Tax

News

Norton Rose Fulbright pair leave for KPMG

KPMG is continuing its push into the legal market with the raid of two partners from Norton Rose Fulbright‘s international network. The hires include corporate tax partner Angela Savin, who has joined KPMG’s tax litigation and disputes team in London, and Sydney -based Zein El Hassan, who helmed the firm’s financial services risk advisory team in Australia […]

Luxembourg

Clifford Chance beefs up in Luxembourg with DLA hire

Clifford Chance has brought in its latest new recruit to its Luxembourg office, hiring DLA Piper’s local tax head Geoffrey Scardoni to the team. The move highlights the growing importance of Luxembourg as a hub for financial services companies and asset managers, particularly as the UK prepares to leave the European Union this March. In response to […]

HMRC

HMRC finds a new legal head from Defra

HM Revenue and Customs has appointed a new general counsel, taking on the legal director of the Department for Environment, Food and Rural Affairs (Defra). Alan Evans will take on the top legal role at HMRC on 1 January 2019, advising on all aspects of tax law and leading its litigation team. He will also be […]

Analysis

Have we forgotten how to listen?

We shout a lot these days and we seem to have forgotten how to listen. Even if we are listening it is, more often than at any time in the history of mankind, within our own bubble as we plug in the earphones and pull up the audio drawbridge. There’s a lot of shouting on […]

Featured Briefings

Changes to Guernsey’s corporate tax residence rules

Guernsey’s rules on corporate tax residence changed at the beginning of 2019 following amendments to its existing tax law brought into effect by a combination of the Income Tax (Guernsey) (Amendment) (No 2) Ordinance 2018, the Income Tax (Substance Requirements) (Implementation) Regulations, 2018 and the Income Tax (Substance Requirements) (Implementation) (Amendment) Regulations, 2018, all passed […]

HR in 2019 – turbulent times ahead – what are the key challenges?

By David Smedley, Andrew Rayment ‘May you live in interesting times’…an old Chinese saying intended to be uttered as a curse upon one’s enemies. We are living in unprecedented times and 2019 is undoubtedly set to be an ‘interesting’ year for business as ongoing fallout from Brexit translates to general uncertainty and unchartered trading conditions. Yet, against […]

Time to seek advice over substance

With effect from 1 January 2019 and, in order to address the concerns of the EU Code of Conduct Group, new legislation requiring certain entities to demonstrate economic substance in the jurisdictions in which they are tax resident has come into force in the BVI, Cayman Islands, Guernsey and Jersey. Detailed guidance notes in each […]

Romania: Amendments to the tax law as of 1 January 2019

By Theodor Artenie, Anamaria Tocaci, Alexandra Barbu Emergency Ordinance No. 114/2018, on the establishment of measures in the field of public investments and of fiscal-budgetary measures, the amendment and supplementation of some normative acts and the extension of some deadlines, recently introduced a series of legal changes with a fiscal impact. Below we summarise the most important changes in […]

New substance legislation for the British Virgin Islands

By Laura Malpass In response to the requirements of the EU Code of Conduct Group, the British Virgin Islands has enacted new legislation setting out an economic substance test for tax-resident entities. The Economic Substance (Companies and Limited Partnerships) Act, 2018 (the Act) came into force on 1 January 2019 and applies to all companies […]

Bermuda lodges legislation to introduce substance requirements and to improve investment funds regulatory regime

The government of Bermuda has published the Economic Substance Act 2018 (the “ESA”). The ESA, once adopted, is intended to meet the commitment made by Bermuda to address certain concerns raised by the European Union’s Code of Conduct Group (Business Taxation) (the “Code Group”) in relation to the need for relevant businesses to demonstrate economic […]

Serbia amends tax legislation

By Branimir Rajšić The Serbian National Assembly passed amendments to the tax laws, introducing incentives for the IT sector, tax exemptions for the transfer of property under concession agreements and tax exemptions related to income from employee share plans. Additionally, the new Law on Fees for the Usage of Public Goods Governing the Payment of Fees […]

Macedonia: Changes in tax legislation

The new Law on Personal Income Tax (“PIT Law”), applicable from 01 January 2019, abandons the “flat” tax rate and introduces progressive taxation. Besides the tax rate at 10%, the new PIT Law envisages a tax rate at 18% and 15%, applicable to different types of income. On 24 December 2018, the Assembly of the […]

Dutch Data Protection Authority imposes processing ban on tax authorities

By Anke Holtland, Jacobine van Beijeren The Dutch Data Protection Authority published its decision last week to impose a processing ban on the Minister of Finance for the processing of Citizen Service Numbers ( BSNs ) in VAT identification numbers by the Tax Authorities. Background of the use of BSNs The Tax and Customs Administration is charged with providing VAT […]

Taxation of blockchain and crypto currency: A case study

By Roland Böhi, Danielle Wenger, Manuel Vogler The tax team discusses a fictional case of an initial coin offering (ICO) from a Swiss tax perspective. So called Initial Coin Offerings (“ICO”) as a new fundraising mechanisms in which new projects sell their underlying crypto tokens in exchange for e.g. Bitcoin or Ether, have often been discussed in […]

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