Category: EU

Austria / Automatic Exchange of Information / Base Erosion & Profit Shifting / EU / Europe / Germany / Liechtenstein / Luxembourg / OECD / Switzerland

Five German-speaking finance ministers reaffirm common approach in the field of taxation, banking union and Greece

Posted On: August 25, 2015

At their meeting in Salzburg, Pierre Gramegna, Austrian Finance Minister Hans Jörg Schelling, Liechtenstein Prime Minister and Finance Minister Adrian Hasler, the Swiss Finance Minister Eveline Widmer-Schlumpf and Germany’s Finance Minister Wolfgang Schaeuble employed in particular with international tax policy, the fight against tax optimization models overlooking the BEPS Initiative… – Continue reading

Afghanistan / Anti money laundering / Banking Secrecy / Estonia / EU / Finland / Guinea-Bissau / Iran / Kazakhstan / Lithuania / Luxembourg / Mali / New Zealand / OECD / Slovenia / Switzerland / Tajikistan / Turkey

Luxembourg performs poorly in anti-money laundering index

Posted On: August 24, 2015

In an assessment of money laundering and terrorism financing risks, Luxembourg scored in the bottom half of a ranking of 152 countries carried out by the Basel Institute on Governance, reports the Luxemburger Wort. The institute says that its AML (Anti-Money Laundering) Index is the only such review carried out… – Continue reading

Australia / Base Erosion & Profit Shifting / EU / G20 / Legislation / OECD / Tax competition / Tax Laws / Transfer pricing

Senate economics committee releases interim report on corporate tax avoidance

Posted On: August 24, 2015

What has happened? On 2 October 2014 the Senate referred an inquiry into corporate tax avoidance to the Senate Economics References Committee for inquiry and report. The Committee conducted public hearings1 in Sydney, Melbourne and Canberra and received submissions from a number of senior executives from high profile multinational corporations… – Continue reading

Capital gains / Cyprus / Dividends / EU / Legislation / Parent-Subsidiary Directive / Real Estate / Residence / Transfer pricing

Cyprus: A fairer tax regime

Posted On: August 24, 2015

The Cyprus government recently announced a number of tax incentives aimed at encouraging economic activity and attracting inward direct investment. At the same time it submitted a number of draft laws to the House of Representatives to implement the new provisions of the EU Parent-Subsidiary Directive, to simplify the tax… – Continue reading

Automatic Exchange of Information / Bahamas / EU / FATCA / FATF / OECD

Bahamas “largely compliant” says OECD Tax Policy Director

Posted On: August 23, 2015

The director of the Organization for Economic Co-operation and Development’s (OECD) Centre for Tax Policy and Administration, Pascal Saint-Amans, has praised The Bahamas for its “tremendous progress” in adopting Foreign Account Tax Compliance Act (FATCA) standards and paving the way for automatic exchange of information between the US and The… – Continue reading

Cyprus / Dividends / Double Tax Treaty / EU / Parent-Subsidiary Directive / Residency / Switzerland / Tax evasion investigations

France: Dividend Withholding Tax Exemption And Specific Anti-Abuse Provision

Posted On: August 21, 2015

In a recent decision (CAA Versailles, July 8, 2015, n°13VE01079), the Versailles Administrative Court of Appeals (CAA) provided an interesting illustration of the operation of the specific anti-abuse provision (i.e., different from the general abuse of law theory) attached to the dividend withholding tax exemption provided, in accordance with the… – Continue reading

Automatic Exchange of Information / Base Erosion & Profit Shifting / EU / Europe / G20 / OECD / Tax competition / Tax Planning

Tax Transparency In European Union

Posted On: August 21, 2015

On 17 June 2015, the European Commission launched a public consultation on further corporate tax transparency, which suggests a variety of tax transparency measures including country-by-country reporting (see here). The consultation is intended to gather feedback on which companies should offer more tax transparency and to whom. The deadline for… – Continue reading

Bahamas / Capital gains / Cayman Islands / Controlled Foreign Companies / Dividends / Double Tax Treaty / Estonia / EU / Europe / Hungary / Intellectual Property / Loans / Microsoft / Parent-Subsidiary Directive / Permanent establishment / Poland / Real Estate / Residence / Royalties / Singapore / Skype / Switzerland / Tax Planning / Tax treaties / UAE

Use of Estonia in U.S. International Tax Planning

Posted On: August 21, 2015

According to recent estimates, Estonia, which is situated halfway between Stockholm and St. Petersburg, currently has more than 350 start-up technology companies – one for every 3,700 citizens – and the government expects this number to reach 1,000 by the year 2020. This makes Estonia the number one start-up technology… – Continue reading

EU / Intellectual Property / KPMG / Research and Development (R&D) / Switzerland / Tax Laws

Switzerland: Innovation tax breaks “key to attracting companies”

Posted On: August 21, 2015

Industry lobby groups are calling on lawmakers to bolster business innovation as they debate corporate tax reforms aimed at retaining Switzerland’s status as a location for multinationals, reports Swiss Info. Parliament is currently looking at a government recommendation to replace Switzerland’s current, and controversial, cantonal corporate tax system – that… – Continue reading

Australia / Base Erosion & Profit Shifting / EU / Legislation / OECD / Transfer pricing

Australian Committee On Tax Avoidance Issues Interim Report

Posted On: August 20, 2015

The Australian Senate inquiry into tax avoidance has released its interim report, which makes 17 recommendations, including the introduction of a mandatory tax reporting code. The Senate Inquiry into Corporate Tax Avoidance was referred to the Economics References Committee in October 2014. The first hearing was conducted in April 2015,… – Continue reading

Automatic Exchange of Information / EU / FATCA / G20 / Investments / OECD / Offshore Tax Evasion

ON THE LEFT: Best way to tackle offshore tax evasion

Posted On: August 19, 2015

FOR MANY YEARS countries around the world have been engaging in the automatic exchange of information in order to tackle offshore tax evasion and other forms of non-compliance. The Organisation for Economic Cooperation and Development (OECD) has been active in facilitating automatic exchange of information by creating the legal framework,… – Continue reading

Cayman Islands / EU / Guernsey / Jersey / Legislation / Switzerland / Tax Information Exchange Agreements

Cayman Islands confident of securing AIFMD passport, says AIMA

Posted On: August 19, 2015

The Cayman Islands is confident that the pan-European marketing ‘passport’ will be extended to alternative investment funds (AIFs) set up in the jurisdiction, according to the Alternative Investment Management Association (AIMA). Cayman, where a high percentage of offshore hedge funds are registered, still awaits assessment by the European Securities and… – Continue reading

Common Reporting Standard / EU / FATCA / Liechtenstein / Offshore Trusts / Residence / Switzerland / United Kingdom

Tax expert warns Liechtenstein disclosure facility replacement will be tougher

Posted On: August 19, 2015

Anyone with undisclosed overseas income, gains or assets will be wise to make use of the Liechtenstein Disclosure Facility while it lasts, according to tax experts at Baker Tilly, reports FT Adviser. Andrew Hubbard, a partner at the firm, warned advisers that everything he has heard has led him to… – Continue reading

Base Erosion & Profit Shifting / EU / G20 / Luxembourg / OECD / Profit Shifting / State Aid / Transfer pricing / USA

The fight of the EU against tax avoidance: More powers for Brussels

Posted On: August 19, 2015

In its Resolution of March 25, 2015, on the Annual Tax Report (2014/2114(INI)), the European Parliament renewed its commitment to combating tax havens and tax avoidance. To be sure, most aspects of the resolution have been discussed before. Bundling these aspects into one comprehensive package, however, provides an intriguing snapshot… – Continue reading

Base Erosion & Profit Shifting / EU / G7 / OECD / Transfer pricing / United Kingdom

No Plans To Harmonize EU CIT Rates, Says Moscovici

Posted On: August 18, 2015

Tax Commissioner Pierre Moscovici has confirmed that the European Commission has no plans, formal or informal, to harmonize corporation tax rates across the European Union. In a written question to the Commission, Jonathan Arnott, a UK Member of the European Parliament, asked the Commission to confirm its latest position on… – Continue reading

Anti money laundering / Beneficial Ownership / British Virgin Islands / Cayman Islands / Corruption / EU / FATF / Legislation / Offshore Companies / Privacy / Trustee

European Union: The Future Of Trusts In The Context Of The 4th AML Directive

Posted On: August 18, 2015

The following article by Dr Monica Galea John, partner in the Financial Services Department, analyses the manner in which the Fourth EU Anti Money Laundering Directive (the “Directive“) which has just made its way through the EU’s legislation, obliges, for the first time, EU member states to maintain central registers… – Continue reading

Automatic Exchange of Information / Base Erosion & Profit Shifting / EU / G20 / OECD / Parent-Subsidiary Directive / Royalties / Shares / Tax treaties / United Kingdom

Britain and the EU: potential tax implications of the UK leaving the EU

Posted On: August 17, 2015

In short… The current balance of competences between the EU and the UK on tax is quite intricate, with a tension between member states’ desire to determine their own tax systems and the EU-led aim of a level playing field. The EU most obviously influences member states’ indirect taxation (particularly… – Continue reading

Dividends / EU / Gaar / Luxembourg / Netherlands / Parent-Subsidiary Directive / Permanent establishment

Luxembourg proposes new corporate tax measures for 2015 and 2016

Posted On: August 17, 2015

Luxembourg has proposed major corporate tax changes which would bring the Grand Duchy into line with recent updates to the Parent-Subsidiary Directive. The Luxembourg government released Bill 6847 (the Bill) on August 5 2015, which includes proposed tax measures for corporations and follows several recent announcements from Finance Minister Pierre… – Continue reading

Alliance Boots / Apple / Base Erosion & Profit Shifting / EU / Google / Incorporation / Inversion / Ireland / Luxembourg / Netherlands / Residence / Residency / Royalties / Starbucks / Tax Planning / Tax treaties / United Kingdom / USA / Walgreens

The tax planner’s tightrope: morality and politics now in play

Posted On: August 14, 2015

Introduction In 1934 distinguished US jurist Judge Learned Hand famously opined that “one may so arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to… – Continue reading

Australia / EU / EY / Finland / Greece / Indonesia / OECD / RBC / Sweden / Tax evasion investigations / Tax Planning / United Kingdom / USA

Tax authorities urged to be more vigilant over the super-rich

Posted On: August 14, 2015

Revenue authorities need to be “vigilant” in monitoring the super-rich, according to research that called on many of them to improve their scrutiny of their richest taxpayers, reports the Financial Times. The study by the Paris-based OECD is a further sign of the pressure on tax departments to squeeze more… – Continue reading

EU / G20 / Guernsey / Investments / OECD / United Kingdom

Guernsey Funds Boosted By OECD Membership

Posted On: August 13, 2015

A clarifying statement agreed by the UK Treasury and the Ministry of Justice about Guernsey’s position within the OECD bolsters the island’s attractiveness as a fund domicile, according to Guernsey Finance, the promotional agency for the island’s financial services industry. Representatives of Guernsey’s Government, the regulator, and industry bodies have… – Continue reading

Bulgaria / China / Citizenship / Corruption / Cyprus / EU / Europe / France / George Osborne / Hungary / IMF / Iran / Ireland / Israel / Legislation / Malta / Nevis / Portugal / Residence / Residency / Russia / Switzerland / Tax Planning / Visa

Worldwide: Governments Continue To Welcome Wealthy Foreigners

Posted On: August 13, 2015

With the UK announcing new tax rules for foreigners living in the country, the government has been careful not to damage the country’s appeal to wealthy foreigners. The “non-dom” tax status “plays an important role in allowing those from abroad to contribute to our economy”, says George Osborne, the UK’s… – Continue reading

Austria / Common Reporting Standard / Costa Rica / Croatia / Digital Services / Estonia / EU / FATCA / Finland / Ireland / Japan / Korea / Morocco / Norway / OECD / Singapore / Sweden / Switzerland / Tax evasion investigations / Thailand / United Kingdom / USA

OECD Releases Its Annual Tax Administration Report

Posted On: August 13, 2015

On August 11, 2015, the Organisation for Economic Co-operation and Development (OECD) released its annual report addressing global tax administration. The OECD’s stated mission is to “promote policies that will improve the economic and social well-being of people around the world.” The OECD describes its annual report as follows: Tax… – Continue reading

EU / OECD

Tax Administration 2015

Posted On: August 11, 2015

Comparative Information on OECD and Other Advanced and Emerging Economies Tax Administration 2015, produced under the auspices of the Forum on Tax Administration, is a unique and comprehensive survey of tax administration systems, practices and performance across 56 advanced and emerging economies (including all OECD, EU, and G20 members). Its… – Continue reading

Barbados / Bulgaria / Croatia / Cyprus / DTA / Estonia / EU / Finland / Greece / Italy / Latvia / Lithuania / Poland / Portugal / Slovenia / Spain

Spain removes Barbados from blacklist

Posted On: August 10, 2015

FOLLOWING A PROTEST from the Ministry of International Business, Spain has removed Barbados from its tax blacklist. This latest development comes after a recent decision was taken by members of the European Union to blacklist this country for being a non-cooperative tax jurisdiction. International Business Minister, Donville Inniss, praised the… – Continue reading

Dividends / EU / Legislation / Malta

Malta: Tax haven or frontier market?

Posted On: August 7, 2015

In order to maintain a competitive edge, Malta offers wealthy individuals and corporations advantageous tax rates, using tax breaks to attract investment or hot money, which could originate from criminal activities Malta is this year expected to register the fastest growth rate in the EU, with property prices rising year… – Continue reading

Amazon / Anti money laundering / EU / France / Germany / Italy / Jean-Claude Juncker / Luxembourg

Luxembourg’s Euro Note Love Affair Raises Eyebrows Over Taxes

Posted On: August 6, 2015

While the European single currency’s existential crisis drags on in Athens, it turns out Luxembourg likes its euros — a lot — as foreigners with accounts in the Grand Duchy try to stay one step ahead of the taxman. Luxembourg’s central bank issued 15 percent more euro notes in 2013,… – Continue reading

Anti money laundering / Banking Secrecy / Cayman Islands / Corruption / EU / FATF / G20 / IMF / Legislation / OECD / Privacy / Tax Information Exchange Agreements / Tax Laws / United Kingdom / USA

Cayman Islands: Fiscal Transparency In The Cayman Islands

Posted On: August 5, 2015

Introduction The Cayman Islands have an extremely open, accountable and transparent government and regulatory system. Despite the dated stereotype, the Cayman Islands have promoted transparency regulations and initiatives for many years.  In May 2000, the Cayman Islands made commitments to the Organisation for Economic Co-operation and Development (the “OECD“) to… – Continue reading

Capital gains / Dividends / DTA / EU / Europe / Germany / Offshore Investments

Germany: Taxation of Foreign Investment in Germany

Posted On: August 5, 2015

Germany has the largest economy in Europe. Along with the developed infrastructure, investors will also benefit from the advanced technology that will ease integration in many industrial sectors, and the highly specialized as well as educated workforce. In terms of the taxation of foreign investment, the taxation system in Germany… – Continue reading

Double Taxation / DTA / EU / France / Legislation / Royalties / United Kingdom

EC Will Not Challenge Member States On Royalties Tax

Posted On: August 5, 2015

Tax Commissioner Pierre Moscovici has said that European Commission law was not breached in the case of a French professional association taxing royalty payments earned by UK musicians in France. In a written question to the European Commission, Julie Girling, a UK Member of the European Parliament (MEP), alleged that… – Continue reading

Anti money laundering / British Virgin Islands / Cayman Islands / Cyprus / EU / Financial markets / Legislation / Offshore Fund / Tax treaties

Cyprus: Opportunities For Offshore And Alternative Investment Funds

Posted On: August 4, 2015

Introduction Following the implementation of the EU Alternative Investment Fund Managers (AIFM) Directive (2011/61/EC) and associated legislation, Cyprus now lays claim to being a growth jurisdiction within the European Union for the establishment and servicing of boutique and low cost alternative investment funds based locally or offshore. The choice of… – Continue reading

Advance Pricing Agreement / Base Erosion & Profit Shifting / EU / G20 / Inversion / Legislation / OECD / Permanent establishment / Real Estate / Residence / Royalties / Tax Credit / Tax Laws / Tax treaties / USA

Treasury proposes five major changes to the U.S. Model tax treaty

Posted On: August 4, 2015

On May 20, 2015, the U.S. Treasury Department (“Treasury”) released five sets of proposed revisions to the U.S. Model Income Tax Convention (“Model Treaty”) for public comment. The Model Treaty was last updated in 2006. The purpose of the proposed revisions is to ensure that the United States maintains the… – Continue reading

Advance Pricing Agreement / Base Erosion & Profit Shifting / EU / OECD / Permanent establishment / Real Estate / Residence / Spain / Transfer pricing

Country-by-Country Reporting in the EU: Spain Adopts Regulations and the European Parliament Votes for Public Disclosure

Posted On: August 4, 2015

On 11 July 2015 a new Corporate Income Tax Regulation (CITR) was approved in Spain, introducing, amongst other things, amendments to the Spanish transfer pricing reporting requirements. The new requirements largely reflect the recommendations made by the OECD with respect to Action 13 of the OECD Base Erosion and Profit… – Continue reading

Apple / Automatic Exchange of Information / EU / Fiat / Intellectual Property / Ireland / Jean-Claude Juncker / Legislation / Luxembourg / Netherlands / Starbucks / State Aid / Tax Information Exchange Agreements

intellectual property state aid apple fiat starbucks jean-claude juncker ireland luxembourg netherlands automatic exchange of information eu legislation Tax Information Exchange Agreements

Posted On: July 31, 2015

Governments that offer multi-national firms sweetheart tax deals should not be allowed to benefit if the European Union orders them to claw back the aid, according to a new report by the European Parliament’s special committee on tax rulings. Instead, the proceeds should be “returned to the member states which… – Continue reading

Australia / EU / Europe / Netherlands / Tax Laws / Uber / United Kingdom

EXCLUSIVE: Uber’s rival says it uses ‘tax avoidance on an industrial scale,’ and wants Europe to investigate

Posted On: July 31, 2015

An alliance of London minicab drivers wants the EU to probe Uber’s tax arrangements and grill founder Travis Kalanick personally on the issue. Business Insider has seen a copy of a letter sent by the London Private Hire Car Association (LPHCA) to the chair of the European Parliament’s tax committee,… – Continue reading

Amazon / Automatic Exchange of Information / EU / Europe / Ikea / Luxembourg / PepsiCo / Tax competition

Lux Leaks panel banks on voter rage : New draft report calls on national governments to ‘eliminate mismatches’ in policy.

Posted On: July 30, 2015

Anticipating a tough legislative fight, the European Parliament’s special committee investigating tax shelters plans to play its trump card: citizen outrage. The committee’s co-rapporteur Michael Theurer, a German MEP from the Alliance of Liberals and Democrats for Europe, told POLITICO’s German podcast that he expected “objections, difficulties and political resistance”… – Continue reading

Cyprus / Double Taxation / EU / Investments / Legislation / Permanent establishment

Cyprus Introduces Notional Interest Deduction Regime on ‘New Equity’

Posted On: July 30, 2015

On 9th July 2015, the Cyprus House of Representatives voted in favour of the introduction of a Notional Interest Deduction regime, aimed at encouraging investment into corporate structures, and thus reducing excessive debt financing. Such changes, aimed to further improve Cyprus’ growth prospects, will align the Republic’s system with that… – Continue reading

Amazon / Apple / EU / Fiat / Ireland / Luxembourg / Netherlands / Starbucks / State Aid / Tax Planning

EU Urged to Ban Windfalls for Nations Giving Illegal Tax Aid

Posted On: July 30, 2015

Governments that dole out tax subsidies to big companies shouldn’t be allowed to reap multibillion-euro windfalls if the European Union orders them to claw back the aid, lawmakers probing tax loopholes said. Instead, the EU should consider changing the law so that money is shared among neighboring nations that played… – Continue reading

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