WTS Global Newsletters

• Angola – Vieira de Almeida (VdA)
• Kenya – Viva Africa Consulting LLP
• Mauritius – WTS Tax Consulting (Mauritius) Ltd.
• Nigeria - WTS Blackwoodstone
• Senegal - FACE Africa Tax & Legal
• South Africa - WTS Renmere

• Ghana: Recent developments in tax
• Kenya: Recent developments in value added tax (VAT) on exported taxable services in Kenya
• Mozambique: Key topics for investing in Mozambique
• Nigeria: Recent key developments in Nigeria
• Senegal: The fight against tax evasion & avoidance
• South Africa: Cross border streaming transactions

• 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: Changes in the taxation of investment income by way of the Austrian tax reform 2022

China: Green channel for foreign loans to high-tech firms

Czech Republic: Taxation of cryptocurrencies & required capital of self-governed investment funds

Finland: Exit tax proposed for individuals

France: French Supreme Tax Court validates the possibility of charging foreign tax credits on the share of costs and expenses on dividends

Germany: ECJ judgement in the case “ACC Silicones” - C-572/20 & draft administrative guidance on duties of cooperation related to crypto assets & new regulation on crypto fund units

Indonesia: Taxation of crypto asset transactions, new regulation as of 30 March 2022

Italy: Important update on WHT reclaims due to recent Supreme Court decisions Poland: Interest on overpaid WHT for third-country investment and pension funds - SAC requests CJEU

United Kingdom: Sovereign immunity from direct taxation, Investment Management Exception, qualifying asset holding companies regime

• 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: Argentine Supreme Court rules set Transfer Pricing regs enacted by presidential decree unconstitutional

Australia: Australia proposes new public country-by-country reporting obligations

Costa Rica: Costa Rica’s Possible Tax Reform

France: New fraud prevention action plan in France: Transfer Pricing obligations to be strengthened

Germany: Tightening of the German Transfer Pricing documentation rules

India: Few landmark rulings and regulatory update

Malta: Malta’s Transfer Pricing rules

The Netherlands: Clarification on the scope and application of the Dutch anti-Transfer Pricing mismatches legislation

Poland: Transfer Pricing adjustment – conflicting approach of Polish tax authorities

Saudi Arabia: Saudi Arabia approves new amendments to the Transaction Pricing (TP) regulations

Senegal: Arm's-length principle in Transfer Pricing: Senegalese tax authorities favour local comparable

The United Arab Emirates: New Transfer Pricing regulation in the UAE: are you prepared?

United Kingdom: APAs, ATCAs, MAPs and HMRC Statistics

Argentina: Argentine Tax Court ruling on “Cargill” Transfer Pricing Case

Austria: Intra-Group Financing – Austrian Specifics

Austria: Decision of the Austrian Financial Court regarding Transfer Pricing

Brazil: Superior Court of Justice rules out illegal Methodology to calculate the PRL 60 Method

Chile: 2022 Tax Reform Bill Proposal to update Transfer Pricing Regulations in Chile

France: Research Tax Credit and Subsidies Synergies with Transfer Pricing

Indonesia: Introduction of New Transfer Pricing Methods

Italy: New Arm's Length Range is set for Transfer Pricing

Poland: Administrative Courts condemn Tax Authorities’ unlawful Practices regarding the Questioning of Benchmarking Studies 

Saudi Arabia: Amending Transfer Pricing Instructions to apply to Zakat Payers

Senegal: Transfer Pricing: Systematizing the Control of Reporting Obligations

Thailand: Cash Pooling between related Companies

Ukraine: The War is not an excuse to ignore Transfer Pricing Compliance

United Kingdom: Draft Legislation on the UK TP Documentation Requirements

Europe

Austria: New Info from the Austrian Ministry of Finance – Mutual Agreement Procedure and Arbitration Procedure

Denmark: Mandatory Submission of Transfer Pricing Documentation in Denmark during 2022

France: The SAP Case: The Difficulty for Tax Courts when Handling Negative Interest Rates

Hungary: TP Update

Ireland: The Irish Position on the proposed ATAD3 Directive

Italy: DAC6 Reporting: Year-End TP Adjustment

United Kingdom: APAs, ATCAs and HM Revenue and Customs Statistics

Further Countries

Argentina: Deemed Affiliation: Cross-Border Transactions with Low-Tax Jurisdictions

Brazil: Plan for Brazil’s Accession to the OECD: Changes to Transfer Pricing Rules

Chile: Practical Lessons learned from Transfer Pricing Audits in Chile

China: First Chinese Customs and Tax Collaborative Transfer Pricing Management Mechanism

India: The Indian Revenue’s Measures for effective Dispute Resolution

Kenya: A Fundamental Shift in the Transfer Pricing Regime in Kenya

Senegal: After joining the Multilateral Convention, a Step forward in the Fight against Tax Evasion & Avoidance

Europe

Austria: No annual CbCR notification required since 1 January 2022

Czech Republic: The Czech Supreme Administrative Court’s thoughts on related party definition

France: The RKS case: shades of nuance in TP by the French Supreme Administrative Court

Germany: New case law on the determination of arm’s length interest rates for intercompany loans

Ireland: TP Compliance requirements in Ireland

Italy: New rules on TP documentation

The Netherlands: Netherlands disallows unilateral downward TP adjustments

Poland: Polish regulations on “indirect” transactions with tax havens

Portugal: Amendments to Transfer Pricing legislation

United Kingdom: Outcome of the UK consultation on TP documentation  

Ukraine: Ukrainian Ministry of Finance clarifies new TP rules on business purpose

Further Countries

Brazil: Effects of extinction of LIBOR rate to Brazilian TP controls

China: Deduction of interest charged by related parties  

New Zealand: New BEPS disclosure guidance and preparation forms

Taiwan: Taiwan CFC rules will be implemented as of 2023 in response to the Global Minimum Tax