Taxation
By Bernhard Schwechel, FACT GmbH
Germany’s Tax Authorities issued a decree in 2016 on the procedure for amending a tax return under sec. 153 of the General Tax Code (AO). It raised the issue of an internal control system for tax purposes and contains general guidance about the conditions that must be fulfilled to use the provision, as well as the criteria for distinguishing between a simple amendment procedure and a voluntary self-disclosure procedure (VSP).
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Taxation
By Beate Erwin and Fanny Karaman, Ruchelman P.L.L.C.
Ever heard of qualified small business stock (QSBS) as a means of investing in start-up companies?
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Taxation
By CA Anjali Kukreja, RN Marwah & Co LLP Chartered Accountants
Tax law before Budget 2018 amendment: Provisions of section 115-O of the Income Tax Act, 1961(„Act‟) provide for application of Dividend Distribution Tax („DDT‟) @ 15% (plus applicable surcharge and cess) on the amount of dividend (declared distributed or paid by a domestic company). Further, provisions of section 115-Q provide that the expression dividend for the purpose of section 115-O would include deemed dividend under section 2(22)[sub-clauses (a),(b),(c) and (d)] of the Act.
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Taxation
By Heike Kempf, WSB Wolf Beckerbauer Hummel & Partner Steuerberatungsgesellschaft mbH
The OECD Base Erosion and Profit Shifting (BEPS) Programme involves over a 100 countries collaborating on its implementation. BEPS Action 15 is the development of The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Countries can use the MLI to implement various treatyrelated measures.
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Taxation
By Roberto M. Cagnazzo, Studio Tributario Cagnazzo
The Italian Budget Law 2018 has extended the super-depreciation and the hyper-depreciation provisions to all new tangible assets purchased or leased under a finance lease agreement from January 1, 2018 to December 31, 2018. In addition, the assets purchased or leased by the longest terms of June 30, 2019 (in case of super-depreciation) and December 31, 2019 (in case of hyper-depreciation) can benefit of the mentioned provisions on condition that the order of the asset has been accepted by the supplier and at least 20% of the purchase price has been paid by December 31, 2018.
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Taxation
By Emily Burns, Offit Kurman
In 1961, the United States Supreme Court held that even income generated from illegal activity is subject to federal taxation, which means cannabis businesses must pay federal income taxes, just like federally-legal businesses. However, because the possession, manufacture, and distribution of marihuana [1] remains illegal under federal law, cannabis businesses are subject to unique tax rules. This is the first of two blog posts covering the unique tax law restrictions applicable to businesses operating in the cannabis industry.
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Taxation
By Bernhard Schwechel, FACT GmbH
On 7 June 2017, almost 70 countries including Germany signed the so-called ‘Multilateral Instrument’ (MLI) in Paris. This is a product of the OECD’s BEPS project and designed to dynamically adjust a multitude of existing bilateral double taxation treaties (BDTs) between member countries to internationally accepted standards - faster than would be possible using individual bilateral negotiating procedures.
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Taxation
By Prof Dr Roberto M. Cagnazzo, Studio Tributario Cagnazzo
The Italian Tax Authorities have accused Google, Amazon and Facebook of tax avoidance. According to the Authorities, these internet giants have set up hidden permanent establishments in Italy and escape the payment of the taxes due in the country.
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Taxation
By Oliver Biernat, Benefitax GmbH
Implementing BEPS action plan 5, Germany will introduce partial or entire non-deductibility for preferentially taxed intra-group royalties (license barrier) as of 1 January 2018. The aim of the new Sec. 4j in the German Income Tax Act is to protect the German tax base during the transitional period until 30 June 2021, during which time countries will still be allowed to continue extending current benefits to existing beneficiaries of IP regimes.
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Taxation
By Sandrine Bonvin, Bonnefous & Cie SA
Until 2015, companies with headquarters in a foreign country and which booked business in Switzerland had no obligation regarding value-added tax (VAT).
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