is expected to come into force from April 1 2005 to close what the authorities say is a loophole in the law.

March 01 2005

Business information payment to a Spanish company is business profit

The Authority for Advance Rulings recently held (Dun and Bradstreet Espana S A, In re, [2005] 272 ITR 99 (AAR)) that payment made by an Indian company to a Spanish company for permission to download business information for Indian customers is taxable as business profits of the Spanish company and not as a royalty or fee for technical services.

March 01 2005

UK time limit for EC law claims restricted

In a decision of February 4 2005 in the case of CIR and the Attorney General v Deutsche Morgan Grenfell, the UK Court of Appeal decided that claims for compensation or restitution in respect of advance corporation tax (ACT) wrongly paid as a result of the ECJ decision in the Metallgesellschaft case are statute-barred six years after the date of payment of the tax.

March 01 2005

Tax base increases for service providers

On December 30 2004 the Brazilian tax authorities issued Provisional Measure 232 that increased taxation for Brazilian service providers calculating income tax under a presumed-profits method. Taxpayers in Brazil have the option (subject to some restrictions) to calculate corporate income tax and social contribution using an actual-profits method (Lucro Real) or a presumed-profits method (Lucro Presumido).

March 01 2005

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