Search results for

Failure of member state to fulfil obligations Sixth VAT Directive Article 17 Eighth Directive 79/1072/EEC Article 1 Thirteenth Directive 86/560/EEC Article 1 Refund or deduction of VAT Taxable person established in another member state or in a non-member state, but having a fixed establishment in the member state concerned.

Vladimir Kotenko In mid April 2009 the state tax administration of Ukraine (STAU) clarified that the industrial entities eligible for the accelerated tax depreciation of fixed assets (25% per annum) can report increased tax depreciation charges only in the annual 2009 profit tax return (STAU letter # 8167/7/15-0217 of April 17). It means that during the year of 2009 (i.e. in the tax returns for the first quarter, half year and for the three quarters) the taxpayers will have to apply to qualified assets lower tax depreciation rates.

Under the Investment Promotion Act (BOI Act), the Board of Investment of Thailand can grant certain privileges including the exemption of duty, tax holidays, land ownership, and so on to an eligible future business or project. As one of the privileges, a BOI promoted company can utilise its loss carried forward for five years after the expiration of its tax holidays (maximum eight years). The problem is when the promoted company also has more than one BOI business or project. The BOI has advised the promoted companies that the loss on any BOI business or project should be computed on the BOI project basis. It is not necessary to consolidate the losses with the profits of all the BOI projects of one company.

Carl Pihlgren Participations in foreign companies has been considered as business-related holdings by the National Board of Advance Rulings because the foreign companies were considered as being equivalent to a Swedish company.

Zeki Gündüz Özlem Güç Alioglu Long awaited transfer pricing legislation has come into force in Turkey, effective from 2007 and empowering tax administration to make assessments based on transfer pricing. Former rules on transfer pricing were vague and did not offer specific testing methodology regarding benchmarks, hence most cases brought to court were rejected due to a lack of benchmarks in terms of the tax administration challenging intercompany profits or pricing methodology.

Vicente Bootello There have been some new developments recently in the case law relating to the right to deduct the remuneration paid to members of the board of directors for corporate income tax purposes.

Peter Dachs There has long been controversy over the treatment of short sales for tax purposes in South Africa. In particular, a critical issue relates to the timing of the deduction for the short seller.

Janne Omsland As of October 7 2008, only 97 % of net income qualifying for the Norwegian participation exemption method (dividends and capital gains) is tax exempt. Based on the wording in the new legal provision, it was assumed that Norwegian corporations according to the Norwegian tax act would be entitled to a tax credit related to the 3 % taxable income (insofar as other conditions for a credit are met).

Paulo Núncio The Portuguese government recently approved a Bill, yet to be voted in Parliament, which establishes a special taxation on bonuses paid out by companies to any executive ceasing their contract.

Thomas Pippos The recently elected government delivered its first budget after nearly a decade in opposition on May 28, and from their perspective, it really is a case of drawing the short straw.