Category: Tax Planning

Advance Pricing Agreement / Central Board of Direct Taxes (CBDT) / Income Tax / Income Tax Act / India / Mutual Agreement Procedure / Transfer pricing

India: Rules To ‘Secondary Adjustment’ Rationalized And Clarified

Published by: Mondaq - October 16, 2019

The concept of 'Secondary Adjustment' was introduced in Finance Act 2017 by introducing new Section 92CE in the Indian Income Tax Act (the Act) to align transfer pricing provisions with international best practices. ... - Continue reading

Capital gains / Capital Gains Tax / Corporate Tax / Interest / Ireland / Profit Shifting / Real Estate / Tax Avoidance / Transfer pricing

Ireland Budget 2020 released

Published by: MNE Tax - October 10, 2019

On 8 October, the Irish government announced its Budget 2020 measures. Brexit and climate change are core themes of new revenue measures and expenditure commitments. Brexit remains the foremost immediate concern for the Irish economy, whereas tackling climate change requires long-term commitments to tax and spending policies. ... - Continue reading

EU / Fiat / Luxembourg / OECD / Starbucks / State Aid / Transfer pricing

The Fiat and Starbucks state aid tax cases: an absolute loss for legal certainty.

Published by: MNE Tax - October 7, 2019

In late September, the EU General Court released its decisions in two long-awaited state aid appeals: Fiat (cases T-755/15 Luxembourg v Commission and T-759/15 Fiat Chrysler Finance Europe v Commission) and Starbucks (cases T-760/15 Netherlands v. Commission and T-636/16 Starbucks and Starbucks Manufacturing Emea v. Commission). ... - Continue reading

Activity / Bermuda / Capital Gains Tax / Directors / Fees / Inheritance Tax / Legislation / Offshore Investments / Statutory / Tax Planning / Uncategorized

Bermuda: Chambers Private Wealth 2019: Bermuda (2019)

Published by: Mondaq - October 4, 2019

1. Tax1.1 Tax regimes In Bermuda there is no income or profits tax, withholding tax, capital gains tax, capital transfer tax or inheritance tax. There is no exit or similar such tax based on a resident's wealth when ceasing to be resident and there are no other consequences of leaving the jurisdiction. Customs duties and stamp duty are major government revenue earners, with stamp duties charged at different rates and in different manners on a variety of legal documents, excluding wills. ... - Continue reading

Business / Income Tax / Tax Avoidance / Tax Evasion / Tax Planning / Tax Reform / Uganda / VAT / Withholding Tax

Uganda: Don’t Make Up Losses To Avoid Tax

Published by: Mondaq - October 1, 2019

Conflicting interests arise for many businesses where decisions have to be made to determine how they consistently achieve profitability, while on the other hand minimise payment of tax. The temptation to minimise profits or even make a loss then becomes a tax risk management strategy. ... - Continue reading

Australia / Australian Taxation Office / Residence / Transfer pricing

Australian tax office advises on transfer pricing for offshore drilling

Published by: MNE Tax - September 27, 2019

The Australian Taxation Office (ATO) on September 27 set out its approach to analyzing transfer pricing issues associated with the use in Australian waters of non-resident owned mobile offshore drilling units such as drill-ships, drilling rigs (including but not limited to submersibles, semi-submersible and jack-up rigs), pipe-laying vessels, and heavy-lift vessels. ... - Continue reading

Base Erosion & Profit Shifting / Business / Controlled Foreign Corporation / Digital Services / Hybrids / Income Tax / Mexico / OECD / Permanent establishment / Residence / Tax Avoidance / Tax Planning / Tax Reform / VAT / Withholding Tax

Mexico 2020 tax reform: big changes proposed for foreign companies doing business in Mexico

Published by: MNE Tax - September 24, 2019

On September 8, the executive branch of the Mexican government introduced Mexico 2020 tax reform, proposing far-reaching changes to the Mexican income tax, value-added tax, and Federal Tax Code. ... - Continue reading

Digital Services / OECD / Tax Laws / Tax Reform / Transfer pricing

Saint Amans provides update on digital tax reform effort

Published by: MNE Tax - September 12, 2019

The preliminary results of an impact assessment reveal that proposals advanced in an OECD-led effort to update the global rules for taxing digital businesses would not create large changes to countries’ existing taxing rights, Pascal Saint-Amans, OECD Director of the Centre for Tax Policy and Administration, said September 11. ... - Continue reading

Advance Pricing Agreement / Colombia / Tax Arrangement / Tax Laws / Transfer pricing

Colombia: Colombia Publishes Guidelines On Advance Pricing Agreements

Published by: Mondaq - September 12, 2019

Colombia's National Directorate of Taxes and Customs (DIAN) released detailed guidelines (the Guidelines) to clarify the procedure for Advanced Transfer Pricing Agreements (APAs) requests in order to ensure certainty between the parties regarding their transfer pricing arrangements. ... - Continue reading

Arbitration / Dividends / Double Taxation / G20 / Mutual Agreement Procedure / OECD / Profit Shifting / Tax Avoidance / Tax Credit / Tax Laws / Tax Planning / Treaty Abuse

Canada: Canada Ratifies The Multilateral Instrument

Published by: Mondaq - September 6, 2019

On June 7, 2017, Canada along with numerous other jurisdictions signed the Organisation for Economic Co-operation and Development’s (“OECD”) Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the “MLI” or “multilateral instrument”). The multilateral instrument is the culmination of work undertaken as part of the OECD/G20 BEPS Project to equip governments with domestic and international instruments to address tax avoidance.   ... - Continue reading

Canada / Double Taxation / Income Tax / Income Tax Act / Mutual Agreement Procedure / Profit Shifting / Tax Planning / Tax Refunds / Transfer pricing

Canada: Transfer Pricing: What’s New In Canada (Part II)

Published by: mondaq - September 4, 2019

Transfer pricing disputes in Canada have, predominately, been resolved through either a request for competent authority assistance under the Mutual Agreement Procedure ("MAP") of a treaty, or, to a much lesser extent, through the notice of objection process with CRA Appeals.  Regardless of the recent increase in transfer pricing cases being brought before the Courts, the MAP will likely continue to be the dispute resolution process most often utilized by a Canadian corporation in transfer pricing cases because, in the absence of a 100% reversal of a transfer pricing adjustment by either CRA Appeals or a Canadian court, economic double taxation may still exist as a consequence of the CRA upward transfer pricing adjustment. The correlative relief provided by the treaty partner under a MAP settlement resolves that double taxation. ... - Continue reading

Advance Pricing Agreement / Australia / Debt / Interest / Lease / Multinationals / Transfer pricing

Australia provides arm’s length debt test guidance

Published by: MNE Tax - September 3, 2019

The Australian Tax Office on 28 August, released its awaited draft guidance contained in Practical Compliance Guideline 2019/D3, on applying the arm’s length debt test contained in Division 820 of the Income Tax Assessment Act 1997, Australia’s thin capitalization statutory provisions.   ... - Continue reading

Income Tax / Pakistan / Tax Evasion / Tax Exempt / Tax Laws / Transfer pricing / Withholding Tax

FBR demands Rs992m from TV channel in alleged tax evasion case

Posted On: September 2, 2019

ISLAMABAD: The Federal Board of Revenue (FBR) has served a notice on ARY Communications Limited (ARY) and raised a tax demand of Rs992 million – alleging that the entity had evaded tens of millions in taxes through misrepresentation, concealment and misuse of exemptions, thereby causing a substantial loss to the… – Continue reading

HMRC / OECD / Pakistan / Profit Shifting / Transfer pricing

Transfer pricing: DGIT starts analysing potential cases of MNCs

Posted On: August 25, 2019

The Directorate General of International Taxes of the Federal Board of Revenue (FBR) has started analysing a few potential multinational companies’ cases of transfer pricing where companies are directly involved in shifting their profits outside the country without payment of any taxes. In this regard, Directorate General of International Taxes… – Continue reading

Multinational Enterprises ("MNEs") / Offshore Tax Haven / Profit Shifting / Tax Laws / Tax Reform / Transfer pricing

CIAT’s transfer pricing “Cocktail” provides solutions for transactional net margin method overuse

Published by: MNE Tax - August 20, 2019

In recent years there has been a major public outcry for governments to take action to force multinational groups to pay a fair share of tax in the jurisdictions where their economic activities take place and to stop shifting profits to offshore tax havens. ... - Continue reading

Amazon / Business / Internal Revenue Service (IRS) / Luxembourg / Revenue / Tax Dispute / Tax evasion investigations / Transfer pricing / USA

US appeals court sides with Amazon in $1.5 billion transfer pricing dispute

Published by: MNE Tax - August 17, 2019

A US federal appeals court on Friday affirmed the Tax Court’s decision in Amazon, ruling that cost sharing buy-in payments made by Amazon’s Luxembourg subsidiary in exchange for Amazon’s transfer of intangible property should not include compensation for transferred residual business assets such as workforce in place, goodwill, and going concern value. ... - Continue reading

Base Erosion & Profit Shifting / Digital Services / Framework / G20 / Jurisdiction / OECD / Transfer pricing

Worldwide: OECD Public Consultation Document And Public Commentary On The Tax Challenges Of Digitalisation

Published by: Mondaq - August 13, 2019

In February and March of 2019, the OECD organized a public consultation process, releasing a consultation document on February 13, 2019, inviting public comments up until March 6, 2019, and holding a conference where industry experts presented key issues on March 13 and 14, 2019. ... - Continue reading

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