bluuebunny/crossref_metadata_2025 huggingface dataset:
REITs under the New Netherlands–United Kingdom Tax Treaty
Authors: Vermeulen H.
Published: December 2023

This note addresses the real estate investment trust provisions included in the new Netherlands–United Kingdom tax treaty, which are based on the 2008 Commentary to the OECD Model. The author analyses the new provisions and makes certain suggestions for additional provisions based on the Commentary.
New Transfer Pricing Legislation
Authors: Hearder D.
Published: December 2023

The author describes the principal amendments proposed as a result of the introduction on 24 May 2012 into the Australian Federal Parliament of new transfer pricing legislation, and the context of those amendments.
Opinion Statement ECJ-TF 2/2019 on the ECJ Decisions of 26 February 2019 in N Luxembourg I et al. (Joined Cases C-115/16, C-118/16, C-119/16 and C-299/16) and T Danmark et al. (Joined Cases C-116/16 and C-117/17), Concerning the “Beneficial Ownership” Requirement and the Anti-Abuse Principle in the Company Tax Directives
Authors: CFE ECJ Task Force
Published: December 2023

This CFE Opinion Statement, submitted to the European Institutions in June 2019, comments on the “Danish beneficial ownership cases” (N Luxembourg I et al. (Joined Cases C-115/16, C-118/16, C-119/16 and C-299/16) and T Danmark et al. (Joined Cases C-116/16 and C-117/17), in respect of which the Grand Chamber of the Court of Justice of the ECJ delivered its decisions on 26 February 2019.
Greece's Tax Measures under the Microscope: Too High a Price for the Avoidance of a Disorderly Default?
Authors: Petoumenos K.
Published: December 2023

During the summer of 2015, the parliament voted for a set of radical fiscal reforms
GR: Law 4334/2015: Urgent reforms for the negotiation and conclusion of an agreement with the European Stability Mechanism (E.S.M.); GR: Law 4335/2015: Urgent measures for the implementation of Law 4334/2015; and GR: Law 4336/2015: Pension provisions – Ratification of the Plan for the Agreement for Financial Assistance by the European Stability Mechanism and arrangements for the implementation of the Funding Agreement.
in order to avoid official default of the Greek state, meet the demands of its creditors and unlock a new loan by the European Stability Mechanism.
Euro Summit Statement SN 4070/15 (12 July 2015).
The loan was approved, however, there was significant political fallout due to the strictness of the measures. This note examines the numerous amendments introduced into Greek tax legislation, along with the potential negative implications and opportunities that may arise.
Italian Transfer Pricing Legislation: An International Perspective
Authors: Cottani G.
Published: December 2023

The author, in this article, examines key features of Italy’s domestic transfer pricing regime. An analysis of domestic legislation, administrative practices and relevant case law is undertaken to determine consistency and possible misalignment with the arm’s length principle as endorsed by the OECD. The article concludes with the author suggesting that domestic legislation should be redrafted.
The Hidden Features of EU Invoicing Directive 2010/45
Authors: Desmeytere I.
Published: December 2023

In this article, the author discusses two aspects hidden in the new EU invoicing Directive, which will enter into effect on 1 January 2013. The first arrangement is the additional option for Member States to determine when VAT becomes chargeable in respect of transactions for which the related invoice has not been issued or has been issued late, and the second is the possibility for Member States to further develop the optional regime for cash accounting.
The Substance Requirement in the OECD Transfer Pricing Guidelines: What Is the Substance of the Substance Requirement?
Authors: Monsenego J. (Jérôme)
Published: December 2023

The author investigates the content of the substance requirement in the OECD Guidelines. When relevant, it is compared to the substance requirement in the US transfer pricing regulations and other sources of international tax law, such as the OECD Model Tax Convention.
Taxpayers Need Game of Thrones Powers to Save Them: The Internal Revenue Service Issues Notice 2017-07
Authors: Nylen P.C.
Published: December 2023

Since 1986, the US Treasury Department has struggled to establish equitable rules for foreign currency gains or losses under section 987 of the Internal Revenue Code. However, withdrawing the previous Regulations and the recently issued Notice 2017-07 would create a more equitable and less disparate tax system.
The Tax and Legal System of Lebanon – The Undiscovered Potential of a Country at a Crossroads
Authors: Gwóźdź D.
Published: December 2023

The purpose of this article is to present a short description of the tax and legal system in Lebanon, a country that may be regarded by investors as the first step into the Middle East market.
Canada at the Crossroads of International Tax Reform: Between Harmonization and Tax Competition
Authors: Boidman N. , Kandev M.N.
Published: December 2023

In this article for the 75th anniversary issue of the Bulletin for International Taxation, Nathan Boidman and Michael Kandev provide their thoughts on Canada’s response to the proposed reform of international taxation as suggested by the OECD/G20 Base Erosion and Profit Shifting Project and succeeding initiatives.
UK Tax Breaks for the 2013 UEFA Champions League Final
Authors: Tetłak K.
Published: December 2023

This article discusses tax breaks for the 2013 UEFA Champions League final, which will be held at Wembley Stadium, in particular the exceptional tax treatment granted by the United Kingdom in regard to the club tournament. Special legislation was introduced in the Finance Act 2012 to provide an exemption from UK taxation for non-resident football players and team officials of overseas football teams involved in the 2013 Champions League final in respect of income related to the final.
The Non-Unique Notion of “Control” in Transfer Pricing – Interpretation, Legislative Developments and Problematic Aspects from an Italian and International Perspective
Authors: Ponticelli D. , Tronci S.
Published: December 2023

For their concrete implementation, transfer pricing rules necessarily presuppose a tax-relevant notion of “group”, which is built on the concept of “control” among enterprises. The current definition of “control”, under Italian tax law, is the result of a long and troubled process of refining the legislative text. Over time, the Italian tax authorities have always adopted a far-reaching interpretation of “control”, which went far beyond contractual or shareholding connections (that make relevance for the notion of “control” under the Italian Civil Code), resulting in the application of the TP rules even to cases not representing a distortion of the rules of competition, but rather reflecting situations that can be ordinarily found on the market. The notion of “control” has been finally clarified (and circumscribed) by the recent legislative developments, which – despite a number of persistent interpretative doubts – appear also more in line with the international OECD framework, which is briefly discussed in the present article as well.
Recent Case Law: Tax Treatment of Corporate Tax Losses in the Case of a Change in Shareholders
Authors: Hoor O.R. , Labbé S.
Published: December 2023

On 4 February 2010, the Luxembourg Administrative Court of Second Instance (Cour administrative) gave its decision further to that of the Luxembourg Administrative Court of First Instance (Tribunal administratif) which overruled long-standing administrative practice regarding the tax treatment of corporate tax losses upon a change in shareholders. This note addresses the facts and reasoning of these decisions and analyses the practical implications for Luxembourg companies.
Administrative Circular on Taxation of Luxembourg Limited Partnerships Is a Welcomed First Step
Authors: Klethi P.-A.
Published: December 2023

Luxembourg partnerships have proven to be very popular, notably with foreign actors in the private equity sector. While regulated partnerships formally benefit from broad tax exemptions, unregulated ones usually submit advance tax ruling requests confirming the absence of municipal business tax liability. A new circular issued in January 2015 provides certainty in this regard for unregulated partnerships which qualify as alternative investment funds, but does not fully lift the uncertainty for the remaining ones.
Proposal for an EU Directive Laying Down Rules to Prevent the Misuse of Shell Entities for Tax Purposes (Unshell): Seven Steps towards Disgrace or Redemption
Authors: Popa O.
Published: December 2023

This note describes measures proposed by the European Commission on 22 December 2021 to prevent the misuse of shell entities (i.e. the Unshell Directive proposal).
The International Compliance Assurance Programme and Joint Audits: A New Epoch of Transfer Pricing Tax Audits?
Authors: Heidecke B. , Slagter L.
Published: December 2023

This article discusses two new, internationally coordinated regulations that address the problem of double taxation: the joint tax audit and the International Compliance Assurance Programme. It gives an outlook on whether those two measures could start a new epoch of transfer pricing tax audits.
United States Court of Appeals Puts an End to Amazon-IRS Litigation Related to Luxembourg Buy-In
Authors: Musselli A. (Andrea) , Avi-Yonah R.S.
Published: December 2023

This is an update of a previous article published in ITPJ by the same authors, with notice of the end of litigation by a US court of appeals.
Company Life Cycles in Database Analyses: An Approach for the Future?
Authors: Trautmann V.
Published: December 2023

This article outlines an approach on how to enhance and simultaneously simplify economic analyses in a TNMM environment where commercial company databases are typically used to test the arm’s length nature of a group’s intercompany pricing. By using company life cycle stages derived from cash flow patterns as an additional quantitative screening criterion, this theoretically grounded approach is able to consider the typically unobservable OECD comparability criterion business strategies. In addition to offering better comparability and increased objectivity, this approach can contribute to a significant reduction of efforts linked to qualitative review steps and, therefore, compliance costs for the taxpayer.
Hybrid Capital Instruments: 2019 Tax Changes in the United Kingdom and the Netherlands
Authors: Adam T.
Published: December 2023

This article discusses changes relating to the taxation of contingent capital (CoCos, hybrids, additional Tier 1 capital, innovative capital, Basel I, II and III) in the United Kingdom and the Netherlands, the question of debt or equity, the new and old regimes in the United Kingdom, the background to the change in the Netherlands and tax policy and potential effects.
Report on the EU Tax Law Group Meeting Held in Vienna on 23 October
2009
Authors: Englmair V.E. , Schuchter Y.
Published: December 2023

This note reports on the eighth meeting of the EU Tax Law Group, at
which various topics of interest to EU tax practitioners were
discussed.
Intangibles in a BEPS World and How the Netherlands Is Complying with OECD Rules
Authors: Sporken E. , Visser P.
Published: December 2023

Many countries have already adopted or are poised to adopt changes to their international tax and transfer pricing systems based on the OECD recommendations under the BEPS project, specifically following the issuance of the package of final reports on 5 October 2015. In addition to discussing the changes to come, the authors address ways in which the Netherlands has implemented the OECD’s recommendations with respect to intangibles.
Court of Justice
Authors: Morales T.
Published: December 2023

This overview highlights the ECJ’s decision regarding the circumstances under which a court of a Member State is required to accept a request for precautionary measures issued by another Member State.
International Association of Tax Judges Webinar: Obtaining Evidence from Witnesses Abroad
Authors: Michel B.
Published: December 2023

This report summarizes the webinar held on 21 April 2023 by the judges of the International Association of Tax Judges (IATJ) on the topic of obtaining evidence from witnesses abroad.
Provisioning of Sea-Going Vessels under Netherlands VAT Law
Authors: Bal A.
Published: December 2023

Under EU VAT law, special concessions apply to the provisioning and
fuelling of commercial sea-going vessels. In this article, the author discusses
to what extent those concessions deviate from similar concessions for
international airlines, the Commission's attempt to harmonize the VAT procedure
for stores for vessels, aircraft and trains operating on international routes,
and the remarkable way in which the Netherlands has transposed the concessions
into national law.
The Changing Landscape of the EU VAT: Digital VAT Package and Definitive VAT System
Authors: Bal A.
Published: December 2023

This article describes and evaluates the measures proposed by the Digital VAT Package and the Definitive VAT System.
Amended Transfer Pricing Rules
Authors: Schoueri L.E. , Matos Silva N.
Published: December 2023

In December 2009, the Brazilian executive branch enacted three provisional measures with the intent of changing transfer pricing legislation, especially with regard to the resale price method. This article considers the main amendments as proposed by the government.
Abuse and Economic Substance in a Digital BEPS World
Authors: Stewart M.
Published: December 2023

In this article, the author considers the key issues of abuse and economic substance in relation to the G20/OECD Base Erosion and Profit Shifting initiative, with special emphasis on Action 1 and Action 6 of the OECD Action Plan.
Ranges Used for Transfer Pricing Purposes
Authors: Balco T. , Yeroshenko X.
Published: December 2023

The authors discuss current rules and administrative practices in respect of the determination of ranges for arm’s length prices. Deviations from international practice are noted, and various approaches to determining transaction prices are presented.
A Fresh View on the Outcome-Testing Approach versus Price-Setting
Approach: Discussion and Recommendations Regarding the Timing of Benchmarking
Studies
Authors: Hanken J. , Dorward R.
Published: December 2023

The authors discuss the practical implications of the outcome-testing
approach and the price-setting approach, and, based on an example, offer some
suggestions and recommendations regarding the wording of paragraphs 3.67 to
3.71 of the OECD Guidelines (2010) for setting and testing transfer prices in
practice, with the aim of minimizing the risk of double taxation.
High Court Quashes Inland Revenue’s Request for Information Notices Following Information Request from Korea
Authors: Holmes K.J.
Published: December 2023

This case note canvasses the reasons underlying the decision of the High Court to quash request for information notices issued by the New Zealand Inland Revenue Department to obtain information from a tax agent in order to satisfy a request by the Korean National Tax Service under article 25 (Exchange of Information) of the Korea-New Zealand Income Tax Treaty (1981). In particular, the Court addressed the extent that the competent authority enquired into the necessity for the information and admonished the Commissioner of Inland Revenue for her failure to disclose vital documents to the Court.
Opinion Statement CFE 2/2021 on the EU Digital Levy Consultation
Authors: CFE Tax Advisers Europe
Published: December 2023

This Opinion Statement, submitted to the EU Institutions on 12 April 2021, comments on the European Commission’s Digital Levy Roadmap and public consultation.
Withdrawal of Circular 23: Will It Lead to Taxing Times for Non-Residents?
Authors: Raj Kumar Jhabakh P.
Published: December 2023

This article analyses Circular 23 of 1969, issued by the Central Board of Direct Taxes, and connected provisions under the Indian Income Tax Act. Also considered are the impact of the withdrawal of Circular 23 on the judicial decisions of Indian courts and the effect on taxation of non-residents having business in India.
Opinion Statement ECJ-TF 1/2019 on the ECJ Decision of 31 May 2018 in Hornbach-Baumarkt (Case C-382/16) Concerning the Application of Transfer Pricing Rules to Transactions between Resident and Non-Resident Associated Enterprises
Authors: CFE ECJ Task Force
Published: December 2023

In this Opinion Statement, submitted in April 2019, the CFE discusses the ECJ decision in Hornbach-Baumarkt (Case C-382/16) concerning the application of transfer pricing rules to transactions between resident and non-resident associated enterprises.
Country-by-Country Reporting: Another Step in Global Tax Transparency
Authors: Nethercott L. , Gonzaga L.
Published: December 2023

In this article, the authors consider the Country-by-Country reporting requirements of Action 13 of the BEPS Action Plan and the Australian legislation in respect of it. The article gives an overview of the practical aspects of the reporting requirements in relation to the reporting period, availability of information, reporting responsibility, the role of advisers, materiality, consistency and corporate strategy.
Digital Transfer Pricing: A Big Bang Technology Disruption that Turns Your Data into Ta-Da!
Authors: Bilaney S. , Leppänen H-T.
Published: December 2023

The traditional approach to transfer pricing is not entirely data driven. “Without data, you’re just another person with an opinion,” said the American engineer W. Edwards Deming, and this quote also applies to transfer pricing. However, this notion is getting upended by digital transfer pricing, which has data at its nucleus and a slew of technology tools to undertake data-driven analysis. In this article, the authors discuss the traditional approach to documentation and its challenges. Then they familiarize the readers with a transformational way of doing transfer pricing, i.e. digital transfer pricing, and how it works, what its benefits are and how it compares with the traditional approach. The above analysis lays the groundwork for explaining why digital transfer pricing could be a big bang technology disruption.
Taxation Aspects of Mergers and Acquisitions
Authors: Hsieh E. , Liu S-P. , Chen E.
Published: December 2023

With the aim of building and strengthening cross-strait economic
cooperation, the Taiwanese government has officially opened up and welcomed
inbound investments from China. The tax implications of asset and share deals
under the resulting Enterprise Merger and Acquisition Law (EMAL) is discussed
and contrasted.
The Influence of the 1954 Japan-United States Income Tax Treaty on the Development of Japan’s International Tax Policy
Authors: Masui Y.
Published: December 2023

The author, in this article, discusses the influence of the 1954 Japan-United States Income Tax Treaty on the development of Japan’s international tax policy from a historical perspective.
Dealing with Debt
Authors: Wong J.H.M. , Tan A. , Ke Z-X.
Published: December 2023

This article is based on a comparative survey presented at the 2009 Baker & McKenzie Annual Asia-Pacific Tax Conference and provides a broad overview of the tax consequences arising from the sale, transfer, etc. of debt.
International Association of Tax Judges Webinar: Tax Courts and the Interpretation of Plurilingual Tax Treaties
Authors: Michel B.
Published: December 2023

This report summarizes the webinar held on 29 January 2021 by the judges of the International Association of Tax Judges on the topic of the use and interpretation of plurilingual tax treaties in tax courts.
References to the Mutual Assistance Directive in the Case Law of the ECJ: A Systematic Approach
Authors: Hemels S.J.C.
Published: December 2023

The European Court of Justice has referred to the Mutual Assistance Directive (for the exchange of information) in 37 cases. This article gives a systematic overview of the various types of references. It provides insight into how these references evolved over time and questions the consistency of the references.
Developments in the Transfer Pricing Landscape
Authors: Biçer R.
Published: December 2023

Under an amendment to the Corporate Income Tax Law, Turkish transfer pricing rules were amended and revised. This article provides insights from the changes and discusses the significant issues surrounding amended transfer pricing rules. It also considers the impact of these new provisions on taxpayers and transfer pricing practices in Turkey.
Bulgaria Three Years after Accession: Net Taxation of Non-Residents and Other Amendments
Authors: Lozev K.
Published: December 2023

In this article, the author summarizes and comments on tax law amendments which entered into force on 1 January 2010, with an emphasis on the introduction of net taxation for non-residents.
Financial arrangements and consolidation
Authors: Joseph A.
Published: December 2023

The Tax Laws Amendments (Taxation of Financial Arrangements) Act 2009
(TOFA), which became effective in March 2009, introduced changes with regard to
taxation of gains and losses from financial arrangements. This article
considers the impact of these changes, especially when entities with financial
arrangements consolidate. The focus is on apportionment of gains and losses
from such arrangements and determination of their tax costs upon entities
joining or leaving consolidated groups.
A New Weapon in the Fight against E-Commerce VAT Fraud: Information from Payment Service Providers
Authors: Merkx M. , Janssen A.
Published: December 2023

In December 2018, the European Commission tabled a proposal that requires payment service providers to record certain information on payment transactions and submit this information to the tax authorities of EU Member States. In this article, the authors address this proposal for collecting and sharing payment information on e-commerce transactions within the European Union. Although the authors see the need for collecting this information and welcome the EU approach, the authors also identify the areas in which the proposal could be improved.
Understanding Transfer Pricing
Authors: Waris A.
Published: December 2023

Rwanda is currently reviewing its OECD-based transfer pricing rules and is drafting guidelines under the Commissioner General’s mandate that will allow for more detailed regulations to be put in place. There is, however, no recent activity on transfer pricing to be noted, although it is clear that the revenue authority staff are now much better trained regarding this issue and are better able to identify cases of mis-pricing in the future.
The Platform Economy Will Have Its Own VAT Regime in 2025
Authors: Sánchez Gallardo F.J. , Echevarria Zubeldia G.
Published: December 2023

The European Commission has proposed one of the most revolutionary packages of legislative measures on VAT in recent decades, with the title “VAT in the Digital Age” (or the acronym “ViDA”) that affects (i) the transactions made through digital platforms or platform economy; (ii) what has been called “single VAT registration”; and (iii) the way to carry out VAT reporting in the European Union. In this article, the authors explain the rules proposed by the European Commission with respect to digital platforms and point out some technical shortcomings that they hope will be announced after the consultative period or during the revision of the proposed text by the Council of the European Union for final approval.
Anti-Fraud Provisions in the UAE VAT Law
Authors: Hassan B.
Published: December 2023

The United Arab Emirates has enforced a VAT law for the taxation of goods and services since 1 January 2018. As VAT systems are susceptible to frequent VAT fraud, the author, in this article, explores provisions in the UAE VAT Law that could solidify VAT legislation against the occurrence of VAT fraud, provided they are implemented fully.
2008 APA
Program Report
Authors: Gruendel Karl
Published: December 2023

The Japanese tax authorities issue annual reports on the status of
their advance pricing arrangement program. This article considers the 2008
report, identifies trends in the APA program that are apparent from the report
and examines other changes made to the APA program in the last two years. In
addition, the author provides a brief overview of the APA program.
The Role of the Tax Adviser in the Accounting Process
Authors: Janssen Bart
Published: December 2023

The environment of the tax professional is changing. With the focus
shifting from tax planning to tax compliance, tax accounting, i.e. everything
relating to the tax position in the annual report, is becoming more important.
Accordingly, what is the perspective of an auditor to such position? What
happens to tax advice in a tax accounting process? What potential exposures and
what opportunities exist for tax advisers in relation to tax
accounting?
Trust Streaming – Decluttering the Law
Authors: Joseph A.
Published: December 2023

In this article, the author considers how the recent decision of the High Court of Australia in Commissioner of Taxation v. Thomas found that the quantum of franking credits attached to franked distributions must be determined within the limits set by the taxation laws, rather than by trust law or the terms of a trust deed. The article also examines the 2011 amendments to the Income Tax Assessment Act 1997 and concludes that those amendments, together with the Thomas decision, have finally uncluttered Australia’s law on streaming credits attached to franked dividend distributions.
Understanding the Role of DAC8 and MiCAR in the European Union’s Efforts towards Tax Harmonization
Authors: Corruchaga Frago A. , Leeden H. van der , Budak M. , Salemans N.
Published: December 2023

Crypto assets have come under the scrutiny of the EU legislator. Particularly from a regulatory perspective and in the field of tax transparency, the Eighth Directive on Administrative Cooperation (DAC8) has been introduced, which focuses on automatic exchange of information between the tax authorities of the Member States. DAC8 imposes an obligation on crypto asset service providers to obtain data from their users. However, this legislation is not free from challenges. The aim of this article is to present an overview of the recent laws enacted to regulate the crypto asset market and give a better understanding of how these rules come into play in the larger regulatory framework as well as the role that new intermediaries will have in the changing legal landscape.
Greek Council of State Decision on the Relationship between Tax Treaties and Domestic Legislation (Case 1445/2016)
Authors: Panetsos L.
Published: December 2023

In this note, the author comments on the decision of the Greek Council of State in Case 1445/2016, wherein the majority determined that the relevant tax treaty was not applicable since no juridical double taxation arose under domestic law.
The Emergence and Enforcement of Green Taxes in the European Union –
Part 2
Authors: Mastellone P.
Published: December 2023

In this article, the author examines the emergence of green taxes in
the European Union. Part 1, published in European
Taxation 11 (2014), examined taxation as an economic tool for protecting
the environment and the development of green taxes under international law.
Part 2 outlines the attempts in Europe to regulate “environmental tax law”
within Member States’ legal systems.
Bulgaria Finally Introduced a VAT Bad-Debt Relief Mechanism – Was It Worth the Wait?
Authors: Dlagnekov M.
Published: December 2023

Suppliers operating on the Bulgarian market may now claim VAT bad-debt relief based on procedures laid down in the domestic legislation. This is good news. A deep dive into the rules shows, however, quite a lot of “ifs” and “buts” – with some being, in the author’s view, outright incompatible with EU law. Businesses should give careful consideration to the rules’ intricacies and, where necessary, to available legal remedies, so as to be well placed to make proper use of this output VAT adjustment mechanism.
Interest Deduction Based on the Allocation of Worldwide Debt
Authors: Vleggeert J.
Published: December 2023

This article proposes to develop a rule that allocates a multinational’s worldwide third-party debt to the group companies using assets as an allocation factor.
The Economic Effect of Taxation on the Flow of Software Copyright Royalties in MERCOSUR
Authors: Forcada C.
Published: December 2023

This article considers the issue of the effect of taxation on the flow of software copyright royalties in the MERCOSUR Member countries, i.e. Argentina, Brazil, Paraguay and Uruguay, with an emphasis on the economic implications.
Islamic Finance
Authors: Joseph A.
Published: December 2023

There is an increasing awareness that funds available in countries that are governed by sharia law (including countries in the Middle East and some in the Far East) are an important source of funds. However, the commercial law environment in most countries, especially with regard to taxation, does not appear to encourage investment by Islamic finance. This article provides a summary of principles and techniques of Islamic finance, and discusses the current landscape in Australia and the United Kingdom regarding Islamic finance.
A Transfer Pricing Model Based on Safe Harbours to Accommodate the Needs of Low-Capacity Developing Countries
Authors: Almeida A.
Published: December 2023

This article argues that a safe harbour transfer pricing policy combined with predetermined margins and markups based on economic parameters will fit the scarce resources of low-capacity developing countries and be a workable tool to address base erosion and profit shifting.
Italian Undertakings for Collective Investment: Overview of the Current Tax Framework and Potential Developments
Authors: Banfi L. , Mantegazza F.
Published: December 2023

The authors, in this article, examine the tax framework for Italian undertakings for collective investment, including both mutual funds that invest in transferable securities and real estate investment funds, in light of recently enacted provisions, from both a domestic and international perspective.
Italy’s Cooperative Compliance Regime Broadened in Scope under 2023 Tax Reform Law
Authors: Quaratino L.
Published: December 2023

In this note, the author outlines recent amendments to the Cooperative Compliance Regime under the 2023 Tax Reform Law. The Cooperative Compliance Regime was first introduced in 2015 for the purpose of encouraging continuous dialogue between large taxpayers and the Italian tax authorities in order to resolve potential tax disputes in advance and obtain tax certainty. To incentivize taxpayers to access the Regime, the Tax Reform Law significantly improves the Cooperative Compliance Regime mainly by broadening the range of taxpayers eligible to access it and introducing further benefits.
Improved Tax Dispute Resolution between China and the ASEAN Countries under the Belt and Road Initiative
Authors: Xu D. (Diheng)
Published: December 2023

China has established the Belt and Road Initiative International Commercial Court-Connected and Mediation Centre, which is intended to resolve commercial disputes between China and the ASEAN countries. In this article, the author analyses the advantages and disadvantages of this action, and suggests ways of improving the mechanism.
German Transfer Pricing Rules Incompatible with EU Law – A Critical Assessment of the ECJ’s Hornbach-Baumarkt (Case C-382/16) Decision
Authors: Ditz X. , Quilitzsch C.
Published: December 2023

In this note, the authors examine the ECJ’s decision in Hornbach-Baumarkt (Case C-382/16), which addresses whether or not section 1 of the German Foreign Tax Act, which provides for income adjustments to non-arm’s length transfer prices in respect of business relations with non-resident related parties but not in respect of purely domestic transactions, breaches EU law.
Patent Boxes: The Rise, the Change or the Fall?
Authors: Theophilou C.
Published: December 2023

This article discusses the reasons for intellectual property (patent) box regimes, the OECD Base Erosion and Profit Shifting measures intended to counter abuse of such regimes, the consequential changes effected by countries to their regimes and, finally, the effects of these changes and whether these regimes will survive.
Applying the Merger Directive beyond Its Scope in Third-Country
Scenarios: An Alternative Approach to A Oy (Case C-48/11)
– Part 2
Authors: Gordillo Fernández de Villavicencio I.
Published: December 2023

This article examines the appropriateness of an expansive
application of the Merger Directive to comply with EU law in third-country
scenarios. In Part 1, which
appeared in European Taxation 1 (2013), the author
examined the ECJ’s “predominant freedom” approach applied in A
Oy (Case C-48/11) and its
shortcomings in the context of business acquisitions and reorganizations. As a
result, the author proposed an alternative viewpoint. Part 2 tests this
alternative approach against several examples.
Tax and Fiscal Policy Measures in Response to the COVID-19 Crisis – Overview of Tax and Fiscal Response by the Australian Government
Authors: Wardell-Burrus H.
Published: December 2023

This article sets out the main taxation and financial support initiatives that the Australian government has introduced in response to the crisis caused by the COVID-19 pandemic.
Structuring Foreign Investments
Authors: Bernardo M.R.L. , Geraldez G.A.R.
Published: December 2023

The authors outline the tax and non-tax considerations for foreign investors interested in doing business in the Philippines.
Discussion Draft on
a New Art. 7 of the OECD Model Convention
Authors: Bennett M.C. , Russo R. (Raffaele)
Published: December 2023

This article provides an overview of the discussion draft on a new
Art. 7 of the OECD Model Tax Convention (OECD Model), which was released in
July 2008. It describes the background to the discussion draft, the new Art. 7
and its Commentary, and the proposed consequential changes to other parts of
the OECD Model. It is expected that, once finalized, the proposed changes will
be included in the next update of the OECD Model.
VAT Committee – Guidelines 2014-2015
Authors: Annacondia F. , Peacock C.
Published: December 2023

This overview contains the Guidelines adopted by the VAT Committee on 20 October 2014, 30 March 2014, 20 April 2015 and 4-5 June 2015.
Court Case on Profit Margin within an Arm’s Length Range and a Margin Stated in an Agreement
Authors: Forslund A. , Liljeblad P.
Published: December 2023

This article focuses on the matter of profit margin and arm’s length range. The authors discuss the application of substance over form in Swedish domestic tax law and the importance of what is stated in an agreement.
The Italian Supreme Court Decision in the Cathay Pacific Airways Case: Indirect Cost Allocation to Branches of Foreign Airlines
Authors: Gusmeroli M.
Published: December 2023

This Italian Supreme Court case considered the documentation requirements necessary to sustain a general expenses recharge to the Italian branch of a foreign airline. The Court held that the head office financial statements (and the resulting internal apportionment) could be accepted, provided that these are subject to an auditors’ report.
VAT Fixed Establishments in 2020: A Call to Action!
Authors: Zutt J. , Gunter B.
Published: December 2023

With two new interesting referrals to the ECJ in Danske Bank and Bank of China, the field of VAT could seriously be shook once again. In this article, the authors put these new referrals in perspective of the ground-breaking Skandia and Morgan Stanley cases and discuss the potential impact for financial institutions.
Public Discussion Draft on Interest Deductions Proposes Worldwide Interest Allocation Rules
Authors: Vleggeert J.
Published: December 2023

This article examines the approach to tackle BEPS through the use of interest cost, which was presented in the OECD public discussion draft on interest deductions and other financial payments.
The Proposed
Amendments to the Savings Directive
Authors: Christiana HJI Panayi Dr
Published: December 2023

This article considers the Commission’s recent
proposal

The Commission’s proposal to amend the Savings Directive was published on 13 November 2008. See Proposal for a Council Directive amending Directive 2003/48/EC on taxation of savings income in the form of interest payments, COM(2008) 727 final. See also Review of the Savings Directive -Frequently Asked Questions, IP/08/1697.

 to amend the Savings Directive.

Council Directive 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments. In anticipation of the enlargement on 1 May 2004, Council Directive 2004/66/EC was adopted to ensure that various Directives, including the Savings Directive, were adapted to the accession.

 Specifically, the proposed changes are examined
after a brief overview of the Savings Directive. In this respect, the author
demonstrates that the Commission appears to have taken note of the criticisms
of the Savings Directive and has sought to close some of the loopholes. It is,
however, not a panacea.
Anti-Tax Avoidance Developments in Selected Asian Jurisdictions
Authors: Kaur D. , Susarla K.
Published: December 2023

The authors cover recent anti-avoidance developments in eight Asian jurisdictions, namely China, India, Indonesia, Japan, Malaysia, Singapore, South Korea and Vietnam and discuss the various methods, with specific emphasis on domestic anti-avoidance rules, adopted by these countries to counter tax avoidance.
When Could the Berry Ratio Be Used in Transfer Pricing Analyses?
Authors: Dorward R.
Published: December 2023

The author considers the Berry ratio in tax literature and jurisprudence, and discusses circumstances in which its application might be appropriate in a transfer pricing context.
The Interaction of Domestic Anti-Avoidance Rules with Tax Treaties in the Post-BEPS and Digitalized World
Authors: Chand V. , Elliffe C.
Published: December 2023

In its analysis, this article distinguishes between domestic anti-avoidance rules that counteract treaty abuse and those that thwart abuse of domestic law. The authors conclude that conflicts could arise with tax treaties. States should employ a provision that authorizes the application of these rules to prevent this situation arising.
Profits Tax Exemption to Be Extended to Privately Offered Open-Ended Fund Companies in Hong Kong
Authors: Yim K. , Wu M.
Published: December 2023

On 23 June 2017, the Hong Kong government introduced to the Legislative Council the Inland Revenue (Amendment) (No. 4) Bill 2017 with a view to extending the existing profits tax exemption for offshore funds to privately offered open-ended fund companies (OFCs) in Hong Kong. This article outlines the relevant conditions which an OFC must fulfil and provides comments on some of those specifics in considering whether the proposal would have the anticipated effect of attracting more asset managers to Hong Kong in this regard.
Location Savings and Other Location-Specific Advantages
Authors: Norwood B.A.
Published: December 2023

This article describes China’s State Administration of Taxation’s
views on the subject of location savings and other location-specific
advantages.
Private Equity Funds in Lithuania: Legal and Tax Aspects
Authors: Degesys R.
Published: December 2023

This note outlines the regulatory framework and tax regime applicable
to collective investment undertakings for well-informed investors (private
equity funds).
The Belgium-Netherlands Income Tax Treaty (2023): What’s New?
Authors: Wouters P-J.
Published: December 2023

On 21 June 2023, the Belgian and Dutch Finance Ministers signed the new Belgium-Netherlands Income Tax Treaty and Protocols. The new treaty text contains (most of) the already applicable OECD Multilateral Instrument clauses, and addresses specific concerns of Belgian-Dutch tax practice. Discussions regarding cross-border employees working for home are pending.
VAT and E-Services: When Human Intervention Is Minimal
Authors: Merkx M.
Published: December 2023

Since 2015 e-services supplied to European Union customers are subject to VAT in the country where the customer resides, regardless of whether the customer is a taxable person or a consumer. Services can only qualify as “e-services” when there is minimal human intervention. In this article, the author addresses the criterion of minimal human intervention, analyses what is in – and outside – the scope of the concept of “e-services”, and makes suggestions for improvements to make the definition of “e-services” future proof.
Corporate Loss Utilization
Authors: Rasch S. , Tomson S.
Published: December 2023

Global corporate losses have increased significantly in recent years. Where the resulting loss carry-forwards cannot regularly be utilized by taxpayers, it may happen that some of them look for loopholes and develop aggressive tax planning techniques in order to deploy the use of the losses in tax planning. For this Comparative Survey, the authors look into corporate loss utilization and present a description and analysis of the situation in their country. Country report on Germany.
Contemporary Transfer Pricing Case Law of the Finnish Supreme Administrative Court
Authors: Penttilä S. , Nieminen M.
Published: December 2023

This article examines recent transfer pricing case law of the Supreme Administrative Court. It provides an analysis of four key decisions given between 2010 and 2014 concerning intra-group financing, in particular the amount of arm’s length interest (KHO 2010:73) and debt recharacterization (KHO 2014:119); valuation of shares (KHO 2014:33) and location savings (KHO 2013:36).
International Tax Justice between Machiavelli and Habermas
Authors: Essers P.
Published: December 2023

The Institute for Austrian and International Tax Law (WU) in Vienna continues to host the annual Klaus Vogel Lecture. This year’s lecture was given by Prof. Dr Peter Essers on 18 October 2013. Dr Hans-Ulrich Lauermann commented on the lecture.
Tax treatment of derivatives embedded in hybrid financial instruments
for Italian adopters of IAS/IFRS
Authors: Egori R.
Published: December 2023

Since the enactment of Decree-Law 38 of 28 February 2005, a number of
Italian companies have been required to adopt International Accounting
Standards and International Financial Reporting Standards (IAS/IFRS). After a
period of uncertainty as to the tax consequences of the adoption of the most
innovative accounting rules under IAS/IFRS, the 2008 Finance Act has eventually
set out specific tax provisions for Italian adopters of IAS/IFRS. This article
focuses on the application of such new tax rules to derivatives embedded in
hybrid financial instruments.
Luxury Fashion and Transfer Pricing: IP Owners, Distributors, Supply Chain and Digitalization at the Beginning of a New Era
Authors: Abatista G.
Published: December 2023

High profitability, worldwide physical presence and strong leverage on intangibles make the luxury fashion businesses ideal targets for transfer pricing scrutiny. The industry dynamics are rapidly transforming, with digital revolution and younger customer base being the main factors. New transfer pricing issues are already adding to the existing ones: progressive lack of comparables due to expansion along the supply chain, double taxation remedies still costly and slow, increasing interest in APAs as the only viable solution to secure transfer pricing risk.
Changes to Hybrid Mismatch Rules
Authors: Joseph A.
Published: December 2023

This article is aimed at providing an outline of the legislative changes to Australian hybrid mismatch rules now contained in the Treasury Laws Amendment (2020 Measures No. 2) Bill, which was introduced into Parliament on 13 May 2020. Among others, the changes highlight the operation of the rules when applied to consolidated groups, trusts and partnerships.
Increasing Importance of Transfer Pricing in M&A Transactions
Authors: Bolhaar W. , Kanhai K. , Daryanani B.
Published: December 2023

Multinational enterprises pursue transformation strategies and grow inorganically through mergers and acquisitions (M&A). Irrespective of the macroeconomic circumstances, this trend will continue. Ensuring that related integrated tax risks and opportunities are managed well is key to its success. In this article, the authors explain the increasing importance of transfer pricing in M&A transactions during the tax due diligence phase through a case study and think ahead on post-closing items to ensure a sustainable transfer pricing model towards the future.
Departmental
Interpretation and Practice Note 45
Authors: Farrell Colin
Published: December 2023

The Hong Kong Inland Revenue Department recently issued Departmental
Interpretation and Practice Notes No. 45, which sets out IRD views and
practices on granting relief from double taxation due to a transfer pricing or
profit reallocation adjustments under an applicable treaty. In addition to
presenting the background on transfer pricing in Hong Kong, the author
considers the impact of DIPN 45 on Hong Kong taxpayers and its wider
messages.
Casenote – The E*Trade Decision
Authors: Malik G. , Singhania S.
Published: December 2023

A practical analysis of the Indian Authority of Advance Rulings’
recent decision in the case of E*Trade Mauritius Ltd., regarding the
availability of capital gains tax relief pursuant to Art. 13 of the
India–Mauritius tax treaty.
Regimes for
Collective Investment in Real Property in Portugal: An Analysis
Authors: Loureiro Carlos , Petkevica Julija
Published: December 2023

This article discusses the specific tax regimes
relating to the various forms of collective investment in immovable property in
Portugal. Specifically, the authors describe the tax regimes applying to the
various types of real estate investment funds and the domestic and
international tax issues that may arise if investment is made through these
vehicles from the perspective of corporate investors.
Tax Avoidance in the Spotlight: The EU Mandatory Disclosure Rules and Their Impact on Asset Managers and Private Equity
Authors: Clappers T. , Mac-Lean P.
Published: December 2023

Discussions on fair taxation are a hot topic for debate in the public arena and are high on the political agenda. As part of these discussions, countries are looking for disclosure mechanisms to provide them with timely information about certain schemes to be able to detect and tackle tax avoidance and evasion. In this context, the European Union adopted tax transparency rules that require intermediaries and relevant taxpayers to report relevant cross-border arrangements. This article provides a general overview of the EU mandatory disclosure rules and discusses some of the matters relevant to asset managers and private equity.
Report of the Proceedings of the Tenth Assembly of the International Association of Tax Judges Held in Cambridge, England, on 13 and 14 September 2019
Authors: Michel B.
Published: December 2023

This report summarizes the proceedings of the tenth assembly of the International Association of Tax Judges, which was held in Cambridge, England, on 13 and 14 September 2019.
The Current State of Play of Foreign Investment Vehicles in China: Is
Partnership a Rising Star?
Authors: Ting A. , Ge X.
Published: December 2023

In this article, the authors compare and critically evaluate
various foreign investment vehicles in China, with a focus on the relatively
new concept of foreign-invested partnerships.
The Excluded Resident and the Term “Law”/“Laws” in Article 4 of the OECD Draft (1963) and OECD Model (1977/2010)
Authors: Pijl H.
Published: December 2023

This article studies the history of the “excluded resident” and the use of the term “law”/”laws” in article 4(1) of the OECD Draft (1963) and Model (1977). The article then considers the interpretational implications of this.
Italian Financial Transaction Tax Implications of the Evolving Regulatory Landscape: The Exemption for Market Makers
Authors: Salvadori di Wiesenhoff V.
Published: December 2023

This article outlines the interrelations between the exemption for market making activities under the Short Selling Regulation, as interpreted by the European Securities and Markets Authority (the ESMA), and the Italian financial transaction tax exemption available for market makers.