OECD presents united front against aggressive tax optimization

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The revenue that states are losing due to international tax optimization by large companies is back into the focus of the Organization for Economic Co-operation and Development (OECD). According to the OECD study "Addressing Base Erosion and Profit Shifting", multinational corporations are eroding the tax base and disproportionately shifting their profits.

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New Tax Regime in the Republic of Cyprus

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By Marios Eliades, M. Eliades & Partners LLC

The House of Representatives of the Republic of Cyprus has introduced new legislation relating to the intellectual property regime,  interest deductibility, group relief and deemed distribution of dividends. The new legislation became effective 1st January 2012.

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German Tax Regulations on Hidden Reserves come before the EuGH


The German tax regulations that govern the reinvestment of hidden reserves cannot be reconciled with European law. This at least is the opinion of the European Commission, which has therefore sued Germany in the European Court of Justice (EuGH). The suit filed before the EuGH is the final step in treaty violation proceedings.

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The UK’s secret international trading vehicle

By Graham Busch, Lawrence Grant

Come in James Bond? Shaken not stirred? Well, to be honest, the vehicle to which I refer is not 007's Aston Martin. Nothing quite so glamorous. Nonetheless, a very interesting opportunity for international traders wishing to use a UK entity that offers limited liability in a potentially (entirely) UK tax-free environment. I am talking here about the UK Limited Liability Partnership, or LLP.

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Poland has become a tax haven

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By Artur Plutowski, EFS Group


The latest issue of Der Spiegel (German weekly magazine) awarded Poland the European Champion due to the excellent performance of the Polish economy which has achieved GDP growth over last 6-8 years. In that period Poland became a very attractive investment location. In the last months Poland became even more attractive; it became a tax haven. Savings can be achieved by the implementation of structures including a vehicle in the form of a Limited Joint Stock Partnership (the 'Partnership').

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UK Budget Changes Affecting UK Property

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By David J Kidd, Citroen Wells Financial Audit & Accountancy Services


London as favoured location? There was a recent report that London and New York are still the favoured places for the world's wealthy to buy houses, but competition is growing from Beijing and Dubai. Quality of life and economic activity were, according to the report, among key factors for the wealthy in choosing where to invest. London came top of the list in most factors and was still expected to be top of the list in a decade's time. This report was prepared prior to the UK Budget on 21st March 2012 when adverse tax measures, uncertain in detailed scope, were announced; and it remains to be seen whether London can continue to be a favoured place. This article covers the main changes.

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EU Parliament in favor of common corporate tax base


On April 19, 2012, the members of the European Parliament voted in favor of the compulsory introduction of a common corporate tax base with a clear majority of 452 against 172 votes at first reading of the consultation procedure. With this decision, the Parliament goes beyond the draft legislation of the European Commission, which only provides for a voluntary system.

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Double taxation hampers the single European market

An excessive tax burden due to ongoing double taxation for companies and citizens engaging in cross-border activities constitutes a serious obstacle for the internal European market. The EU Commission wants to eliminate this obstacle in order to further ease investments and business activity in the EU. In this regard Algirdas Šemeta, EU Commissioner for Taxation and Customs Union, stated: "We have to send a signal to all citizens, companies and trade partners: there is no double taxation in the EU."

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German-French tax harmonization should not disadvantage companies

Germany and France are planning a shared corporation tax, including a harmonized basis for assessment and tax rates. The results of a proposal, which is to be developed jointly, should be implemented from 2013. In any case, this is what what decided by German Federal Chancellor Dr. Angela Merkel and the French President Nicolas Sarkozy at their summit meeting in August 2011.

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