bluuebunny/crossref_metadata_2025 huggingface dataset:
Tax Court Ruling on Beneficial Ownership of Interest on Bonds Issued by
Dutch Special Purpose Vehicle
Authors: Karyadi F.
Published: December 2023

A decision by Indonesia’s Tax Court has denied the application of the
0% withholding tax rate on interest as provided under the Indonesia–Netherlands
income tax treaty. The determination of the beneficial owner of the income was
central to the Court’s ruling.
Why VAT Is Important for Investment Funds and Their Managers
Authors: Braquet C. , Heydari S. , Kasteren E. van
Published: December 2023

Focusing on Luxembourg, the Netherlands and the United Kingdom, this
article considers the most important VAT rules applicable to cross-border fund
accounting services, investment advice, custody services and publication of the
net asset value of investment funds, rendered to investment funds. Such VAT
rules are applied differently within the European Union, even though they are
based upon the EU VAT Directive, and VAT should no longer be ignored for the
reasons set out hereafter.
The Limited Force of Attraction Rule
Authors: Mehta Amar
Published: December 2023

The author, in this article, provides an analysis of the limited force of attraction rules of article 7(1) of the UN Model Convention and the Indian case law on the matter.
Changes to Transfer Pricing Rules under Decree 3030 of 2013
Authors: Díaz Tong E. , Arenas Alvarado K.
Published: December 2023

The 2013 Decree brought concepts and rules to the transfer pricing
regime, including changes with regard to the transfer pricing report and
informational return, cost contribution arrangements, and transfer
pricing-related penalties.
VAT: The New Tax
Settlement Provisions and Appeals against the Tax Authorities’
Decisions
Authors: Accili Bernadette
Published: December 2023

In this article, the author addresses the new tax
settlement provisions introduced into the Italian Bankruptcy Law and supports
the feasibility of including VAT in settlements under Italian and EC law. The
author also argues that only a percentage of the VAT revenue is an EU own
resource and considers how an appeal regarding the tax authorities’ refusal of
a tax settlement proposal could be filed.
Transfer Pricing Disputes and Their Causes
Authors: Silberztein C.
Published: December 2023

Statistics show an ever-increasing number of transfer pricing disputes
worldwide. The author provides an overview of such disputes and examines the
primary causes behind them.
Post-Brexit Legislation: Windfall Taxes in the United Kingdom and the European Union
Authors: Matikonis K. , Garavan C.
Published: December 2023

This article reviews the United Kingdom’s post-Brexit legislative trajectory with an emphasis on windfall tax measures, primarily under the Energy (Oil and Gas) Profits Levy Act 2022, Finance Act 2023 and Finance Act (No. 2) 2023. Drawing a comparative analysis with the European Union’s Regulation on an Emergency Intervention to Address High Energy Prices (2022/1854) and its application in Ireland, the exploration delves into the origins, frameworks and broader implications of these legislative shifts in a post-Brexit environment.
Limited Liability Partnerships – A Gen Next Entity
Authors: Zobalia H. , Devani J.
Published: December 2023

This article introduces the salient features of the Limited Liability
Partnership Act 2008 which came into force on 31 March 2009 and discusses its
tax implications.
Supply Chain Management Using Alternative Manufacturing Models
Authors: Kishore Bilaney S.
Published: December 2023

The author considers various manufacturing models (such as
full-fledged manufacturer; licensed manufacturer; and contract or toll
manufacturer); function, asset and risk analysis under each model; arm’s length
remuneration under each model; conversions of manufacturing models and related
issues; the OECD response to base erosion and profit shifting; exposure to
location savings and permanent establishment risk under various
models.
Treatment of Derivative Payments under the US Final BEAT Regulations
Authors: Carman P.
Published: December 2023

This article provides a general background in respect of the US base erosion and anti-abuse tax, which is a minimum tax for taxpayers in international groups enacted by the United States, and discusses the treatment of payments in respect of derivatives and other financial instruments under the final Regulations.
No-Supply Rule and Real Estate Transactions
Authors: Lasiński-Sulecki K.
Published: December 2023

Transactions involving real estate used for business purposes have recently proved to be particularly risky in Poland because the tax authorities consider that supplies of real estate are often to be treated as transfers of a going concern and, as a result, that a no-supply rule should apply to them. In this article, the author analyses the wording and purpose of the “no-supply rule” provided for under the VAT Directive and its equivalent in Polish domestic legislation and discusses possible measures to be taken to reduce VAT risks connected with real estate transactions.
Deduction generator arrangements
Authors: Toryanik T.
Published: December 2023

This article highlights the main features of "deduction generator"
arrangements that may be used to create income tax deductions without creating
a corresponding exposure to an economic loss. These arrangements were described
in Taxpayer Alert TA 2009/9 issued by the Australian Taxation Office earlier
this year.
The Notions of “Beneficial Ownership” and “Place of Effective Management” in Respect of a Passive Holding Company
Authors: Beretta G.
Published: December 2023

In this note, the author considers a decision of the Italian Supreme Court on “beneficial ownership” and “place of effective management” for tax treaty purposes, wherein it was held that the meaning of these terms is to be determined in light of the nature and object of a financial holding company and that, therefore, a lack of substantial economic activity does not mean per se that such a company cannot be effectively established in the other contracting state.
Understanding Riba, Usury and Interest: Conservatives’ versus Modernists’ Approach in Islamic Finance
Authors: Mahmood Z.
Published: December 2023

This article analyses the different views on the acceptance of riba in the current age. Muslim scholars are divided whether the present-day practice of interest by lending institutions is riba, which has been proscribed by the Koran and Prophet Muhammad. Charging extra money over the principal amount by lenders is also disliked in Christianity. Interest is considered vital for the survival of capitalism. Money is taken as an independent factor of production. Therefore, it can yield interest or profit. The Islamic economics treat money unlike the capitalists do. This system of economy considers money merely a medium of exchange. Money cannot be exchanged with money. Modern Muslim economists opine that the Prophet Muhammad traditions and the Quranic commandments regarding prohibition of riba are not relevant in the present age when dynamics of the economy are multifaceted.
The GST Reforms that Can No Longer Be Delayed in the Maldives
Authors: Fazal Z.
Published: December 2023

The goods and services tax (GST) is the strongest tool for raising government revenue in the Maldives. In this article, the author puts forward three key GST reforms that are necessary to transfigure the existing outdated system. This includes modernizing the existing GST system, updating the current registration threshold to reflect the changes in the economy, and stopping the leaks in the tax base that are caused by violations of the destination principle and transfer mispricing schemes.
Is Luxembourg a Tax-Efficient Platform for Investing in Africa?
Authors: Badoc J.
Published: December 2023

Investors that foresee carrying out several investments in various African jurisdictions may wish to centralize their investments via a specific financing platform, either existing or to be implemented. When it comes to determining which country would be suitable for that purpose, Luxembourg is – in the author’s opinion – if not the best-suited place, at least a very appropriate location to consider.
“Australia as a Financial Centre – Building on Our Strengths”: A Review of the Report
Authors: Toryanik T.
Published: December 2023

This article reviews a recently released report, “Australia as a Financial Centre – Building on Our Strengths”, of the Australian Financial Centre Forum. While the article considers a range of proposals for Australia’s government, readers may notice parallels to the measures recently introduced, or proposed, in their own countries.
The BEPS Action 5 Standard: Compliance Review Results
Authors: Issakova S.
Published: December 2023

In this article, the author discusses the implications of the OECD Action Plan targeting harmful tax measures on Kazakhstan’s independent tax-free zone, the Astana International Financial Centre, in light of Kazakhstan’s need to diversify its economy and attract foreign investment to ensure economic stability and growth in the post-pandemic period.
Corporate Tax Changes
Authors: Tzenova L.
Published: December 2023

In this note, the author outlines various amendments to the Corporate Income Tax Act effective 1 January 2021, including with regard to State aid to agricultural producers, implementation of the EU list of non-cooperative jurisdictions, transfer pricing documentation requirements and deadlines, depreciation rates and various administrative provisions.
Key Practical Issues To Eliminate Double Taxation of Business Income
Authors: Ichitaka R.
Published: December 2023

The author provides a detailed description of the Japanese foreign tax credit system and critically analyses the issues that arise in applying the system to taxpayers.
Group Taxation and Further Corporate Income Tax Changes Effective 2019
Authors: Felkai R.
Published: December 2023

On 1 January 2019, Hungary introduced a number of noteworthy new regulations, in particular a group taxation regime, which are described in this article together with other corporate income tax developments.
The Intersection of Accounting and Taxation in Malaysia
Authors: Yussof S.H.
Published: December 2023

The article describes the development of accounting and tax law in Malaysia, and discusses the similarities and differences between those two systems.
The Concept of Permanent Establishments
Authors: Hoor O.R.
Published: December 2023

The PE concept plays a prominent role in the tax treatment of cross-border business activities and is relevant to the application of domestic tax law and tax treaties. These two areas of law, however, do not use the same PE definition. This article analyses the PE definition under Luxembourg domestic tax law and for tax treaty purposes.
Implementation of the EU VAT “Quick Fixes” in Bulgaria
Authors: Krastanov S.
Published: December 2023

The EU VAT “quick fixes” provide simplifications for EU cross-border trade in goods by introducing harmonized rules with respect to the conditions and requested evidence to obtain an exemption of intra-Community supplies, call-off stock arrangements, and successive supplies of goods (chain transactions). Bulgaria has introduced these rules in its Value Added Tax Act and they are applicable from 1 January 2020. In this article, the author provides an overview of implementation of the quick fixes in Bulgaria and highlights the differences as compared to the rules applied until the end of 2019.
A Comparison of the US Economic Substance Doctrine with Italy’s New Abuse of Law Rules: Gravitation towards Similar Outcomes?
Authors: Mazzoni G.
Published: December 2023

This article compares the general anti-avoidance rules (GAARs) in Italy and the United States, considers whether the two GAARs are on convergent paths and suggests improvements that could be made to the US GAAR.
Canada Consults on “Modernizing” Its Transfer Pricing Rules – What’s in (the) Store?
Authors: Wilkie J.S.
Published: December 2023

In the summer of 2023, Canadian tax and finance authorities conducted a consultation on changes to Canada’s transfer pricing legislation. These changes reflect both international transfer pricing’s increasing emphasis on “economic substance” following from continuing work conducted by the OECD and perceived limitations of Canada’s existing transfer pricing legislation as interpreted in important Canadian court cases. Among other things, the changes would empower the tax authorities and courts not to recognize taxpayers’ transactions in favour of alternatives considered to more accurately reflect the economic features of taxpayers’ circumstances.
Shanghai VAT Pilot
Authors: Yang X.
Published: December 2023

In 1994, China introduced VAT and business tax, which separately apply, at different rates, to supplies of goods and services. In recent years, it has become increasingly clear that business tax, which is non-deductible, should merge with VAT. In this article, the author explains the VAT pilot in Shanghai that came into effect on 1 January 2012, which is the first step in the process of merging the two taxes. Under that pilot, business tax on specific services is replaced by VAT.
Tax Issues Relating to Intangibles
Authors: Shah R. (Rohan) , Shah N. (Nishant) , Bhatia P.
Published: December 2023

The comparative survey articles are based on selected papers presented
at the Baker & McKenzie 28th Annual Asia-Pacific Tax Conference held in
Hong Kong on 1 and 2 November 2012. The 29th Annual Asia-Pacific Tax Conference
is expected to be held in Singapore in October 2013. For more information,
please contact Liane Tsang of Baker & McKenzie, Hong Kong by tel.: +852
2846 2358 or by e-mail: liane.tsang@bakermckenzie.com.
Swiss Taxation of Equity-Based Compensation Instruments – Part 2
Authors: Meier M.
Published: December 2023

The taxation of executive compensation is an important element in Switzerland’s international attractiveness. In this regard, equity-based compensation instruments are frequently used by multinational enterprises for their key employees. However, various complex Swiss tax issues arise both for the employer and the participants, in particular when participants of equity-based compensation schemes relocate and thus import or export their employee participations. In practice, it is advisable to obtain a Swiss tax ruling for the purpose of uniform tax assessment of the participants and proper tax treatment in intercantonal and international scenarios.
India’s GST Project
Authors: Sebastian J.
Published: December 2023

Following the successful introduction of state VAT, which covers only
part of all transactions, India has been preparing the changeover to a
comprehensive GST regime. The process of introducing GST is, however, hampered
by several obstacles. In this article, the author traces India’s road to GST
against the background of the country’s federal structure. He also presents the
salient features of the proposed GST system.
Recent VAT Implementations and the Rule of Law
Authors: Sanders J.
Published: December 2023

In the past few years we have witnessed the rapid implementation of VAT systems in many countries, with businesses being required to comply in record time. Unfortunately, recent VAT implementations did not come without a high level of uncertainty. In this article, the author discusses the importance of a well-prepared and carefully thought-out VAT implementation and recommends an international debate on the dynamic interplay between tax certainty and the rule of law.
Improving the Effectiveness of the International Advance Pricing Agreement Process
Authors: Mulachella Z.
Published: December 2023

This article examines various factors of international advance pricing agreements that are assessed from the perspective of the general standards of the programmes of five selected countries.
Exiting from the Obligations of a Tax Treaty: An International Framework with Diverse Practices
Authors: Erdős G. , Czoboly G.
Published: December 2023

This article focuses on the intention of states to withdraw from tax treaty obligations, starting with the pre-ratification period and ending with post-treaty obligations. Intentions are reviewed in the light of the general principles of international law, the Vienna Convention (1969), the OECD and UN Models, and in relation to jurisprudence.
Analysis of the VAT Gaps in Morocco
Authors: Htitich M.
Published: December 2023

VAT in Morocco, as in other countries, is the main source of funding of the state budget. In this article, the author examines its performance by calculating its potential revenue and its gaps. It has been found that fluctuations in its potential revenue are in fact affected more by lack of compliance to legislation than by the legislation itself. However, changes in the latter are still conceivable, and could mitigate revenue losses.
Opinion Statement of the CFE on the OECD Discussion Draft “Proposed Revision of the Section on Safe Harbours in Chapter IV of the OECD Transfer Pricing Guidelines”
Authors: CFE Fiscal Committee
Published: December 2023

Comments on the Discussion Draft “Proposed Revision of the Section on Safe Harbours in Chapter IV of the OECD Transfer Pricing Guidelines and Related Provisions and Draft Sample Memoranda of Understanding for Competent Authorities to Establish Bilateral Safe Harbours”.
An Old Tale with Some New Perspectives: On Taxation of Royalty Income Relating to US-Registered Patents under the Korea-US Tax Treaty
Authors: Yoon J-H.
Published: December 2023

The article focuses on a long-standing conflict between the Korean tax authorities and the courts in respect of “royalties” as prescribed by the tax treaty between the Republic of Korea and the United States. In this specific but significant set of circumstances, a Korean resident manufactures certain goods with a view to selling them in the US market, and in the course of its manufacturing, infringes upon a US Patent. Disputes have arisen as to the source and nature of the arising cross-border payments.
IP Boxes in Light of the BEPS Project and EU Law – Part I
Authors: Shi C.
Published: December 2023

The author, in this article, introduces IP box regimes. Part I focuses on the history of such regimes and their scrutiny by the OECD and EU institutions in an attempt to combat harmful taxation. Part II, to be published in European Taxation 9 (2016), assesses the potential incompatibilities of the nexus approach with EU State aid rules and the fundamental freedoms and provides suggestions of next moves from the perspective of EU Member States and MNEs.
New Transfer Pricing Rules
Authors: Castro S.
Published: December 2023

Despite the fact that since 2003 the Costa Rican tax administration has been able to adjust transactions carried out between related parties if they were not in accordance with the arm’s length principle, only with the publication of Decree 37898-H in September 2013 have general transfer pricing rules finally been established.
Taxpayers’ Rights
Authors: Kokott J.
Published: December 2023

In this article, the author discusses the fundamental rights of taxpayers in the context of the new EU Tax Dispute Resolution Directive (2017/1852).
A Critical Analysis of Indonesia’s New Controlled Foreign Company Rules
Authors: Hidayat A. , Astuti M.D.
Published: December 2023

This article reviews Indonesia’s new controlled foreign company regulation. It explains the ways that the regulation conforms with the recommendations in the OECD’s final report on BEPS Action 3, and contrasts various aspects of Indonesia’s approach with that of Australia and the United States. Drawing on these sources, the authors suggest amendments to the Indonesian regulation to make it more effective in achieving the goal of combatting base erosion and profit shifting by Indonesian-resident corporate taxpayers.
The Relationship between Preservative Tax Assessments and Netherlands Tax Treaties: Not Always Pacta Sunt Servanda?
Authors: Pötgens F.P.G.
Published: December 2023

This article analyses the decisions of the Netherlands Supreme Court of 20 February 2009, BNB 2009/260 through 262, and 19 June 2009, BNB 2009/263 through 266, on the relationship between the domestic concept of preservative tax assessments and previously concluded tax treaties. The author argues that some findings of the Court concerning exit taxes on substantial shareholdings are debatable.
The EU’s Financial Transaction Tax, Enhanced Cooperation and the UK’s
challenge
Authors: HJI Panayi C.
Published: December 2023

As a reaction to the financial crisis, in 2011, the European
Commission developed a proposal for an EU-wide Financial Transaction Tax. This
article looks at how this proposal has developed, and the use of enhanced
cooperation between EU Member States. In this article, the author examines the
UK's concerns with the European Commission’s initial and subsequent proposals.
The author also considers the recent UK challenge of the decision authorizing
the adoption of an EU financial transaction tax through enhanced
cooperation.
Change of Climate in Taxation: Are You Prepared for Extended
Responsibilities?
Authors: Correia F. , Reibel R.
Published: December 2023

Report from the 6th CFE Professional Affairs Conference in Milan on 22
November 2013.
The Mutual Agreement Procedure: A Swiss Perspective on Aspects of Action 14 of the OECD/G20 Base Erosion and Profit Shifting Initiative
Authors: Salom J. , Duss P.
Published: December 2023

In this article, the authors consider aspects of the Minimum Standards and Best Practices regarding the mutual agreement procedures contained in the Final Report on Action 14 of the OECD/G20 Base Erosion and Profit Shifting initiative and put them in context with the Swiss law and practice in this field.
Recent Tax Law Amendments
Authors: Felkai R.
Published: December 2023

This note addresses a range of tax law amendments applicable as of 1 January 2012, including corporate tax law changes, new accounting standards, the introduction of REITs, as well as modifications to personal income tax, VAT and real estate law.
Japan’s Study on International Taxation in the Digital Economy: Fairness in Taxation, Trade and Competition
Authors: Takahashi M.
Published: December 2023

In August 2021, a report on international taxation in the digital economy was published by a study group established by Japan’s Ministry of Economy, Trade and Industry. This article introduces this report and provides another perspective into the current global discussion on digital taxation.
A Comparative Analysis of the Indirect Foreign Tax Credit in Latin America and in the United States – Part I
Authors: Calderón Manrique D.
Published: December 2023

This article compares the indirect foreign tax credit systems applied in Latin America and the United States. Part I deals with Argentina, Chile and Colombia. Part II considers Mexico and the United States. It then compares these systems and examines the policy issues arising, before offering some conclusions and recommendations.
Attribution of Profits to a Permanent Establishment
Authors: Rawal R.
Published: December 2023

The Indian government has recently released a discussion draft report on Attribution of Profits to PE. The report is of significant importance and represents an important development in international taxation. It takes into consideration the approach of the OECD, European Union and United States on attribution of profits and recommends changes to the Indian domestic law.
Treaty of Lisbon and B2B VAT Exemptions
Authors: Amand C.
Published: December 2023

Since 1 December 2009, article 113 of the Treaty on the Functioning of the European Union imposes an obligation on the Council of the European Union to adopt measures in order to avoid “distortion of competition”. In this article, the author looks at the origin of the EU VAT system, describes the position of the ECJ as regards VAT exemptions and raises the question of the extent to which businesses can rely on article 113 of the TFEU in order to challenge national VAT exemptions for B2B transactions before national courts.
Argentinian Supreme Court’s Landmark Decision in Intercompany Loans in Times of Economic Downturn
Authors: Screpante M.S.
Published: December 2023

This article analyses whether a loan received by an Argentinian taxpayer, Transportadora de Energia SA, from a related company located in Brazil, CIEN SA, should be recharacterized as capital contributions due to the inability of the borrower to pay the maturities during the economic downturn of 2001. The importance of the case lies in the fact that the economic and financial crisis in Argentina 20 years ago has many parallels with the problems that the world is facing today with the COVID-19 pandemic.
The Future of the UN Model
Authors: Yaffar A.L. , Lennard M.
Published: December 2023

In this concluding article to the Bulletin for International Taxation Special Issue on the UN Model (2011), the authors consider the agenda of the October 2012 Annual Session of the UN Committee of Experts on International Cooperation in Tax Matters, and the UN Model’s longer-term future.
Investment Promotion Regime and Tax Benefits of Shared Service Centres
Authors: Bonet J.
Published: December 2023

A 2014 Decree has provided for tax benefits for shared service centres in addition to the benefits already available under the general investment promotion regime.
What Is the Road Ahead for Unilateral Digital Tax Measures?
Authors: Jalan N. , Misquith-Tigdi E.
Published: December 2023

In the past couple of years, countries across the globe have implemented several unilateral measures for digital economy taxation to tackle the tax challenges arising from taxation of the digital economy. On the global front, the Organisation for Economic Co-operation and Development (OECD) hosted negotiations with countries that are part of the Inclusive Framework on Base Erosion and Profit Shifting for more than half a decade and came up with a Two-Pillar Solution. The United Nations proposed a new article 12B, which aims to allow market jurisdictions to withhold tax on payments made for digital services. However, many open questions still need to be resolved, probably the most relevant of all – is there a certainty that multinationals covered in Pillar One or Pillar Two would not be doubly taxed on the same digital income? Considering this background, the paper starts with the discussion on the current state of affairs, then it moves on to the debate surrounding the taxation of the digital economy. It also discusses the various unilateral digital tax measures currently in existence across the globe and the macro and micro impact of these measures on the economy and businesses. It concludes with a discussion on what lies ahead for the countries adopting the OECD-proposed Two-Pillar Solution and the fate of the unilateral digital tax measures.
Update of the United Nations Model Tax Convention
Authors: Lennard M.
Published: December 2023

The author describes the proposed changes to the United Nations (UN) Model Double Taxation Convention, as discussed in the seventh session of the UN Committee of Experts on International Cooperation in Tax Matters, held in Geneva from 24 to 28 October 2011.
Practical Information on European VAT
Authors: Annacondia F.
Published: December 2023

As is traditional in the first issue of each year, the green annex presents the key features of the VAT systems of most European countries (both EU and non-EU), including standard and reduced VAT rates, various thresholds, the format of the VAT identification numbers and contact details of the offices of the national tax administration which process VAT refund applications or provide information to non-resident businesses on national VAT rules. The overview is compiled by the editor on the basis of information provided by the International VAT Monitor’s correspondents at the beginning of 2015.
Recent developments in the transfer pricing regime
Authors: Sieker S. , Benjamin T.
Published: December 2023

This article provides a detailed discussion of the specific and
general anti-abuse provisions applied by the Hong Kong tax authorities in
attacking inappropriate transfer pricing. Recent case law decisions, guidance
relevant to transfer pricing cases and double taxation relief mechanisms are
also discussed.
The Impact of the Net Investment Income Tax on Non-American Investors
Authors: Yang J.G.S. , Warren J.S.
Published: December 2023

President Donald Trump announced his intention to repeal the Net Investment Income Tax (NIIT). In this article, the authors examine the functioning of the NIIT and its impact on non-resident alien investors.
Hungary Introduces an Annual Transfer Pricing Data Reporting System
Authors: Erdős G.
Published: December 2023

Hungary introduced detailed transfer pricing data reporting rules as a part of the annual corporate income tax return. It is aimed to give advance warning to the tax authorities about the potential tax planning structures and help them in the tax audit selection process. The new system substantially increases the compliance burden of the taxpayers.
Relief from Double Taxation in Kosovo
Authors: Peci B.
Published: December 2023

In this note, the author examines double taxation relief in Kosovo and related international tax issues. The discussion is of particular relevance to taxation of numerous expatriates who work and invest in Kosovo.
VAT Registration Thresholds in Europe
Authors: Annacondia F.
Published: December 2023

As is traditional in the sixth issue of each year, in this issue of the International VAT Monitor an overview is presented of the VAT registration thresholds in most European (both EU and non-EU) countries, applicable in October 2019 and supplemented with announced amendments entering into force on 1 January 2020.
Council
Authors: Xygka A.
Published: December 2023

This overview highlights the Council’s and Commission’s reaffirmation of support for the two-pillar solution.
Has the Case Law of the ECJ on Final Losses Reached the End of the
Line?
Authors: Lang M.
Published: December 2023

The author traces the development of ECJ case law on final losses
beginning with Marks & Spencer, wherein the Court
held that foreign losses only need to be taken into consideration in
exceptional cases, and culminating in a series of cases that have so restricted
loss utilization that virtually no possibilities remain. The author highlights
the practical questions that have arisen in this regard and suggests possible
solutions.
Taxability of Liaison Offices
Authors: Jhabakh P.R.K.
Published: December 2023

This article describes how a liaison office can be established in India and the associated compliance work before going in the taxability of such entities.
Designing a General Anti-Abuse Rule: Striking a Balance
Authors: Freedman J.
Published: December 2023

This article argues that statutory general-anti avoidance or
anti-abuse provisions (GAARs) are an essential part of a modern tax system,
since specific legislation will not catch every abuse. Properly drafted GAARs
with appropriate protections can give administrators and courts an important
tool to use in cases of egregious abuse, but the use must be within a
legitimate framework suitable for the jurisdiction in question. GAARs are not
the appropriate mechanism for a fundamental rewriting of domestic or
international tax law, but they are a valuable element of the statute book in
the fight to combat artificial tax arrangements.
The Complexities of Marketing in EU VAT
Authors: Sánchez Gallardo F.J. , Echevarria Zubeldia G.
Published: December 2023

The promotion of goods and services within the European Union has VAT implications that are not sufficiently well known, either because this is an area with rich ECJ case law that is hard to grasp, because it is not a direct revenue-generating stream or perhaps because of both reasons. In this article, the authors provide an overview of the most complex VAT marketing issues, such as functional and volume rebates, global discounts, free supplies and loyalty programmes, with the aim of allowing practitioners to learn enough about the tax implications of these programmes to enhance the tax controls around them.
60 Years of Harmonization Initiatives on Corporate Taxation
Authors: HJI Panayi C.
Published: December 2023

In this article, the author outlines the trajectory of corporate taxation harmonization initiatives over the past 60 years, from the 1962 Neumark Report to the May 2021 Commission Communication on Business Taxation. She concludes that the key to further harmonization is the Commission’s ability to seize on political momentum resulting from international events, rather than producing comprehensive reports in the area of direct taxation or watering down the unanimity requirement.
Recognition of the Actual Transactions Undertaken
Authors: Liaugminaite Giedre
Published: December 2023

This article deals with non-recognition of transactions under Paras. 1.36-1.41 of the OECD Guidelines in light of the guidance provided in the OECD Discussion Draft on the Transfer Pricing Aspects of Business Restructurings. It analyses the interaction among domestic anti-abuse and tax treaty provisions as interpreted by the OECD Guidelines and the OECD Discussion Draft, and examines the practical problems which might result from implementation of OECD Discussion Draft.
Developments in Australian Anti-Hybrid Legislation
Authors: Joseph A.
Published: December 2023

This article discusses the new Australian legislation on hybrid mismatch arrangements passed into law in August 2018. Closely modeled on the OECD recommendations, the amendments aim to achieve much more than what was initially envisaged.
Allocation of Advertising Expense: The LG India Case
Authors: Raj Kumar Jhabakh P.
Published: December 2023

A recent ruling of the Delhi Income Tax Appellate Tribunal upheld the taxpayer’s allocation of cricket sponsorship (advertising) expense as arm’s length. The author considers the arguments asserted by both sides in this case, as well as the Tribunal’s ruling.
Look-At Approach Prevails over Dissection: The Vodafone Saga
Authors: Jhabakh P.R.K.
Published: December 2023

This article analyses the ruling of the Supreme Court of India in the
controversial case of Vodafone International Holdings
B.V., which ultimately provided relief to Vodafone of a potential tax
liability of INR 25 billion. The Supreme Court concluded that the Indian Courts
and the tax authorities should ascertain the purpose of a transaction by
looking at the entire transaction holistically, rather than adopting a
dissecting approach.
Preventing Tax Avoidance: Is There Convergence in the Way Countries Counter Tax Avoidance?
Authors: Alves Alvarrenga C.
Published: December 2023

Based on the experience of Brazil, Spain, the United Kingdom and the United States, this article is intended to demonstrate that, very slowly and over many years, it is possible that a more widespread harmonization as to how to counter tax avoidance may emerge.
New EBA Guidelines – Management Body and AML/CFT Compliance Officer
Authors: Snijder-Kuipers B. , Pellegrin G. , Foucher G. de , Savigliano A. , Schmies C. , Locmele K. , Bradley E. (Emily) , Velez M. , Nunes R. Cardoso
Published: December 2023

The fight against anti-money laundering and the financing of terrorism is important. The role of the AML/CFT or compliance officer has been more specified in guidelines from the European Banking Authority (EBA). The EBA Guidelines clarify the role of the board and the compliance function and give more detailed guidance on the role, tasks and performance of the compliance function in a financial institution. This article gives an overview of new requirements and the results of these guidelines in France, Germany, Italy, the Netherlands, Portugal, Spain and the United Kingdom.
Non-Reduced Rates for E-Books: Has the ECJ Allowed a Violation of Fiscal Neutrality?
Authors: Macarro Osuna J.M.
Published: December 2023

The ECJ has finally confirmed that e-books cannot be subject to a reduced VAT rate, as is the case with books in physical form. The literal interpretation of the VAT Directive made by the ECJ seems to put the matter beyond any doubt. However, it does not clarify whether the different treatment given to these products, in circumstances where they would be considered to compete with each other, is compatible with the case law based on the principle of fiscal neutrality and with the TFEU.
US Policy to Counter Treaty Shopping - From Aiken Industries to the Anti-Conduit Regulations: A Critical View of the Current Double-Step Approach from the Perspective of Treaty Objectives and Purposes
Authors: Freitas de Moraes e Castro L.
Published: December 2023

This article analyses the evolution of the mechanisms to counter treaty shopping in the United States and examines the role and efficiency of the dual application of domestic anti-conduit rules and the US Limitation on Benefits treaty provision in light of the objectives and purposes of tax treaties.
The Role of the Concept of Control under CFC Legislation within the
European Union vis-à-vis Third Countries
Authors: Santos Pinto J.
Published: December 2023

This article analyses whether or not a common concept of control
exists within the European Union that could be used as a standard both for the
European Union and in respect of the domestic controlled foreign company
legislation of Member States. The author further examines the implication of
such a concept on the free movement of capital vis-à-vis third countries. In
this context the article focuses on an analysis of article 82 of the CCCTB
Draft Directive.
Company Taxation in the European Union: A Key Challenge 20 Years after the Ruding Report
Authors: Cerioni L.
Published: December 2023

The author, in this article, attempts to provide a response to the issues raised by the Ruding Report regarding EU company taxation and to assess whether this could result in a new challenge to be taken up to definitively resolve the difficult relationship between direct taxation and the internal market.
New Transfer Pricing Legislation
Authors: Cooper J.L. , Skopljak Z.
Published: December 2023

In addition to a brief outline of the corporate taxation system in
Albania and the previous rules on transfer pricing, this article provides an
overview of the legal framework for transfer pricing in Albania in light of
recently enacted legislation.
An Analysis of Diverse Unilateral Digital Tax Measures in Asian Countries
Authors: Jalan N.
Published: December 2023

The article aims to discuss the digital tax landscape in Asian countries, including briefly summarizing the unilateral measures implemented by the Asian countries. After a critical analysis of these unilateral measures and their impact on multinationals and the Asian economy, it concludes with the need for effective regional organizations in Asia to enhance cooperation in tax matters and to have a unanimous say on the global platform.
Abuse of Law in European Tax Law: An Overview and Some Recent Trends in the Direct and Indirect Tax Case Law of the ECJ – Part 2
Authors: Weber D. (Dennis)
Published: December 2023

This article examines the right of Member States to combat abuse, as defined in ECJ case law, in particular, the balance between enforcement of the principle of legal certainty, the right to choose the most favourable fiscal route and the right of states to combat tax avoidance. Part 1, which was published in European Taxation 6 (2013) addressed the subjective and objective tests for establishing abuse, the concept of economic reality versus wholly artificial arrangements, the idea of a general principle of community law and the different levels of abuse. Part 2 analyses how specific an anti-abuse provision should be, the burden of proof, tax jurisdiction shopping and the consequences of abuse.
Why Can’t the English ...?
Authors: Avery Jones J.F.
Published: December 2023

I should like to put forward the case that English-speaking countries should follow the lead of non-English speaking countries and, at least, make their tax treaties with a prevailing text in English, or possibly in English only.
China’s Rising (and the United States’ Declining) Influence in Global Tax Governance? Some Observations
Authors: Li J. (jinyan)
Published: December 2023

This article considers China’s rise as a global economic power and the implications for global tax governance, especially in light of the United States’ leadership in the international tax system, e.g. the Two-Pillar Solution.
The Conversion of a Branch into a Subsidiary under the EC Merger Directive: Still “Rarely Pure and Never Simple”
Authors: Gusmeroli M.
Published: December 2023

This article considers the consequences of a company from an EU Member State transferring the assets of its Italian PE into an Italian company. The author considers whether the participation resulting from the contribution of the branch assets should be attributed (1) to that same branch, whose subsequent collapse would trigger taxation on the participation, defeating the EC Merger Directive’s tax-neutral treatment, or (2) directly to the foreign head office, which is the preferred solution.
VAT Wrongly Charged by the Supplier and Right of the Customer to Deduct, from an Italian and EU Perspective: Where Are We?
Authors: Bisioli A. , Zanetti M.
Published: December 2023

A very common issue in the economic relationships between suppliers and customers is the application of excessive VAT in the invoices issued by the former to the latter. Since 2017, Italian VAT legislation has provided that the customer has the right to deduct the tax applied “in excess of the effective amount” in such cases, provided that such VAT has been paid by the supplier to the Italian tax authorities, outside a context of tax fraud. The customer will, however, be subject to a fixed, non-proportional, penalty. In this article, the authors seek to illustrate how the application of the principles of “neutrality”, “effectiveness” and “proportionality” established by the case law of the ECJ could lead to a possible application of the said provision, not only in cases where a higher VAT rate was applied in a taxable transaction, but more generally where undue VAT has been charged to the customer (and so also in transactions that are exempt – with or without right to deduction – or outside the scope of VAT).
Taxation Aspects of Mergers and Acquisitions
Authors: Kumar M. , Ajinkya B.
Published: December 2023

The authors provide a succinct overview of the key tax issues that arise in merger and acquisition transactions from the perspective of both the purchaser and vendor entities.
The Impact of Fiscal Support Measures and the Changing Tax Administration during the COVID-19 Pandemic in the Gulf Cooperation Council Countries
Authors: Hsieh T. , Bader Y.
Published: December 2023

This article aims to explain the various fiscal stimulus and tax policies introduced by the Gulf Cooperation Council member states, particularly Saudi Arabia, the United Arab Emirates and Bahrain, to deal with the COVID-19 pandemic and which caused disruption to several economic sectors, specifically the financial services sector, in order to address the ultimate goal of limiting the negative effects of the COVID-19 pandemic and support economic recovery.
The New Transfer Pricing Legislation
Authors: Bhatnagar V.
Published: December 2023

Transfer pricing legislation was introduced in the Bangladesh tax
scene via the 2012 Finance Bill. The author points out the salient features of
the new legislation and its implications for taxpayers.
Administering Profit and Consumption Taxation in Market Jurisdictions: Selected Similarities in the Digital Era
Authors: Hammerl S.C. , Zechner L.T.
Published: December 2023

In this article, the authors consider profit and consumption taxation in the digital era, specifically comparing the existing system of VAT as it applies in the European Union with the OECD’s proposals under Pillar One in relation to corporate income tax.
Post-Acquisition Integration – What You Need To Do?
Authors: Wong A. (Adeline) , Chong M.Y. , Ho T-S.
Published: December 2023

Part of a comparative survey based on selected papers presented at the
Baker & McKenzie 24th Annual Asia-Pacific Tax Conference held in Kuala
Lumpur, Malaysia on 13 and 14 November 2008. The scenario assumed is where two
foreign groups merge overseas and this is followed by: a local merger; a local
acquisition of assets; or the retention of the two separate local operating
units. Questions considered are: 1. Are there alternative approaches to local
country consolidation, including the trade-offs among (i) tax efficiency, (ii)
speed and (iii) fees/costs? 2. Are there opportunities to step up the basis of
assets? 3. Are there any leveraging opportunities that could generate
tax-efficient interest deductions? 4. What are the capital gains tax and stamp
tax issues and potential planning relating to transfers of shares to position
the subsidiaries for the ultimate consolidation? 5. How can the tax losses of
one entity be preserved? 6. What opportunities exist to restructure
intellectual property rights so as to generate tax efficiencies? 7. What tax
elections, if any, need to be made? 8. If the entities have different tax
years, can this be changed? 9. Are there any obvious tax-related employment
issues that arise? 10. Are there any other obvious tax planning
opportunities?
Taxation of Virtual Currencies from an Italian Perspective
Authors: Aquaro L.
Published: December 2023

This article describes the current state of taxation of virtual currencies in Italy. It aims to provide, at the outset, some clarity on the definition of “virtual currencies” on a global scale, addressing the legal issue related to their classification. Then the article focuses on tax implications of these instruments under the Italian tax system.
Structuring Foreign Investments
Authors: Dendevsambuu O. , Bold B.
Published: December 2023

This article sets out Mongolia's tax regime relevant to inbound foreign investors. The country’s legal framework for foreign investment and strategic economic sectors is also highlighted.
Will Transfer Pricing Ever Arrive in Paraguay?
Authors: Rybnik D.
Published: December 2023

Although Paraguayan legislation contains some transfer pricing elements, the tax authorities should not buy the idea that the law says what it does not say.
Pillar Two: Status Quo, Subject-to-Tax Rule and the Impact on Third-Party Investment in MNEs
Authors: Pesiri S.
Published: December 2023

This article examines the current status of the OECD’s two-pillar reform of the international tax system to address the tax challenges arising from digitalization and globalization of the economy, agreed to in October 2021. The article focusses on the complexities involved in the reform, with particular attention to EU law. Certain fundamental aspects contained in the EU Minimum Taxation Directive (2022/2523) are examined in addressing whether or not Pillar Two is compatible with the European Legal Framework. Finally, the issue of the taxation of minority investments in MNE groups is examined in light of the subject-to-tax rule.
Real Estate Funds: VAT Exemption for Fund Management Services
Authors: Glohr R. , Lambion M.
Published: December 2023

The authors comment on the decision of the Court of Justice of the European Union in Fiscale Eenheid X NV (Case C-595/13), wherein the Court confirmed that real estate investment funds are eligible to receive VAT-exempt management services, but that “property management” services are not included in this concept, and establish a clear link between the benefit of the VAT exemption and the “specific state supervision”.
Tax Incentives for Venture Capital
Authors: Nyamori B.
Published: December 2023

The author examines the tax regime for venture capital in Kenya, with particular focus on the concessions under the Income Tax Act and the importance of SMEs for the Kenyan economy. He analyses the regulatory framework for venture capital and addresses tax provisions that have a bearing on venture capital transactions.