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The Taxand Quarterly
Focusing on the latest legislation and its implications for companies like yours—internationally and in local jurisdictions—the Taxand Quarterly provides finance directors, tax directors and other decision-makers with updates on the issues affecting you and your business.
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Introduction Archive
Introduction to the latest edition, Taxand Quarterly (Oct 2009)
In this issue we firstly take a look at the key legislative changes affecting our clients across the world. Brazil has implemented International Financial Reporting Standards (IFRS). This has brought some concern to taxpayers, who at first were extremely uncertain about the possible tax impacts of the changes in accounting principles. Cyprus and Germany have intialed a new tax treaty which will replace the income and capital tax treaty of 9 May 1974 between the two countries and is now in line with the OECD model. The New Indian Tax Code Bill 2009 is highlighted and reviewed in detail - the Code proposes to align Indian tax laws with internationally accepted taxation principles and best practices. Luxembourg, Switzerland and Spain report on the much talked about OECD’s Global Forum grey and white-listing. Plus we have Budget/Finance Bill reports from a Finland, Malaysia, Mauritius, Norway to name a few.
We then move on to look at recent rulings and court cases. In Ireland the Revenue has updated its guidance notes on the VAT treatment of government departments, local authorities and public bodies. Once the new system is introduced, all Irish traders wishing to make a claim for a refund of VAT incurred in another EU member state will have to be registered for VAT on the Revenue Online Service (known as ROS). In Peru the Peru-Brazil Tax Treaty concerning income and capital gains applicable in Peru has now been officially signed and will take effect as from 1 January, 2010.
And in our Court Cases section Spain discuss the recent judgement handed down by the European Court of Justice (“ECJ”) declaring the incompatibility of various provisions on Spanish transfer tax under the “corporate transactions” heading (i.e., capital duty) with the Directive concerning indirect taxes on the raising of capital. This judgment could be useful to corporates and multinationals as it may open the door to taxpayers claiming taxes incorrectly paid in previous years.
In our Special Features section the highlight is an article entitled "Three quarters of a multinational companies with operations in India fear a 'witch-hint' following a crack down in anti-aviodance". Taxand India recently conducted a survey where 77% of respondents said that the new code, the first in India in 40 years, could open the door to a flood of investigations as the rules allow individual Tax Commissioners to decide what is or is not an ‘impermissible tax avoidance arrangement.
And finally in the Taxand News section we celebrate Taxand's recent success at the 2009 International Tax Review Americas Awards. Taxand was recognised for the quality of its work in the Americas by winning the Latin America Tax Firm of the Year Award. After being shortlisted for 12 awards Taxand had further success as member firms Alvarez & Marsal Taxand, US, and Bruchou, Fernandez Madero & Lombardi, Taxand Argentina, won the North America Tax Restructuring Firm of the Year and Argentina Tax Litigation Firm of the Year awards respectively. Taxand Argentina also won the Latin America Tax Litigation Firm of the Year. Taxand has also been shortlisted for 14 awards in the ITRs Asia Awards. These results are yet to be announced.
Taxand has also been highly commended in International Tax Review’s ‘World Tax 2010’, the comprehensive guide to the world’s leading tax firms and advisors. Over 95% of Taxand member firms were ranked for high quality tax advice. That means in just two years, Taxand has achieved a 20% increase in rankings – clear recognition of our global market penetration.
You'll also find updates on the our latest publications, how to order them and Taxand events coming soon in our latest newsletter.
Introduction to the latest edition, Taxand Quarterly (July 2009)
In this issue we firstly take a look at the key legislative changes affecting our clients across the world. In Finland the Ministry of Finance is contemplating the possibility of limiting the right for companies to deduct interest expenses - this seems to be becoming a trend in Europe with the UK having recently introduced a debt cap rule. In the Netherlands the Dutch Ministry of Finance has recently published a consultation document on both the future tax treatment of group interest (both receivable and deductible) and the application of the participation exemption. In Denmark the proposed Danish 2009 tax reform has now been passed and, generally speaking, will enter into force on 1 January 2010. The tax reform includes a number of significant amendments including changes to rules relating to the participation exemption and the deductibility of losses on financial instruments. We also have Budget/Finance Bill reports from Canada, Ireland, Malaysia, Pakistan and Thailand.
We then move on to look at recent rulings. In Norway companies that use functional currency have to convert the functional currency amounts to Norwegian Krona for tax purposes. A recent statement issued by the Norwegian Ministry of Finance clarifies how such conversions are to be made and comments on the taxation of conversion differences. In Spain the Directorate General of Taxes has ruled that the interposition of holding companies or pass-through entities does not hinder application of the participation exemption regime.
Court cases come next. On 18 June 2009 the European Court of Justice issued its decision in the Aberdeen Case (C-303/7), being another case to add to the increasing number on dividend withholding taxes within the EU and here relating to the Finland. As with previous cases the ECJ the rules in Finland were held to be discriminatory and so another round of refund claims seems likely. And in Spain the National Appellate Court has recently made public two judgments which indicate a restrictive interpretation in relation to the withholding tax exemption for dividends paid to EU parent companies of non-European multionationals.
In Other News the highlight is an article entitled "The President Said What??" which takes a look at the massive changes proposed by President Obama to the US Taxation of International Operations - no doubt we will be covering this issue in much more detail as the months (and years!) progress.
To end the update, in our special features section we profile new tax rules in Norway which are of particular relevance to the tax deductions available to taxpayers involved with property refurbishment.
And finally in the Taxand News section we celebrate Taxand's recent success at the 2009 International Tax Review European Awards. Taxand members were presented with 10 awards at the ceremony - more than any other advisory firms - held at the prestigious Dorchester Hotel in London on the 19th May 2009. After being shortlisted for some 14 National Tax Firm of the Year awards we won 8, in Cyprus, Greece, Ireland, Luxembourg (for the fourth year in a row), Malta, Spain (for the fifth consecutive year), Turkey and the Ukraine. Up for 5 National Transfer Pricing Firm of the Year awards, we were also delighted to win 2 in France and the Ukraine. In recognition of our integrated approach and cross-border capability, Taxand was also nominated in 3 pan-european award categories : European Tax Firm of the Year, European Indirect Tax Firm of the Year and European M&A Tax Transaction of the Year.
Taxand Quarterly (April 2009)
In this issue we firstly take a look at the key legislative changes affecting our clients across the world. In Australia the Government has introduced a Bill to enact the promised regime for taxing gains and losses from dealings with financial arrangements, including debt, equity, hybrid instruments, derivatives and foreign currency. The new regime will start on 1 July 2010, although taxpayers do have an option to start applying the new rules as from 1 July 2009. In Denmark draft new rules for the taxation of capital gains and dividends have been published with the aim of reforming and simplifying the existing (complex) system. In Sweden new legislation restricting the deductibility of interest has been enacted. The new law, which will mainly apply to related party debt, is effective from 1 January 2009 and is applicable to interest costs accrued after 31 December 2008. In the UK legislation is under consultation that will introduce one of the most significant changes to the taxation of multinational corporations for decades. The proposed legislation sets out an exemption from UK taxation on foreign dividends paid to UK companies, but this is to be funded by the introduction of a new restriction on interest deductions for connected party borrowing.
We then move on to look at recent rulings. In Ireland the Revenue Commissioners have ruled on how the new tax residence rules for individuals are to work in practice. In Spain the Directorate-General of Taxes recently ruled on whether or not Commissionaire and Toll Manufacturing agreements create a permanent establishment.
Court cases come next. In Canada the Federal Court of Appeal issued its decision in The Queen v. Prévost Car Inc., 2009 FCA 57 confirming the earlier decision of the Tax Court of Canada that a Dutch holding company was the "beneficial owner" of dividends for the purposes of the reduced withholding tax rate under the Canada-Netherlands Income Tax Convention. In France the Supreme Administrative Court ("Conseil d'Etat") has issued a decision concluding that the withholding tax (WHT) levied on dividends paid by French companies to Dutch pension funds constitutes a restriction on the freedom of capital movement prohibited by Article 56 in the EC Treaty.
In Other News we report that the European Commission has initiated action against certain exclusion clauses of the Belgian Notional Interest Deduction regime.
To end the tax update we profile a number of special features with the article on Financing the US Affiliates of Foreign Enterprises being of particular interest.
And finally in the Taxand News section we take a look at our global network's latest key achievements and activities. In the ITR's tax transaction survey - an online poll of tax executives from multinational companies, tax officials and advisors -Taxand members were voted as number 1 or number 2 advisors in 31 countries. Please click here for the detail. In February Taxand's 2009 Global Conference was held in Miami. Over 200 Taxand delegates attended alongside more than 60 global Taxand clients to deliver and contribute to a wealth of sessions focused on making the most of the economic downturn - read more and download the delegate pack here. Taxand's real estate tax team also enjoyed a successful MIPIM - read more and download our MIPIM pack here. Taxand's Asia members are looking forward to bringing clients to and participating in the ITR Asia Tax Executives' Forum in May - please find out more here.
Taxand Quarterly (January 2009)
In this issue we firstly take a look at the key legislative changes affecting our clients across the world. In Canada new rules are to be introduced which allow companies to report for tax purposes in their functional currency. In Finland the provisions governing the taxation of dividends received by non-residents are to be amended so correspond to the taxation of dividends paid to residents so as to comply with EU Law. In Greece it has been announced that the corporate income tax rate is to be reduced gradually (from 2010 to 2014) from 25% to 20% although this does need to be considered in the context of new 10% withholding taxes on profits distributed by Greek companies and on capital gains arising on the sale of listed shares. In Portugal it is proposed that the legislation which assimilated gains derived from exchange rate swaps, combined interest and exchange rate swaps and forward exchange agreements to interest income for domestic purposes (and therefore for withholding tax purposes) are to be repealed.
We then move on to look at recent rulings and of particular note is the recent ruling in China which deals with thin capitalization ratios etc in relation to loans from related parties. Court cases come next and of particular note is the Vodafone case in India which has laid down some important principles in relation to the taxability of offshore transactions between non-residents involving the transfer of a significant economic interest of a business located in India.
In Other News one of the highlights relates to the reform of the EU savings directive - whilst only having been in force for three years reforms are considered necessary e.g. to limit the use of investment structures to circumvent the Directive by using interposed companies.
To end the tax update we have a special feature which focuses on the use of transfer pricing as a repatriation tool during the economic downturn - whilst the feature is somewhat U.S. focused it does have a wider global relevance.
And finally in the Taxand News section we take a look at what's been happening in Taxand recently. Of particular note is that Taxand is been recognised worldwide by the International Tax Review through award wins for cross-border tax advice and now has approaching 50 members.
Other important news relates to the Global Taxand Conference which is taking place in Miami on 18-20 February 2009. The conference will feature a range of engaging plenary sessions designed to address our clients' current tax issues with the sessions being managed by some of Taxand's most experienced global advisors.
Taxand Quarterly (October 2008)
In this issue we firstly take a look at the key legislative changes affecting our clients across the world. In Germany the rules relating to tax based structures were strengthened. In Japan the Ministry of Economy, Trade & industry has recently announced its plan to push ahead with amending the international tax rules and repeal the taxation to which a Japanese parent company is liable on dividend income from overseas subsidiaries. In Luxembourg the 0.5% capital duty charge is to be abolished with effect from 1 January 2009. In Malaysia it has been announced that thin capitalisation rules are to be introduced and furthermore the scope of existing transfer pricing legislation is to be extended. In Romania, with effect from 1 January 2009 tax losses incurred as from the 2009 financial year and recorded in the annual corporate income tax return may be carried forward for the following seven years, whilst tax losses incurred before 2009 may be carried forward for the following five years.
We then move on to look at recent rulings and of particular note is the recent ruling in Portugal in relation to Advance Pricing Agreements. Court cases come next and the highlight this quarter is on the number of cases coming out of India : of particular note is the case relating to the attribution of profits to a dependent agent permanent establishment.
In "Other News" the highlight is the fact that the OECD has recently published the final version of its report on the attribution of profits to permanent establishments.
To end the tax update we have a number of special features with the one from the U.S. on Intangible Property and the two from the Netherlands focusing on the Netherland's competitiveness on the International stage being of particular interest.
And finally in the Taxand News we take a look at what's been happening in Taxand recently including award news, client conferences, new members and the launch of our new Intranet.
Taxand Quarterly (July 2008)
In this issue we firstly take a look at key legislative changes affecting our clients across the world. In Belgium the tax authorities have published a circular on the application of the notional interest regime which in particular comments on the regime from the viewpoint of the general anti-abuse rules. In Finland the Government has published draft legislation which if adopted would narrow the scope of the CFC legislation. In Germany the draft 2009 Tax Act contains some important changes in tax law for inbound investors. In Luxembourg the Government has announced that capital duty will be abolished from 2009. In Russia the Government is currently discussing the main guidelines of Russian Tax Policy for 2009-2011 : there are several proposals that might influence multinational groups. In Puerto Rico the Economic Incentives Act for the Development of Puerto Rico has been introduced and includes tax incentives.
We then move on to look at recent rulings and of particular note is the recent ruling in India in relation to the taxability of intangible assets. Court Cases come next and as ever there a number of cases from the European Union - of particular interest is the case which found that the Spanish thin capitalisation provisions which have been in force since 2003 are contrary to EU Law.
To end the tax update we have three special features, one from each of Canada, Spain and the US. Of particular interest is the article from Canada which discusses the recent decision in the Prevost Car case which considered beneficial ownership of dividends - it is interesting to see the contrast between this case and the UK (non-tax) case, Indofoods.
And finally in Taxand News we take at look at what's been happening in Taxand recently including providing an update on recent award wins, our global conference, the launch of new tools and our great performance in the ITR's online survey which ranked top tax advisory firms.