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Guernsey has followed Jersey in bowing to EU pressure to start exchanging financial information

The governments of Italy and Canada have signed a new double tax treaty that will set withholding tax rates on dividend payments between the two countries to 5%

Guidance on the interpretation of the term ‘immovable property’ within the meaning of Article 13B(b) of the Sixth VAT Directive.

Singapore's finance minister Lee Hsien Loong has revealed the details of the ?not ordinarily resident? (NOR) tax break scheme for expatriates living and working in the island republic. The new rules will mean that certain expatriates can pay income tax only on employment income attributable to the number of days spent in Singapore per calendar year, and remit pre-assignment income free from tax for a period of five years of assessment. NOR taxpayers must spend more than 90 days away from Singapore on business and pay at least a minimum of 10% on total employment income.

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May 7 saw EU ministers pass the tax measure requiring e-commerce companies to pay VAT on EU-based sales of digitally downloadable products. The VAT and E-commerce Directive has been at the centre of much controversy and there are fears that it could trigger a trade dispute with the US, which believes that its vendors could be at a competitive disadvantage. However, the EU claims that the new rules will ensure that EU suppliers will no longer be obliged to levy VAT on sales of these products on markets outside the EU. It believes the previous rules put EU suppliers at a competitive disadvantage because they were obliged to pay VAT on all services originating in the EU, regardless of the place of consumption. (For more on the VAT and E-commerce Directive, see EU VAT on e-commerce: the practical implications.)

PKF is an international association of specialist tax, accounting and business consulting firms, advising clients in diverse industry sectors, through a network of member firms in 160 countries. The PKF Australian Tax Practices have highly trained tax consulting teams with expertise in all areas of corporate and personal taxation with particular specialist skills in corporate restructures, tax audit management, international tax, expatriate taxes, Captial Gains Tax, Goods and Services Tax and research and development concessions.

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