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Nicola Saccardo Marco Valdonio On March 30 2016 the Italian Revenue Agency issued comprehensive guidelines on the tax treatment of leveraged buyout transactions (LBOs) and similar acquisition structures, with a particular reference to investments by private equity funds.

Raoul Stocker Yan Hurdowar On March 22 2016, the OECD published its standardised electronic format for the exchange of country-by-country (CbC) reports between Competent Authorities.

Aleksandra Rafailovic On February 24 2016, Serbia expanded its double tax treaty network by ratifying the Agreement for the avoidance of double taxation with respect to taxes on income, signed with the Republic of Korea on January 22 2016.

Alicja Sarna From July 1 2016, new regulations regarding the obligation of how to provide tax and financial data to tax authorities, shall come into force. This will include the standardisation of procedures regarding the requests of tax authorities concerning tax books and tax evidence documentation into one uniformed form: Jednolity Plik Kontrolny – the Uniformed Control File (JPK).

Yeon Ho

Because tax doesn’t have to be taxing. A less-than-serious look back at some of the quirkier tax stories from the past month.

Natalia

Raphaël Glohr Michel Lambion On December 9 2015, the Court of Justice of the European Union (CJEU) announced its verdict in the Fiscale Eenheid X case (C-595/13). It ruled that investment funds investing in real estate may benefit from VAT-exempt management services, as is the case for funds investing in transferrable securities. However, it ruled that the services often described in practice as "property management" cannot be considered as VAT-exempt fund management services and are therefore subject to taxation.

Rafael Calvo Elisa San Salvador On March 16 2016 the Supreme Court handed down a relevant judgement on the tax treatment for Spanish tax purposes of the 'juros sobre o capital próprio' (JSCP) distributed by Brazilian affiliates to their Spanish parent companies.

Sandra Benedetto Ignacio Nunez As the framework for the global exchange of information regarding investments abroad is being moulded, Chile – as the only South American member of the OECD – has been highly committed to applying such principles and, in order to promote tax assistance and transparency, has signed international conventions and reformed domestic legislation at a legal and administrative level.