Category: Government Bodies

Beneficial Ownership / Debt / Dividends / Interest and Royalties Directive / Parent-Subsidiary Directive / Regulatory / Tax Exempt / Withholding Tax

Italy’s Supreme Court resolves withholding tax dispute over interest paid to holding company

Published by: MNE Tax - September 10, 2020

The Italian Supreme Court, in a decision released 10 July, has addressed whether a sub-holding company was beneficial owner of interest payments for withholding tax purposes, applying the European Court of Justice’s holdings in the well-known Danish cases. ... - Continue reading

Business / Jurisdiction / Multinationals / OECD / Philippines / Profit Shifting / Related party Transactions / Tax Collection / Transfer pricing

Enhanced transfer pricing regime amidst the pandemic

Posted On: August 31, 2020

Globally, the coronavirus disease 2019 (Covid-19) pandemic is requiring governments to design and implement strategies to cope with the deepening impact of the virus. They are introducing measures to cushion the blow from the economic downturn, such as drawing from reserves and intensifying tax collection efforts. As entire countries and… – Continue reading

Business / Cyprus / Double Tax Treaty / Double Taxation / Mutual Agreement Procedure / OECD / Permanent establishment / Profit Shifting

Cyprus: Cyprus And Switzerland Agree Updated Double Tax Treaty

Published by: Mondaq - August 17, 2020

On 20 July 2020 Cyprus agreed an updated double tax treaty (DTT) with Switzerland. The signatory for Cyprus was Foreign Minister Constantinos Petrides, while his counterpart, Pierre-Yves Fux, signed on behalf of the Swiss Federal Council. The revised protocol will update the existing agreement, which has been in force since July 2014. Details of the protocol were published in the Official Gazette on the 24 July 2020 and are now undergoing the ratification process. ... - Continue reading

Canada Revenue Agency / Capital gains / Double Taxation / Exemptions / G7 / Government Bodies / Interest / Lease / OECD / Tax Credit / Tax Planning

Canada: Don’t Let Your Dream Vacation Home Become A Tax Nightmare

Published by: Mondaq - July 29, 2020

Renting your foreign property may require you to disclose information to the Canada Revenue Agency (the "CRA"). A Foreign Income Verification Statement is required to be filed with the CRA where the adjusted cost base of the property exceeds CDN $100,000.  ... - Continue reading

Australian Taxation Office / Canada Revenue Agency / HM Revenue & Customs / Internal Revenue Service (IRS) / Tax Evasion / Tax Laws

Int’l task force sees success in cracking down on tax crimes

Published by: Accounting Today - July 13, 2020

The tax crime-fighting group including the Australian Taxation Office (ATO, the Canadian Revenue Agency (CRA), the Dutch Fiscal Information and Investigation Service (FIOD), Her Majesty’s Revenue and Customs (HMRC) from the U.K. and the Internal Revenue Service Criminal Investigation Division (IRS-CI) from the U.S sees a silver lining regarding its purpose. ... - Continue reading

Automatic Exchange of Information / Common Reporting Standard / Interest / Lease / OECD / Tax Evasion / Tax Fraud

OECD publishes model rules for tax reporting by gig economy platform operators

Published by: MNE Tax - July 8, 2020

On 3 July, the OECD released model rules for tax reporting by platform operators that assist sellers in the sharing and gig economy. Following international efforts to address the tax challenges in the digital economy, this OECD guidance represents an important step towards transparency through the exchange of information. ... - Continue reading

EU / European Commission / European Parliament / Interest / Offshore Tax Evasion / Tax Avoidance / Tax Planning

EU to launch tax observatory

Published by: MNE Tax - July 8, 2020

The EU’s awareness of the relevance of tax policy is clear. On 6 July, the European Commission called for proposals for the creation of an EU tax observatory. This follows the adoption of the Commission Decision on the financing of the preparatory action EU Tax Observatory – Capacity building to support Union policy making in the area of taxation and the adoption of the annual work programme for 2020 on 16 June. ... - Continue reading

Caribbean / Covid-19 / Legislation / Tax Reform / Tax Relief / UN

Fiscal policy key to overcoming pandemic’s impact on LatAm: UN agency

Posted On: July 7, 2020

The United Nations Economic Commission for Latin America and the Caribbean (ECLAC) has stated that Latin American SANTIAGO, July 6 (Xinhua) — Latin American countries must turn to effective fiscal policy to cushion the social and economic impact of the COVID-19 pandemic and reactivate local economies, the United Nations Economic… – Continue reading

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