Part 1 of the Report to G20 Development Working group (DWG) on the impact of BEPS in Low Income countries (LICs), dated July 2014, listed in its Section 6: Other High priority BEPS Issues for developing countries, paragraph c), the topic of base erosion through wasteful tax incentives designed to attract investment, labeling it as…
Due to an amendment of the EU Parent-Subsidiary Directive, the EU Member States must include a common minimum anti-abuse provision in their legislation by 31 December 2015 at the latest. The common minimum anti-abuse provision is contained in Art. 1(2) and (3) of the Parent-Subsidiary Directive (which grants exemptions on payments of dividend in the…
This week, the United Kingdom Supreme Court, in a landmark decision, has ruled that a UK resident individual member of a Delaware limited liability company is entitled to credit in the UK for US tax on the profits of the LLC. Anson v Commissioners for Her Majesty’s Revenue and Customs [2015] UKSC 44 has rejected…
International theory and practice In examining the economic considerations that should be taken into account for the legal framework for the eventual peace agreements in Colombia, I found that despite the little that has been written in Colombia on this theme, the international literature has some insights that can at least preliminarily shed light on…
Co-authored with Hans van den Hurk, Maastricht University, QuanteraGlobal Tax Policy. Note that the authors write in their personal capacity. Policymakers are changing the international tax system to counter tax avoidance by multinationals. Has the potential impact on new investment in jobs, growth and development been assessed? An opinion based on UNCTAD’s World Investment Report…
0n June 17 2015, the Commission re-launched the CCCTB Directive after being four years discussions in the Council of the European Union. In 2016 the Commission will issue a completely new CCCTB Directive Proposal, with several major changes comparing to the original proposal issued in 2011. In the re-launch announcement, the Commission takes a realistic…
Importance of legal certainty in cross-border scenarios In the context of the EU VAT system, the principle of legal certainty requires that Community legislation must be certain and its application foreseeable by those subject to it. In practice, however, national VAT laws often deviate from the EU VAT Directive due to differences in local interpretation…
The FFI GIIN List Update (Lists from June 1, 2014 through June 1, 2015) On 1 June 2015 the IRS published its thirteenth FATCA GIIN list of “approved FFIs” (a list of the financial firms that have registered on the IRS FATCA portal). Total approved FFIs reached 165,461, and increase of only 2,851 during the…
Co-authored by Luís Eduardo Schoueri and Mateus Calicchio Barbosa Spotlight was shed on transparency by the OECD’s BEPS Plan, where a set of Actions was put forward under the flag of “ensuring transparency while promoting increased certainty and predictability”. The document suggests a “more holistic approach” to the matter, and states that the obtaining of…
Dr. Andrew Morriss, Dean of Texas A&M University School of Law The rapidly shifting world of international financial and tax regulation – from the OECD’s BEPS to FATCA – is reshaping the world. Many of these policies are being adopted without regard to whether they produce net benefits (e.g. revenue in excess of the costs…
1. FBAR Filing Requirement The FBAR refers to Form 114, Report of Foreign Bank and Financial Accounts. The FBAR must be filed annually by a U.S. person that has a financial interest in or signature authority over foreign financial accounts if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the…
Three significant filing deadlines fall in June, one today and two more on the last day of the month. (1) The 15 June FATCA Form 8938 filing deadline (with the income tax return) with the IRS for a U.S. person who lives abroad and has specified foreign assets of at least $50,000 on the last…
Article 7(1) of the OECD model treaty is perhaps the most important rule regulating the international taxation of business. It sets out the fundamental basis on which businesses are taxed, that is, the state of residence has the primary right to tax with source state entitlement restricted to taxing the profits of permanent establishments. Source…
BEPS-Project? CFC rules and transfer pricing? Treaty abuse and dispute resolution? Why bother for such complicated things? Greece has a “perfect” solution against base erosion and profit shifting through cross-border schemes: It is for this purpose that Greece has imposed since March 21st, 2015, an additional condition for the recognition of any expenses payable to…
