Tracksuits on, as judge grants review of status that could see bridge organisation reclaim VAT on entry fees.
Where will the enforcement vote go? download
Moves to stop the enforcement of debts by way of taking control of goods could be on the way, and other factors enforcement professionals should consider.
Luxembourg, EU and international developments in tax regulation, including the double tax treaty network.
Recent notable insolvency cases download
An update on interesting cases and their outcomes.
What makes Jersey so attractive to companies? (And there’s more to it than tax.)
Tax may be extended to cover intangible services such as internet streaming and e-books sold into Australia.
Private equity newsletter, Spring 2015: managers' liabilities; signing documents properly; and more download
Several modifications to enterprise tax reliefs were announced in the 2015 Budget. Wragges explores the proposed changes and what they mean to investors and qualifying companies.
Including information on driving checks, fees for intervention and sentencing guidelines for health and safety offences, corporate manslaughter and food safety and hygiene offences.
We hope the CRA will align its assessing position with the clear interpretation of the Tax Court.
This page provides a link to all the relevant discussion papers.
Industry leaders are urging the next government to consider excluding small firms from business rates.
Financial Regulatory Developments, 24 April: the end of too-big-to-fail; £13m reporting fine; Al Qaida sanctions; and more download
Also: EU adopts money laundering directive introducing national registries of ownership, and more.
Getting a business going in Jersey is relatively straightforward, but be aware of certain issues in areas such as licensing and ownership.
Sound recording credit eliminated, and other changes.
Where a corporate lender agrees to release a debt, the lender will be entitled to a tax deduction, which can be used to reduce taxable profits.
Preparing for a dawn raid download
External counsel can help raided companies decide, say, whether to file for leniency. Bernhard Lauterburg of Prager Dreifuss is one of the experts on the panel in this Q&A article.
The Knowledge Development Box is a corporation tax incentive for the development of IP, intended to attract foreign direct investment to Ireland.
The government has fulfilled its pledge to balance its books after seven years of deficit largely by dipping into its contingency fund, cutting spending, and selling off assets.
Canada: Federal Budget 2015 overview download
Containing editorial comments regarding the tax proposals announced in the 2015 Federal Budget.
Across the EUniverse, issue 1: e-books VAT battle; freedom of personal data; shareholders’ rights revisited; and more download
Legal implications of the latest moves in Brussels.
Cayman has taken a creditor-friendly approach to implementation.
…and the present is no time to request a loss determination.
Corporate and personal income tax, social security contributions and property tax are among the sectors to be affected.
Charities urged to share their opinions on Government plans for reform – the Charity Finance Group has put together a policy briefing.
Presentation for the association of corporate lawyers in Split.
VAT and Russian roulette in Romania download
Whenever a Romanian company changes its corporate seat, shareholders or administrators it risks losing its VAT registration number.
Investment preferences in Kazakhstan download
Measures of state support for priority investment projects.
30% female non-execs on German boards; lower penalty for failing to consult a works council in France; mandatory retirement no more in Denmark; all the UK changes; and more.
Franco-German tax treaty amended download
After the amendment to the Franco-Luxembourg tax treaty of September 2014 it is the turn of the Franco-German tax treaty, with an amendment concluded on 31 March.
Turkey’s prime minister has announced an 11-step incentive package to secure investment financing for the country.
In March, MPs backed legislation for the plain packaging of cigarettes. Health campaigners have welcomed the news; tobacco companies have not.
HMRC plays fast and loose download
A medium-sized corporate client of Collyer Bristow got into temporary cash flow difficulties and, as a result, HMRC filed a petition for the winding up of the company for arrears of VAT.
A draft law on voluntary declaration should motivate business owners to disclose their foreign property and facilitate the tax-free restructuring of foreign assets.
One of the key features of Jersey’s funds industry is the range of structures and regulatory approaches that can be used.
Multinationals take note; China has introduced measures to deny income tax deductions for certain service fees and royalties paid by Chinese companies to their overseas affiliates.
Corporation tax has been cut from 21% to 20% and and the business rates system has changed in England.
Expansion of the IT sector in Serbia has lead to an increased engagement of local IT experts by foreign IT companies.
A number of developments relevant to tax planning were included in the Budget, the key points of which are summarised in this briefing.
The implications of the draft Protection of Charities bill, which proposes significant increases to the Charity Commission’s powers.
Distributions from a Swiss resident company are subject to a 35 per cent Swiss Withholding Tax (WHT).
Significant changes to Russia’s tax code could lead to an increased use of corporate and trust entities based in the Channel Islands in the structuring of Russian corporate and private wealth arrangements.
The Cayman Automatic Exchange of Information Portal is now open and a user guide is available to help smooth the process of making filings.
A high-level overview, relevant to anyone connected with the structuring, establishment or maintenance of corporate or private wealth arrangements for Russian clients.
Financial Regulatory Developments: weaknesses in Suspicious Activity Reports system; de-risking under fire; and more download
Latest update on regulatory moves in the UK, Europe and beyond.
Highlighting the measures that are most relevant to law firms and their clients.
An overview of the main changes outlined by the Chancellor.
Minimum wage rise confirmed download
The national minimum wage is to rise by three per cent.
High-street shops closed down at a rate of 16 a day on average in 2014, as the net fall in stores nearly tripled, new figures show.
No news is good news – or so we’re told. A recent Court of Appeal decision confirming no change in the law in relation to redevelopment is certainly good news for landlords and developers.
Business rates system to be reviewed download
A radical review has been launched, in a bid to make the business rates system fairer.
Construction industry on tenterhooks over the Budget.
Business rates are now a significant expense for most businesses. But a recent test case has resulted in success for GPs seeking to reduce their business rates burden.
The Israel Tax Authority has expressed a view that could jeopardise, or at least complicate some basic hedging tactics.
SCS and SCSp are transparent for corporate income tax and municipal business tax purposes.
A new IP tax regime, in line with the so-called “modified nexus approach”, is to be introduced in Luxembourg. This is aimed at creating a level playing field in the area of IP taxation.
Dentons has prepared the overview of the most important legislation changes in tax for 2014.
Mumbai decision may have significant implications for the tax positions of hotel owners and operators in India.
Liability for tax violations under a new code ‘On Administrative Violations’ and Criminal Code of Kazakhstan download
A brief review of the main innovations concerning the liability of taxpayers on tax-related administrative cases.
VAT and lawyers – a legal challenge? download
VAT has proven to be anything but a supposedly simple tax, presenting technical challenges for even the most straightforward of businesses such as the legal profession.
Founding and managing partner
Tax is a fundamental part of Bojovic’s full-service approach.
Newbigin v SJ & J Monk provides guidance on how to value a building for rating purposes when it is being refurbished. The result is that it is now more difficult to avoid empty property rates.
The UK’s 2005 regime was the poster child for EU gaming law compliance but that has now been brought to a screeching halt with the introduction of new tax rules.
The development of natural monopoly regulation in Kazakhstan can be seen as an important test case for regulatory reform issues in countries with developing market economies.
The European Parliament has set up a special committee to examine whether member states broke EU rules by offering tax breaks to large multinational companies.
The government introduced draft legislation in January 2015 to prevent the use of reductions of capital by target companies using takeover schemes of arrangement.
Hidden in last year’s Autumn Statement was a trap for the unprepared!
This article considers market trends that have developed over the last 12 months, as well as developments in law and regulation which will continue to impact lenders in the year ahead.
Eversheds tax partner warns that EU attempts to provide multilateral tax reform do not include the US.
The British Virgin Islands is becoming a popular jurisdiction for aviation finance transactions in both the commercial and business jet sectors.
Tax update — January 2015 download
The Luxembourg Budget law, abolition of the witholding tax system and a new circular on benefits-in-kind, plus more.
Before Thursday 7 May 2015, the date of the next general election, the Conservative Liberal Alliance will make a number of changes to the UK tax regime as it applies to international investors.
Budget 2014 and pensions download
The Budget statement delivered on 19 March 2014 promised some of the most radical changes to pension savings for a generation. Are you ready?
Bates Wells Braithwaite has released the Spring 2015 edition of its legal update for faith-based organisations.
Some significant amendments have been made to the Income Tax Act.
The proposed Irish Knowledge Development Box regime will follow a similar framework to the Modified Nexus approach.
How to resolve a dividends block created by losses made over a number of years.
Italian firm Grimaldi Studio Legale has added three partners to its roster, including former Allen & Overy (A&O) partner Davide D’Angelo.
The Scottish Government has announced revised rates for residential properties under the Land and Buildings Transaction Tax (LBTT).
This briefing sets out some high level issues to consider on a global M&A deal where the target is an Australian company or business or where downstream Australian subsidiaries are involved.
Tax tasks and resolutions for 2015 download
In this article, partner Karen Payne and senior associate Vasuki Sivaloganathan of Minter Ellison outline some important tax-related tasks for your business this year.
BWB Briefing for Charities and Social Enterprise: Charity Commission's policy paper; videos from Big Society Capital; and more download
Bates Wells Braithwaite has released the 20 January 2015 issue of its BWB Briefing for Charities and Social Enterprises.
We are able to offer a comprehensive tax service covering corporate and individual tax planning for UK and international clients, and dealing with all the major direct and indirect taxes.
In December the Swiss Federal Finance Department launched an explanatory report and a proposed legislative bill concerning some important changes of the federal withholding tax system.
Ministers may be considering changes to the regulations surrounding business relief, according to a tax expert.
Our Business Establishment Practice draws expertise from across various practice areas to provide clients with a comprehensive array of services.
Luxembourg new tax measures 2015 download
On 19 December 2014 the Luxembourg Parliament enacted Bill no. 6720 and Bill no. 6722 introducing new Luxembourg tax measures applicable for corporations and individuals as of 2015.
Helping you manage your tax and pay no more than is required is one of the specialties of our tax practice.
The update contains a round-up of key developments in this area during December 2014.
The Australian Taxation Office released a draft ruling on the Goods and Services Tax treatment of bitcoin transactions on 20 August 2014.
BWB Briefing for Charities and Social Enterprise — HM Treasury publishes response to 2014 call for evidence about credit unions; and more download
Bates Wells Braithwaite has released the 8 January 2015 issue of its BWB Briefing for Charities and Social Enterprises.
In this blog post we look at what The Department for Business, Innovation and Skills, HM Treasury, HMRC and the Takeover Panel are going to do differently in 2015.
Wragge Lawrence Graham & Co’s tax experts bring you the latest tax law issues and provide action points to help you and your organisation.
Luxembourg Budget law for 2015 download
The Luxembourg Budget law for 2015 and the law introducing measures for the future were adopted on 19 December 2014.
Luxembourg’s parliament has voted through a Budget that contains various new VAT measures.
From 1 January 2015 the laws of the Russian Federation on taxes and fees become effective in Crimea and Sevastopol.
The common law doctrine of rectification operates to correct mistakes in transactions that produce (or may produce) unintended and adverse tax results.
Many tax rectification cases address situations in which certain transaction documents contain errors that do not accord with the parties’ intent to minimise or avoid taxes.
Retailers are set to cheer record sales of around £342b in 2014, according to government figures.
New amendments to the Russian Tax Code regarding de-offshorisation will enter into force on 1 January 2015.
Memery Crystal’s Tim Crosley and Naomi Lawton give their views on the 2014 Autumn Statement and the Draft Finance Bill 2015 clauses for PLCs
Protected cell companies download
Guernsey was the first jurisdiction to introduce the concept of a protected cell company but the Companies Law has effectively modernised it.
The Federal Court of Appeal has allowed the taxpayer’s motion to amend its Notice of Appeal to add a new ground of appeal.
Governments’ efforts to curb what they perceive to be aggressive international tax planning is leading many multinational companies to question their tax advice.
Extended through the end of this year are a host of tax-related deductions and credits that affect businesses and individuals, among them the work opportunity tax credit.
The Charity Commission has announced that three new questions will be included in Annual Returns for 2015.
Charity employing the services of a direct mailing company must now pay VAT at 20 per cent.
Institute of Chartered Accountants releases guidance on donations to a charity from its trading subsidiary download
New guidelines say a trading subsidiary is not permitted to pay its parent charity a greater sum in Gift Aid than it has profits.
Our tax group has practical experience in advising and representing individuals and corporations vis-à-vis the tax authorities.
The president and key members of his administration have signalled that tax reform is a high priority and one of a short list of legislative accomplishments that he would like to complete during his final two years in office.
Spain reforms its tax regime download
Spain’s recently published tax reform measure modifies the tax regime for companies, individuals and non-resident taxpayers.
Here, we discuss some key areas where HMRC’s agreement is essential to ensuring a smooth restructuring or insolvency process.
Impact of FATCA on Bermuda entities download
To facilitate reporting under and reduce the burden of compliance with FATCA Bermuda has signed a Model 2 intergovernmental agreement with the US.
HMRC has launched its latest voluntary disclosure campaign, this time targeting solicitors whose tax affairs need regularising.
Baker Tilly says solicitors must act fast if they want to take advantage of HMRC’s latest campaign, allowing them to bring their tax affairs up to date.
What must the Crown plead and how must she plead it? This question became an issue in the Tax Court’s recent decision in Legge v The Queen.
We summarise some of the main announcements including the diverted profits tax and BEPS.
There are three things in the Autumn Statement that we want to bring to your attention which you may have missed, and that may be of relevance to you.
We have seen an increasing number of public company takeovers structured as schemes of arrangement.
The Canadian government partnered with Startup Canada to hold Startup Canada Day on the Hill on 26 November.
David McGuirk, partner and rates expert at Eversheds, has commented on potential measures on business rates.
Ben Jones, partner and tax expert at Eversheds, has commented on potential new changes to the UK patent box in yesterday’s Autumn Statement.
In the African tax sphere, the trend remains for headline tax rates to continue to remain stable or decrease.
This was the finding in GSM Export (UK) Ltd (in Administration) and another v Revenue & Customs Commissioners, in which GSM Export appealed against a refusal of repayment of input tax.
Advanced technological service enterprises continue to enjoy preferential income tax treatment download
The Ministry of Finance and the State Administration of Taxation jointly issued the Circular confirming continuance of the preferential income tax treatment for ATSE for 1 January 2014 to the end of 2018.
This article updates key, high-level takeaways based on recent meetings surveying ongoing developments.
The new legislation will be applicable for fiscal years starting as from 1 January 2015, although some new measures will only be effective as from 2016.
Ed Balls has pledged to introduce a ‘genuine deterrent’ for those seeking to aggressively avoid tax, if the Labour Party wins the next general election.
On 6 November 2014, representatives from the CRA provided an update on the Income Tax Rulings Directorate.
Kazakhstan possesses significant reserves of oil and gas. Therefore, the tax system in this sector needs to provide stability, transparency and progressivity.
Employee share scheme rules overhaul download
The federal government is set to reverse the controversial employee share schemes tax changes implemented in 2009 and set up a separate tax regime for start-up entities.
Businesses operating in the EU with the benefit of tax ruling consequently need to be aware that tax rulings are currently at the centre of a series of EC state aid investigations.
Wragge Lawrence Graham & Co has advised Euroclear on its agreement with the US’s DTCC to develop a joint collateral processing service.
Upcoming nationwide transfer pricing investigation against outbound service-fee and royalty payments download
On 29 July 2014, the China State Administration of Taxation released an internal notice to the China tax authorities at the provincial levels.
SAT has released a short bulletin named ‘The Announcement on Issues Related to Special Tax Adjustment Monitoring and Administration’.
BWB Briefing for Charities and Social Enterprises — report on state of health and care services in England; and more download
Bates Wells Braithwaite has released the latest issue of its BWB Briefing for Charities and Social Enterprises.
Don’t give VAT the silent treatment download
A recent case has highlighted the risks of not expressly dealing with VAT in a commercial property transaction.
Khaitan & Co has advised Omidyar Network on the India leg of the transaction in relation to its investment in Scroll Media USA.
In 0742443 BC Ltd v The Queen, the Tax Court considered whether the taxpayer’s business of providing mini-storage and associated services was a ‘specified investment business’.
Developing a multilateral instrument to modify bilateral tax treaties: OECD issues its paper on BEPS Action 15 download
Minter Ellison considers the main issues and options for taxation reform raised in the OECD’s new paper.
Minter Ellison outlines the hybrid recommendations made by the OECD, discusses their implications and provides some comment and insight.
Doing Business in the United States download
Doing Business in the United States is an introductory guide for non-US businesses that may be interested in doing business in the US.
The UK Patent Box download
The Patent Box is a new preferential tax regime that came into force on 1 April 2013.
Fiscal aid — a potential time bomb download
The European Commission has launched a new crusade against ‘aggressive tax planning’. This time it is about ‘fiscal state aid’, i.e. subsidies in the form of national tax advantages.
Preventing the granting of treaty benefits in inappropriate circumstances: OECD issues final paper on BEPS Action 6 download
In this alert, Minter Ellison considers the main issues and options for taxation reform raised in the OECD paper.
White & Case has added five new members to its partnership in London - more than any of the firm’s other offices globally.
Wragge Lawrence Graham & Co’s French tax experts address some of the main issues that individuals owning French residential property should consider.
On 16 September 2014, the OECD issued its report titled ‘Countering Harmful Tax Practices More Effectively, Taking into Account Transparency and Substance’.
Wildgen has released its 7 October 2014 update on the Luxembourg double tax treaties network.
According to The Legal 500, following the merger of Wragge & Co and Lawrence Graham in May 2014, the firm has ‘more strength and depth as well as wider international coverage’.
The Swiss federal government has published draft legislation for the third corporate tax reform and invited the cantons and interested parties to submit comments.
At the heart of tax integration in Canada is the refundable tax and dividend refund mechanism in subsection 129(1) of the Income Tax Act.
Wragge Lawrence Graham & Co has advised longstanding client Euroclear on its agreement with the US’s DTCC to develop a joint collateral processing service.
The VAT payable on IBR advice provided by PricewaterhouseCoopers on the restructure of Airtours Holiday Transport was not recoverable.
The US Treasury Department takes its ‘initial step in addressing inversions’ by issuing Notice 2014-52.
Tim’s top tax tips download
Partner Tim Crosley gives his seven key employment tax tips that businesses should bear in mind.
Scotland has voted against independence. However, it is clear that changes will be made to grant further taxation powers to Scotland.
Wildgen has released a 25 September 2014 update on the Luxembourg double tax treaties network.
The tax department specialises in providing comprehensive tax consulting in all areas of taxation related to commercial activity in Israel.
DLA Piper has received two Americas Tax Awards from International Tax Review, a publication dedicated to international tax strategy.
DLA Piper highlights four key challenges and related ‘cures’ for dealing with one particularly perplexing group — distributors.
Establishing a subsidiary in US download
A corporation offers limited liability protection, simplifies accounting and makes tax compliance less costly.
Cook County adopts new Class 7c property tax incentive: key points for commercial developers download
The Cook County Board of Commissioners has adopted a new commercial real-estate tax incentive aiming to encourage real-estate development in the Chicago region.
The US Treasury Department has issued a notice of proposed rulemaking with a number of measures designed to reduce the tax advantages of inversion.
Ben Jones of Eversheds has commented on moves by the US government to make it harder for companies to use foreign mergers to reduce their US tax bills.
The Swiss government intends to address concerns expressed by the EU and the OECD while strengthening the future competitiveness of the Swiss tax system.
Reflections on LLP tax changes download
With 6 April 2014 now behind us, the new regime for taxing members of LLPs is in force.
Base erosion profit shifting project recommendations to combat tax avoidance by multinationals download
The OECD has been considering 15 key elements to be addressed by 2015 for a co-ordinated international approach to combat tax avoidance by multinational enterprises.
Hot topics in UK LLP tax changes download
Discussions with HMRC are already revealing areas where the new tax rules may benefit from modest relaxations before they come into force from 6 April 2014.
Following consultation with Baker Tilly and other concerned groups, HMRC has published revised guidance on the new tax rules for salaried members of LLPs.
Tax Newsletter — July/August 2014: SAT strengthens reporting request under China CFC rules; and more download
DLA Piper has released the July/August edition of its Tax Newsletter, which provides a review of PRC and Hong Kong tax developments.
‘Inversion’ transactions are nothing new, and the current proceedings appear to be just another replay of earlier games of tag between the government and US multinationals.
In Devon Canada Corporation v The Queen, the issue is whether the taxpayer may deduct $20,884,041 paid to cancel issued stock options.
Planned amendments to income taxes — introduction of taxation of income of CFCs and modification of thin capitalisation rules download
On 16 September 2014, the Polish president signed the Act of 29 August 2014 amending the Corporate Income Tax Act, the Personal Income Tax Act and certain other laws.
On 10 September 2014, the Council of Ministers announced a draft amendment to the Tax Ordinance regarding the ‘general anti-tax-avoidance clause’.
Our tax team is integral to the way the firm serves its clients and has particularly close working relationships with all the firm’s departments involved in a transaction.
Partner — Birmingham
On 1 August 2014, the ‘Provisional Measures on the Collection of Tax on Non-Resident Taxpayers Engaged in International Transportation Business’ came into force.
On 5 September 2014, the Luxembourg and French finance ministers signed a fourth amendment to the Luxembourg-France Double Tax Treaty dated 1 April 1958.
The globalisation of labour, capital and know-how has brought about new challenges for domestic and conventional tax laws.
This team provides comprehensive and clear advice on what is often a challenging and complex area of law to clients around the world.
Fladgate has strengthened its growing tax and dispute resolution practices with a pair of partner hires from Rosenblatt and US firm Crowell & Moring.
Robin Johnson, head of diversified industrials at Eversheds, has commented on the latest projections for UK manufacturing growth.
The Office of Tax Simplification published its final report on the taxation of employee benefits and expenses and termination payments on 31 July 2014.
Greenberg Traurig’s London office, Greenberg Traurig Maher (GTM), has hired Slaughter and May tax partner Graham Iversen in a high-profile lateral move in a bid to enhance its tax capability.
Leading trade organisations have criticised plans outlined by George Osborne to allow HMRC to take taxes directly from taxpayers’ bank accounts.
Our team operates predominantly in the small to mid-cap market, where we have extensive experience and a client-focused approach.
SMEs are being urged to seek information about tax breaks that could benefit them in terms of growth, innovation and research and development.
Shoosmiths has announced the appointment of two partners who will be based at the firm’s Birmingham office: Karen Featherstone and David Adams.
The GST Act has been amended to introduce new restrictions on Australian Taxation Office refunds for goods and services tax (GST) overpayments.
Verkhovna Rada has approved Law #4309a ‘On amendments to Tax Code of Ukraine and other legislative acts (on improvement of certain provisions)’.
The draft law ‘On Amendments to the Tax Code of Ukraine and Some Other Legislative Acts of Ukraine’ provides major changes to the taxation laws.
Transfer pricing court cases download
A series of tax disputes involving Russian automotive market distributors is currently before the commercial courts.
The ATO has issued a new goods and services tax (GST) determination, GSTD 2014/3, relating to GST and rental guarantee arrangements.
Kyiv Tax Newsletter — limitation of interference in activities of business entities; taxation of income from capital; and more download
Dentons has released the latest issue of its Kyiv Tax Newsletter.
The draft ‘Law on Amendments to the Tax Code of Ukraine and Some Other Legislative Acts of Ukraine’ was registered by the Verkhovna Rada of Ukraine on 22 July 2014.
DLA Piper’s May/June 2014 edition of its Tax Newsletter provides a review of People’s Republic of China and Hong Kong tax developments.
This article describes in general terms when such Australian tax could arise and, if an assessment does arise to a foreign investor, how to deal with it.
Many landlords hold their properties personally. This means that income received on rental properties is charged at income tax rates of up to 45 per cent.
Food and drink businesses that have headquarters in Switzerland or commissionaire arrangements are likely to be affected by the changes.
Simon Concannon, international tax adviser at Walker Morris, has warned anyone who receives an accelerated payment of tax notice to act fast.
DLA Piper outlines the income tax, goods and services tax, fuel tax and other implications that will stem from the repeal of the carbon tax.
Real-estate investment in Australia download
Australia offers a platform that allows new foreign investors to embrace the globalisation of real-estate capital with confidence.
The high number of companies eyeing acquisitions or ventures that will allow them to redomicile their business in the UK and Ireland is a major theme of this report.
HMRC’s crackdown on anti-avoidance schemes is set to intensify over the summer months.
Japan’s prime minister Shinzo Abe is considering reducing the corporate income tax rate to a ‘competitive rate in the global market’ in the near future.
Tax-efficient borrowing download
Businesses should aim to pay the lowest rate of interest when borrowing from banks, as well as ensuring any financing is structured tax efficiently.
Sweden proposes new system for corporate taxation: a redistribution of tax payments in the business sector download
A Swedish government committee mandated to analyse the Swedish corporate tax system has proposed new corporate tax rules.
DLA Piper has published the June 2014 edition of its Austrian Tax Newsletter.
McKesson: appellant’s factum filed download
On 10 January 2014, McKesson Canada Corporation appealed the decision of the Tax Court of Canada in McKesson Canada Corporation v The Queen.
Multistate Tax Commission’s state transfer pricing group meets to discuss design for joint transfer pricing service download
The MTC has created an advisory group consisting of representatives from several states to design a joint transfer pricing audit programme for the states.
Tax Newsletter: June 2014 — tax relief and rates for social security contributions in Serbia download
The Serbian Parliament adopted amendments to the Law on Personal Income Tax and the Law on Mandatory Social Security Contributions on 30 May 2014.
As experienced corporate tax specialists, we appreciate the need to communicate complex issues in a straightforward, accessible way.
The Federal Supreme Court has rendered an important ruling on the tax-neutral step-up of hidden reserves of a Geneva-based holding company.
Winckworth Sherwood has announced that tax partner Simon Newsham has been elected to the London branch of the Chartered Institute of Taxation (CIOT).
If your company has a CSOP, SAYE or SIP share scheme approved by HMRC, you must take action now to notify HMRC even though it is already approved by HMRC.
The Australian government released its 2014–15 Budget on 13 May. Karen Payne and Adrian Varrasso highlight a number of issues that will affect corporate Australia.
New HMRC powers to recover tax debts download
The government plans to introduce new powers allowing HMRC to directly raid the bank accounts of tax debtors,focusing on those who owe at least £1,000.
Australian Budget 2014–15 download
The Australian coalition government has presented the 2014–15 Federal Budget, which includes changes to personal tax rates and the fuel excise rules.
HMRC’s consultation on implementing a capital gains tax charge on non-residents disposing of UK residential property download
The Chancellor announced in the 2013 Autumn Statement that capital gains tax on the disposal of UK residential property would be extended to non-UK residents.
The Luxembourg Council of State has issued its opinion dated 29 April 2014 on the bill of law to introduce in Luxembourg the private foundation.
The Indian government is in the process of revising, simplifying and consolidating the structure of direct tax laws in India by proposing the Direct Taxes Code.
Khaitan & Co’s taxation practice is split into two teams: the direct tax team and the indirect tax team.
In July 2013, the Organisation for Economic Cooperation and Development (OECD) released the Action Plan on Base Erosion and Profit Shifting.
A call for common sense: there are some fundamental concerns about the operation of new tax regime for LLPs download
The new regime for taxing members of LLPs is now in force. LLP members are now taxed as employees unless they can establish that they are ‘true partners’.
The first instalment payment for the new San Francisco gross receipts tax is due on 30 April 2014.
Belgium: new ‘fairness tax’ download
As from assessment year 2014, dividend distributions made by Belgian companies that do not qualify as SMEs may trigger a new tax, dubbed the ‘fairness tax’.
On 20 November 2013, Russian taxpayers should have filed with controlling authorities notifications on controlled transactions in accordance with the new transfer pricing rules.
Hogan Lovells’ tax team has been shortlisted in 11 categories of the International Tax Review (ITR) European Tax Awards.
There are a few developments in this year’s Budget that are of particular interest for those operating in the life sciences sector.
The chancellor has proposed changes to tax reliefs for television programmes and video games that were introduced by the Finance Act 2013.
Minter Ellison has created a quarterly update to discuss the tax issues that you may wish to raise with your board during each reporting period, starting with Q3.
Travel expenses and agency workers download
Employment agency Reed has lost its appeal against a tax assessment for £158m in respect of its expenses scheme for ‘employed temps’.
From next year, you could face tax penalties under the rules of the ACA if you fail to offer healthcare coverage to your full-time employees and their dependents.
Taxation of cloud services in Serbia download
This text analyses the tax position of foreign cloud companies providing cloud services in or from Serbia.
Australian businesses supplying electronic, telecoms and broadcasting services need to be aware of changes to EU VAT rules download
These changes will apply in relation to a number of e-commerce services, to the extent the services are supplied to a non-VAT registered consumer
Our corporate tax team provides full transactional support and standalone tax advice to a wide variety of business clients, based both in the UK and overseas.
We provide clear, pragmatic and practical advice to businesses large and small from around the globe on the corporate transactions and the legal issues they face.
House Ways and Means chairman tax reform discussion draft — proposals that have impact on colleges and universities download
The building blocks for what could eventually form the base of US tax reform include dramatic proposals that will impact universities and colleges.
In the complex world of tax, our role is simple: to serve as an extension of your business. At Dentons, our value comes from seeing your business as you do and collaborating with you every step of the way.
The Full Federal Court has issued its judgment in Commissioner of Taxation v Resource Capital Fund III LP  FCAFC 37, overturning the Federal Court’s judgment.
Accountants can draw some comfort following the recent Court of Appeal decision in Mehjoo v Harben Barker.
HMRC is introducing new registration and self-certification requirements for both new and existing share plans effective from 6 April 2014.
Richard Clayton QC of Kings Chambers is currently instructed by Kingston LBC to recover £600,000 of business rates from the charity Emergency Aid.
This paper explains the attractions of the Cayman Islands as a destination for managers wanting to establish offshore hedge funds.
A winding-up petition founded on a tax assessment, which is the subject of an appeal to the Tax Tribunal, should be dismissed or stayed pending the appeal.
The tax rollercoaster download
This year commenced with contradictory new provisions in the tax field. Popovici Ni?u & Asocia?ii will briefly address only the high and the low of the ride.
In the case of Mehjoo v Harben Barker, the Court of Appeal overturned the earlier decision of the High Court.
The government’s proposed changes to the tax treatment of certain members of limited liability partnerships will be implemented next month.
Pension law changes from 6 April: new disclosure regulations, auto-enrolment, TUPE transfers and tax limits download
The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 come into force on 6 April 2014.
Eversheds has commented on Littlewoods’ High Court victory over a VAT claim worth more than £1.2bn.
Starting 1 January 2014, the tax treatment of debt restructuring modifies both Spain’s Corporate Income Tax Law and its stamp-duty regulations.
Budget Summary: spring edition 2014 download
Winckworth Sherwood has released the 2014 spring edition of its Budget Summary.
The headline policy from this week’s Budget is that individuals will, from April 2015, have full flexibility in what they do with their DC pension pots.
London’s equity capital markets will benefit from a further boost next month as the new stamp duty exemption for securities trading on growth markets comes into effect.
Budget update 2014 download
George Osborne has delivered his fifth Budget speech to the House of Commons, but despite speaking for nearly an hour the result was somewhat underwhelming.
Those following the recent developments relating to the national minimum wage could not be blamed if they thought to themselves this month — ‘bad news comes in threes’.
Faye Jarvis of Hogan Lovells has commented on the ‘radical’ changes to the way in which members of DC pension schemes can access their benefits in the future.
The biggest surprises in the chancellor’s budget statement on 19 March 2014 related to pensions.
Budget 2014 download
Following the 2014 Budget, Taylor Wessing has set out a summary of some of the main announcements.
Budget summary 2014: tax highlights download
The chancellor has delivered the Budget for 2014. This briefing provides a summary of the main tax points of interest.
Eversheds tax expert Ben Jones has commented on the taxation measures announced in the 2014 UK Budget.
Budget announcement — 19 March 2014: income tax and NICs, capital gains tax, employee incentives and pensions download
Employees are likely to welcome the changes to the way in which they can access their pension savings in a defined-contribution scheme.
Relief will be available for new properties completed after 1 October 2013 and before 30 September 2016 that are unoccupied for the first 18 months after completion.
Switzerland-UK Budget 2014 analysis download
Despite the usual rumours, the UK Budget was, at least in tax terms, one of the more uneventful Budgets in recent years.
Eversheds partner Richard New has commented on potential announcements to be made on business rates in the 2014 UK Budget.
Austria: abolishment of GmbH ‘light’ download
The amendments to Austria’s federal tax law were published on 28 February 2014 and came into force on 1 March 2014.
The proposed Exploration Development Incentive is intended to provide an incentive for investment in junior mineral exploration companies.
The Canadian government has ratified a tax information exchange agreement with the British Virgin Islands (BVI).
This alert summarises the draft legislation and the key issues for affected entities.
The costs to the NHS of outsourced pathology services will increase following a (reluctant) decision of the First-Tier Tax Tribunal.
The Canada-BVI tax information exchange agreement (TIEA) came into force on 11 March 2014. The TIEA was signed in May 2013.
As different rules apply for volunteers and voluntary workers in some contexts, charities are often left uncertain what their obligations are to people who they believe to be volunteers.
BDK’s tax group offers advice on a full range of tax issues in local and cross-border contexts and is accustomed to questions that require new solutions.
Claire van Overdijk of No5 Chambers has been appointed to the attorney-general’s London C panel of junior counsel to the Crown.
US tax reform update: House Ways and Means chairman tax reform discussion draft and new building blocks for eventual US tax reform download
The last two weeks have seen significant developments in building the blocks for what could eventually form the base of US tax reform.
Ilyashev & Partners has been successful in numerous litigations with the tax authorities and the Main Control and Revision Office of Ukraine.
Schoenherr’s tax practice group advises domestic and international clients on their most sophisticated and challenging tax matters.
Tax Newsletter — Serbia: rulebooks on tax balance and tax returns for corporate taxpayers and entrepreneurs download
Karanovic & Nikolic has published the March 2014 edition of its Tax Newsletter.
From 6 April 2014, LLP members will be taxed as employed if less than 20 per cent of their remuneration is linked to the overall profitability of the LLP.
Riaz Karamali, a partner in Pillsbury’s Silicon Valley and San Francisco offices who represents emerging growth companies, answers some common questions innovators face.
HMRC has published updated guidance on the new ‘salaried member’ rules, the rules that will treat members of an LLP as employees for tax purposes in certain circumstances.
House Ways and Means Committee chairman Dave Camp this week introduced a draft of the most comprehensive reform of the Internal Revenue Code in decades.
Spain’s Basque Country extends participation exemption regime to capital gains on transfer of shares in Spanish companies download
Spain’s autonomous Basque Country region has extended its participation exemption regime to capital gains derived from the transfer of shares in Spanish companies
A Brazilian newspaper has reported that the Internal Revenue Service is preparing regulations to require foreign web-based companies to invoice locally and pay local taxes.
Tax Guide 2014–15 — South Africa download
This guide details the thresholds for a variety of taxes, both personal and business, in South Africa from 1 March 2014 onwards.
Two years on from DLA Piper’s report The Trust Deficit: Views from the Boardroom, the firm returns to the theme and asks how companies can foster a culture of trust in a post-crash economy.
Camp unveils major tax reform plan download
House Ways and Means committee chairman Dave Camp has unveiled his tax reform proposal, which calls for the most fundamental reform of the tax code in 27 years.
New LLP tax rules download
HMRC has published updated guidance on the new ‘salaried member’ rules — the rules that will treat members of an LLP as an employee for tax purposes in certain circumstances.
Nabarro partners are to vote in March on a cash call to its fixed-share partners in order to meet new tax rules for LLPs handed down by the HMRC.
Decision on whether receivers and liquidators must withhold tax in absence of an assessment download
Justice Logan of the Federal Court has handed down the much anticipated decision in Australian Building Systems Pty Ltd v Commissioner of Taxation.
This guide is a summary of the law and procedures relating to limited partnerships in Guernsey.
In his state-of-the-nation address in December 2013, the Russian president stressed the need for urgent measures to ‘de-offshorise’ the economy.
Hill Dickinson is consulting on its second cash call in 12 months in response to HM Revenue & Customs’ (HMRC) change to the partnership taxation rules, which will come into effect on 6 April.
Eversheds’ James Batham has said that the British Retail Consortium’s recommendations for overhauling business rates will be welcomed by retailers.
Giles Salmond has said that countries such as Luxembourg are likely to lose out when EU rules on VAT on e-commerce transactions come into force in 2015.
The London office of Baker Botts is launching a new flexible resourcing initiative that will see it hire lawyers, potentially on a full-time self-employed consultancy basis, to fill a range of areas it currently sub-contracts out to UK firms.
California has replaced the Enterprise Zone Hiring Credit with the New Employment Credit and the California Competes Credit.
This article explores profit and loss allocations by partnerships, the special rules for AIFMs and the disposal of assets through partnerships that lead to a tax advantage.
The Committee of Fiscal Affairs of the OECD has released its proposed updated guidelines on transfer pricing documentation.
Luxembourg has entered into 68 comprehensive double tax treaties based on the OECD model tax convention on income and capital.
Eversheds has commented on the recent cut in UK business rates by communities secretary Eric Pickles.
New tax rules for LLP members download
The government has issued draft anti-avoidance legislation that overrides the current presumption that a member of an LLP is self-employed for tax purposes and is not an employee.
Tax Update — January 2014 download
In this Tax Update, Arendt & Medernach focuses on both Luxembourg and international news.
The old saw about the best-laid plans of mice and men also goes for international tax planning and transactions with significant tax consequences.
Domestic double taxation relief applicable to capital gains derived by EU resident entities on disposal of shares in Spanish entities download
The Supreme Court has stated that, under EU regulations, the denial of the deduction for non-resident entities is contrary to the principle of free movement of capitals.
Executive share plans: guide to executive share plans to motivate a broad range of employees download
This guide highlights the variety of share plans in the market and illustrates the way in which these can be tailored to meet specific requirements as needed.
Tax support for the UK onshore shale gas industry: an innovative approach to an unconventional fuel reserve download
The government is ambitious to support industry in its exploitation of shale gas as a new source of energy supply.
The deadline for HMRC’s new partnership tax rules is closing in. Is it too late for firms to plan a safe way through?
The passenger of a hot air balloon that is losing altitude is advised to throw out as much luggage as possible. This appears to have been the thought of HMRC in the litigation against Skyview Ballooning.
HM Revenue & Customs has proposed to tighten up the rules allowing members of a limited liability partnership to be treated as self employed.
Law à la Mode — 2013–14 download
DLA Piper has published the winter edition of Law à la Mode, which includes a review of the potential pitfalls and opportunities when franchising in the UAE.
The crucial point about these proposed changes is that they will apply to all EMI options, not just those granted from the dates that the changes have effect.
HMRC salaried partner changes send shockwaves through LLPs
Mills & Reeve has merged with George Davies Solicitors, increasing its national insolvency and recovery team by 50 per cent.
HM Revenue & Customs (HMRC) has published its “dramatic” proposals for changes to the partnership tax regime, a move aimed at dealing with the so-called ‘disguised salary’ of LLP members that looks set to create upheaval in finance teams across the UK.
Chancellor George Osborne has delivered a fiscally neutral Autumn Statement, which was a ‘long-term plan for a grown-up country’.
Autumn Statement 2013: tax summary download
This briefing contains a summary of the main tax points of interest with draft legislation enacting the proposed changes to be published on 10 December 2013.
Autumn Statement 2013 download
Following the release of the Autumn Statement, Taylor Wessing has summarised some of the main announcements.
Allen & Overy tax partner Lydia Challen has written an article for British Tax Review as part of its analysis of the Finance Act 2013 provisions.
In this briefing, DLA Piper sets out a summary of key items of interest announced by the chancellor in the UK Autumn Statement.
Philip Myers of Eversheds has commented in response to the UK chancellor’s announcement that the rise in business rates will be limited to two per cent.
A recent case has underlined the importance of a regular review of founding documents to ensure that those documents continue to meet your not-for-profit organisation’s objectives.
This is the second of two looks at new measures being introduced by the Revenue to crack down on what it perceives as the use of partnerships for tax avoidance purposes.
Tax investigations lawyers have the skills to unpick fraud cases - just ask Al Capone
This guide provides readers with an overview of Australia’s business rules, from foreign investment guidelines to taxation, consumer protection, intellectual property and the employment law system.
The Revenue has announced a number of measures to crack down on what it perceives as the use of partnerships for tax avoidance purposes.
The curious case of Manches’ suicidal cashflow management and its eleventh-hour rescue by Penningtons
The ATED tax, effective from April 2013, applies to companies (and similar kinds of structures) that own dwellings with an individual value of £2m upwards.
Doing Business in Japan download
DLA Piper is pleased to announce the launch of the first edition of its Doing Business in Japan publication.
On 25 September 2013, the French government released the key measures of the draft Finance Bill for 2014 that would have a notable impact on French companies.
Corporate debt download
HMRC launched a consultation in June 2013 on modernising the taxation of corporate debt and derivative contracts.
Employee shareholder status download
As from 1 September 2013, companies are now able to enter into employee shareholder agreements with employees.
GAAR: the general anti-abuse rule download
On 17 July 2013, the UK introduced a new general anti-abuse rule (GAAR).
The French Parliament intends to strengthen the transfer pricing documentation requirements.
On 21 August 2013, the French Ministry of Finance updated the so-called ‘black list’ for 2013 (the list of non-co-operative countries or territories).
On 25 September 2013, the French government released the key measures of the draft Finance Bill for 2014 that would notably affect French companies.
Ben Jones, tax expert at Eversheds, commented after the EU launched a probe into Gibraltar’s corporate tax regime.
Hogan Lovells has hired a senior transfer pricing specialist from turnaround business Alvarez & Marsal in its London corporate tax team.
Minter Ellison’s national tax team provides clients with innovative tax structuring and advisory services that are independent and cost effective.
Following a short consultation, HMRC has decided to abolish the compensating adjustment for service companies with immediate effect.
Tax experts in Switzerland now predict that certain Swiss tax regimes will ultimately need to be repealed.
The Coalition announced before the election that it will undertake a major reform of the not-for-profit sector.
No duty to avoid tax. No kidding download
The Tax Justice Network has received a legal opinion from Farrer & Co. It basically concludes that there is no positive duty on directors to avoid tax.
DLA Piper has welcomed the recently introduced Direct Investment Promotion Law in the State of Kuwait (Decree Law No. 116 for 2013).
Governor Rick Perry has signed into law Texas HB 500, which provides for certain changes to the Texas franchise tax provisions.
Form 42 — are you ready? download
Now that the tax year 2012/2013 has ended, companies must ensure they fulfill their reporting requirements by completing a Form 42 in respect of any share transactions involving employees that have taken place during the tax year.
Companies carrying out R&D-related activities and incurring general day-to-day running costs may be able to reduce their corporation tax liability by claiming relief under the R&D tax relief scheme.
Limited liability partnerships in Jersey are a statutory form of vehicle, established under the Limited Liability Partnerships (Jersey) Law 1997, that have a number of special characteristics.
If it is implemented as proposed, the financial transaction tax is likely to cause distortion to the financial sector and will almost certainly change the way we do business.
Taxation is one of Dacheng’s traditional fields of expertise and one that the law firm is particularly adept at handling in today’s ever-changing and complex commercial environment.
US Senate Finance Committee white paper — signal of international corporate tax reforms to come? download
The US Senate Finance Committee has released its white paper on international competitiveness.
Tax — recent news highlights download
The Serbian government has decided to further amend the law on personal income tax and the law on property tax.
Taylor Wessing has set out a summary of some of the main announcements of the 2013 Budget.
DLA Piper has released a summary of all of the firm’s rankings and editorial commentary in Chambers Global 2013.
Budget 2013: tax summary download
This briefing from Shoosmiths provides a summary of the main tax points of interest with the draft Finance Bill to be published on 28 March.
Congress finally got around to extending the production tax credits and investment tax credits for wind, geothemal, biomass, marine, landfill gas and hydro projects.
Fashion: Law a la mode Autumn 2012 download
Legal issues in the fashion industry, including strategies against copyright infringement and counterfeiting, as well as an overview of recent controvewrsies concerning transfer pricing.
In the Budget, the Chancellor stuck to his promise to come down like a “tonne of bricks” on wealthy individuals who are seen as not paying their fair share of SDLT by buying valuable residential property in corporate vehicles and eventually selling the shares in those corporate vehicles free of SDLT.
An overview of developments in tax law in Montenegro and Serbia.
An overview of developments in tax law in Serbia.
Our Tax Law practice assists national and multinational corporations, industrialists and financial institutions, fund promoters, sponsors and investors in private equity and real-estate transactions.
The Curtis tax group offers clients vast experience in providing advice on the tax aspects of US and international transactions.
New UK property taxation rules download
The UK government announced proposals in its 2012 Budget to introduce new tax charges for high-value residential properties and for properties owned by ‘non-natural persons’.
HM Revenue & Customs on 14 January published new guidelines (INTM120085) on non-standard treaty tiebreakers that could have an impact on the UK’s tax treaties with the United States, Canada, and the Netherlands.
Tax is an essential focal point for any business. It has the potential to impact on all aspects of day-to-day operations, from meeting compliance obligations to undertaking bespoke planning for a complex capital reorganisation.
The firm’s expertise in all aspects of corporate and commercial law gives it a unique ability to understand both the key legal and tax-related issues when providing taxation advice.
The draft Finance Bill published last week includes a number of provisions and changes in respect of the taxation of residential properties valued over £2 million (so called “high value” residential properties) which are acquired and owned by companies and certain other nonnatural persons.
Following the consultation process carried out over the summer months, the Government has confirmed that new tax reliefs for the creative sector – intended to be “the most generous available in the world” - are due to be introduced as part of the Finance Act 2013.
SEIS and EIS: Time for reflection download
From 6 April 2012, the Seed Enterprise Investment Scheme (SEIS) was introduced enabling certain individual investors to benefit from generous tax reliefs for investing into start up companies.
The Patent Box download
The UK Government has been keen to improve the UK’s competitiveness in the high-tech arena. This was largely motivated by a string of departures of UK headquartered multinationals from the UK.
On January 17, 2013, the Internal Revenue Service (IRS) released 544 pages of final regulations implementing the provisions of the Foreign Account Tax Compliance Act (FATCA).
UK implementation of FATCA download
The US government enacted the Foreign Account Tax Compliance Act (“FATCA”) on 18 March 2010. FATCA generally imposes significant due diligence, information reporting and control burdens on a range of non-US financial intermediaries and investment entities.
An introduction to the tax laws surrounding capital call subscription credit facilities.
UK property investment can be highly attractive for overseas investors.
The Advocat General (AG) has opined that investment advice provided to an investment fund constituted an activity of management and therefore benefitted from VAT exemption.
Following the case of Robinson Family Ltd v HMRC, HM Revenue & Customs have been forced to retreat from their long standing position that the grant of an overriding lease does not amount to a transfer of a going concern.
On 8 October 2012, the Chancellor of the Exchequer announced plans for the introduction of a new form of employment relationship – the “employee-owner”.
Tax: Employee share plans download
For both listed and unlisted companies, employee share plans can play a crucial role in the recruitment and retention of employees at all levels within their business, especially since some forms of employee share plan attract tax favourable treatment in the UK.
Momentum is building to reform the US tax system and address the nation’s fiscal challenges.
From 1 April 2013, UK companies will be able to elect into a new regime that applies a lower rate of corporation tax to profits from qualifying intellectual property rights.
French draft budget for 2013 download
On 28 September 2012, the French government released its much-awaited draft budget for 2013, which, unsurprisingly, contains significant tax increases, targeting wealthy individuals and large businesses.
Recommendations of the expert committee on the Indian General Anti-Avoidance Rule: a welcome step download
On 1 September 2012, the Shome Committee, which was constituted by Indian Prime Minister Manmohan Singh to review the General Anti-Avoidance Rule, submitted its 108-page Expert Committee Report to the Indian Government.
The US and the UK announced on 14 September that they have signed a bilateral agreement to improve international tax compliance and implement the information reporting and withholding tax provisions of the Foreign Account Tax Compliance Act (FATCA).
The world of international taxation becomes more transparent with every passing year.
?Greenberg Traurig Maher (GTM) has hired Paul Hastings Janofsky & Walker’s London vice-chairman to bulk up its tax practice in the City. Justin Hamer is the seventh partner to join the US firm in London since it launched in June. GTM launched with Mayer Brown co-vice-chair Paul Maher. Maher was joined by Mayer Brown partners Fiona Adams and Cate Sharp before hiring a capital markets trio from White ...
Freshfields Bruckhaus Deringer has secured a gagging order against The Guardian on behalf of Barclays Bank, forcing the newspaper to remove some of the bank’s internal documents from its website.