UK: consultation on allowing the transfer of savings in child trust funds to junior ISAs

June 18, 2013

The UK government has published a consultation document in respect of allowing the transfer of savings from a Child Trust Fund to a junior Individual Savings Account (Junior ISA). Child trust funds were originally introduced in 2004 with the

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UK: Double tax agreement with the Netherlands on bank taxes

June 18, 2013

The UK and the Netherlands signed a double tax convention on 12 June 2013 in respect of bank taxes. The taxes covered by the Convention are the UK bank levy under Schedule 19 FA 2011 and the tax charged under the Netherlands law on bank tax. The

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Tanzania: Tax proposals for 2013 budget

June 18, 2013

The Tanzanian Budget for 2013 was presented to the National Assembly by the Minister of Finance and key changes made by the Budget proposals are summarized below: Reduction of the minimum tax rate for individuals from 14% to 13%. Abolition of a

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Romania: Corporate tax rate remain unchanged

June 18, 2013

The Prime Minister of Romania has confirmed that the country’s 16 percent flat rate of corporation tax will be kept until 2016. The rate is being kept the same to provide investors with more stability and certainty in taking investment decisions

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Poland: Amendment on the Advance Pricing Agreements

June 18, 2013

Poland’s Ministry of Finance proposed changes on 11 June 2013 that might amend the provisions concerning advance pricing agreements (APAs) if sanctioned. Changes in the APA - Extended the scope of transactions to APAs by repealing current law

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Kenya: Tax proposals in the 2013/14 budget

June 18, 2013

The National Assembly by the Cabinet Secretary to the National Treasury was presented the Budget for 2013-14 on 13 June 2013  . Capital gains tax has been re-introduced and applies to real estate, marketable securities and other saleable assets.

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India: Transfer Pricing Reporting Requirements

June 18, 2013

Recently India’s Central Board of Direct Taxes issued guidance that expands the transfer pricing reporting requirements of certain international transactions and certain “specified domestic transactions.” To bring into line those reporting

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India: Extensive Guidance Note on APA

June 18, 2013

Recently the Central Board of Direct Taxes (CBDT) of India published a comprehensive APA Guidance Booklet concerning India’s advance pricing agreement (APA) program, detailing the procedural aspects of unilateral, bilateral or multilateral APA

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India: Listed price cannot be used under the Comparable Uncontrolled Price (CUP) method

June 18, 2013

In a recent decision, the Chennai Bench of the Income-tax Appellate Tribunal held that the list price on a manufacture’s website is only an “indicative price” and so the list price alone cannot be used to determine the arm’s length price of

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France: IGF recommends strengthening control of transfer pricing

June 18, 2013

The French tax authorities released a report on 11 June 2013 regarding recommendations aimed at strengthening existing transfer pricing rules applicable to international groups in France, to better combat tax optimization and avoidance by

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ECJ: Ruling on freedom of provision of services by banks

June 18, 2013

The European Court of Justice (ECJ) ruled on 6 June 2013 in Commission v Belgium (C-383/10) that Belgium had failed to fulfill its responsibilities under Article 5 of the Treaty on the Functioning of the European Union (TFEU) and Article 36 of the

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ECJ: Finland refers a question on VAT on electronic publications

June 18, 2013

The Supreme Administrative Court of Finland on 23 April 2013 asked for a ruling from the European Court of Justice (ECJ) in respect of the neutrality principle and its implications for the Finnish VAT on books in electronic form.  The question put

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Ukraine: Related-Party information returns to file with APA requests

June 11, 2013

The transfer pricing rules introduced by Ukraine from 1 January 2013 provide for the possibility of negotiating advance pricing agreements with the tax authorities. The Ukraine Ministry of Finance has approved an information form concerning related

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UK: Amendments to the tax treaty passport scheme

June 11, 2013

The tax treaty passport scheme was introduced from September 2010 to allow a simplified clearance scheme for taxpayers applying for reduced rates of withholding tax on interest under a double tax treaty. An overseas corporate lender in a country

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UK: offshore employment intermediaries

June 11, 2013

A consultation document has been issued by the UK government proposing measures to deal with issues arising from the use of offshore employers of workers based in the UK to avoid tax and national insurance contributions on wages. The consultation

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UK: Consultation on loan relationships and derivative instruments

June 11, 2013

The original loan relationships rules issued by the UK government in the 1990s modernized the treatment of debt instruments by aligning the tax treatment more closely with the accounting treatment. However in the meantime the financial world has

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Spain: New forms and procedures to submit CIT tax returns approved

June 11, 2013

The Ministry of Economy and Finance has approved by Order HAP/864/2013 of 14 May 2013, the new forms, procedures and the stipulated periods for submission of returns for the corporate income tax (CIT) and non-resident income tax returns for PEs and

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Slovenia: VAT rates increased

June 11, 2013

Amendments and supplements to the Act on the implementation of the Budget for the years 2013 and 2014 (the Act) were published in the Official Gazette (Uradni List, No. 46/2013) of Slovenia On 29 May 2013 on June 5, 2013. The government of Slovenia

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