WTS Newsletter

Belgium & The Netherlands: New double tax treaty with impact on FS industry

China: Tax incentives rolled out to boost capital investments

Germany: New tax developments regarding FS-related matters

Hungary: Approval of new tax package

India: Angel Tax implications for non-residents

Poland: Beneficial owner in recent case law of Supreme Administrative Court; CJEU judgment dated 9 June 2023 concerning interest on tax overpayments declared due to incompatibility between national law and EU law; Tax exemption based on PS Directive vs. effective taxation of dividend's beneficial owner in home country; Finance Ministry publishes draft guidance on WHT

Serbia: Implementation of law on digital assets

Sweden: Update on the new Swedish Withholding Tax Act

The Netherlands: Legislative proposals for Real Estate and Financial Services industries arising from Dutch Budget Day

United Kingdom: Stamp Duty and SDRT Changes
 

• Finland: German AIF - Special investment fund (real estate) with one direct unitholder deemed tax exempt for income tax purposes in Finland


• France: WHT treatment of manufactured dividends


• Germany: Good news for non-resident real estate (and securities) investment funds (CJEU dated 27 April 2023, "L-Fund")


• India: Establishment of the first International Financial Services Centre ("IFSC")


• Indonesia: VAT on sale of seized collateral


• Spain: The Supreme Court declares the existence of discrimination in the taxation of non-resident hedge funds when receiving dividends from Spanish companies


• United Kingdom: Initiatives arising from the "Tax Administration and Maintenance Day" and the Spring Budget; The Qualifying Asset Holding Company ("QAHC") regime

 

• Hot Topic: Foreign investors in US real property interest – Final regulations on FIRPTA tax exemption for Qualified Foreign Pension Funds (QFPF) issued)
   
• Austria: Married couples are not entitled to apply jointly for refund of capital gains tax
   
• Belgium: Possibility for non-resident investment funds to reclaim Belgian source tax (incl. WHT); Dividends; Interest payments; Belgian real estate income
   
• Denmark: Danish Supreme Court (Højesteret) issues final judgement in the beneficial owner cases on dividends
   
• Finland: Recent Finnish case law considering the tax (WHT) exemption of foreign investment funds
   
• France: An opportunity of tax refund for foreign life insurance companies receiving French source dividends; Quick insight into key VAT measures expected for 2023 and 2024
   
• Germany: International Private Equity funds, the return of capital and German fund investors
   
• India: Key tax proposals arising from the Union Budget
   
• Italy: The Italian Investment Management Exemption: a new safe harbor for asset manager of foreign investment vehicles
   
• Philippines: WHT on Income of Foreign Investors in Philippine Securities
   
• Poland: Reference for preliminary ruling on Polish CIT exemption for self-managed foreign investment funds; Finance Minister's public tax ruling on disclosure duties of real estate companies
   
• Portugal: ECJ rules that marketing of shares in common funds falls within the scope of the Council Directive concerning indirect taxes on the raising of capital(Case C-656/21)
   
• Sweden: Three Finnish public sector pension institutions may be comparable with the Swedish AP funds and be granted a refund of WHT levied on dividend income
   
• United Kingdom: UK IME Investment Transactions List updated with crypto assets

Sub-participations in loans - ECJ judgement of 6 October 2022 (C-250/21)

Consequences of the Cum-Ex-Trades on WHT refund and relief in Austria

The Belgian Constitutional Court decides on the annual tax on securities accounts (ATSA)

Additional taxes for the Belgian financial sector and snowball effect for Belgian regulated investment companies (tax-on-tax)

Reclaim opportunity re Belgian WHT for Luxembourg SICAVs

China: Tax audits on private wealth

Czech Republic: Windfall tax

Draft bill to improve attractiveness of Germany as a Financial Services location

Germany: Court decision: taxation of realized capital gains from fund units in the context of the 2018 tax reform

Italian Tax authorities rule on VAT and income taxes on mining activity

Poland: Changes to banking tax

Changes on Spanish SICAVs

United Kingdom: Autumn Statement 2022 impacts financial institutions

• Austria: Tax credit on royalty payments to Austrian corporations
• Belgium: Transformation of a taxable dividend into an exempt capital gain
• China: Capital gain taxability of an indirect transfer by a foreign individual
• India: Key amendments to Indian competition law
• Nigeria: Changes to tax laws relevant to M&A
• Poland: Tax settlement of the sale of an organised part of an enterprise
• Switzerland: Tax-free capital gain – limited by indirect partial liquidation
• United Arab Emirates: Impact of the UAE Corporate Tax law on M&A and restructuring
• United Kingdom: The Qualifying Asset Holding Company ("QAHC") regime

Austria: Reserved dividends in the case of share deals

Belgium: Leveraged distributions challenged by the tax authorities

Brazil: Impact of contingent consideration on tax amortisation of goodwill

China: Case study – indirect share transfer

France: Management package – back to reality?

Poland: Latest amendments to the Polish restructuring law

Romania: Consolidation for corporate income tax purposes

Switzerland: Substance requirements for international investments or group structures

• Argentina: New precedent on the conflicts between domestic GAARs vs treaty law
• Austria: UAE shareholders now face Austrian withholding tax on dividends
• Brazil: Proposed changes to the Brazilian rules on the tax deduction of royalties
• Hungary: Termination of the double tax treaty between the United States of America and Hungary
• Italy: International tax amendments in the Italian Budget Law for 2023
• Nigeria: Updates in international corporate tax (ICT) in Nigeria
• Pakistan: Changes in the capital gains tax regime
• Poland: Another twist in the interpretation of “beneficial ownership”
• Senegal: Banking sector: the introduction by the GTC (general tax code) of the deductibility of losses on doubtful or disputed debts through the initial finance law for the year 2023
• Spain: Tax measures introduced in Spain for 2023

Argentina: Suspension of the Argentine Mandatory Disclosure Framework

Austria: No carryforward of withholding taxes

China: China has approved the Multilateral BEPS Convention

Colombia: Colombian tax reform bill 2022

Germany: Council of the EU reaches agreement on global minimum taxation  (Pillar Two)

Poland: Polish holding companies as of 2023

Singapore: Tax treatment of ship pooling arrangements

Argentina: Tax court rules on PE under Belgium-Argentina tax treaty

Austria: Double taxation risk in connection with software as a service

France: Double tax treaties: application of the double tax treaties and beneficial ownership CE, 20 May 2022, n° 444451 Sté Planet

Indonesia: The development of the OECD’s two-pillar solution in Indonesia

Kenya: National tax policy: a more certain future tax regime

Netherlands: The saga on the withholding tax exemption continues

Pakistan: Changes in the corporate tax rate structure

Poland: Polish deal 2.0 – further changes in Corporate Income Tax

Portugal: Remote permanent establishment/remote work

Saudi Arabia: Zakat, tax, & customs authority re-launches tax amnesty initiative

South Africa: The modernisation of South Africa’s tax and exchange control regime

United Kingdom: Pillar 2: draft Income Inclusion Rule (IIR) legislation and consultation response 

Argentina: Argentine Supreme Court rules on treaty shopping in the context  of the Argentina-Chile Double Tax Treaty

Brazil: Victory of taxpayers in the Federal Administrative Tax Court: overlapping of Double Tax Treaties and Brazilian CFC rules 

China: New challenges and impacts brought by Pillar Two to Chinese companies

Germany: Pillar Two

India and Austria: International project business – India: Tax trap offshore supplies 

Italy: Italian rules on hybrid mismatches 

Netherlands: ATAD3 

Pakistan: ATIR rules on taxability of split contract arrangements under Pakistan-China Double Tax Treaty 

Poland: Pay and refund – new WHT collection mechanism for passive payments

Singapore and Indonesia: New Singapore-Indonesia Double Tax Agreement takes effect 

Vietnam: Tax exposure of the PE