As part of its response to the global pandemic, the Italian government reinstated the asset step-up regime in August. The regime applies a 3% substitutive tax on assets accounted for as of December 31, 2019. If a taxpayer elects the step-up, then the higher values shall be disclosed in the 2020 financial statements and can be deducted for direct tax purposes starting from the tax period that includes December 31, 2021. Continue reading
Information on the Finance Bill 2020 (Bundesrat Committees submit recommendations to Bundesrat). Continue reading
The Federal Ministry of Finance has sent the draft of a Ministry circular on the application of Section 8d of the Corporation Tax Act (CTA) – continuance-bound loss carry-forward after loss forfeiture – to the professional associations for comment. Continue reading
The Supreme Tax Court has ruled that for the purposes of considering the allocation of a partner’s share in a GmbH to the Special Business Assets II of his partnership interest, regard must be had not only to the business relationship of the GmbH with the partnership – but also to whether the GmbH has a substantial business operation of its own. Continue reading
See the Newsalert from our EU Direct Tax Group on the European Commission’s adoption of a tax package
for a fair and simple taxation.
See the Newsalert from our EU Direct Tax Group on the decision of the General Court to annul the European Commision’s decision in Apple.
At a Federal Press Conference on 6 July 2020, the Ministry of Finance in Berlin made the surprise announcement that, following a decision of the Minister of Finance, Germany will not be exercising the option given in the recent EU Directive to extend the reporting deadlines for DAC 6. Continue reading
The Bundestag has passed the second Corona Tax Assistance Act. The Bundesrat has also given its approval.
On Monday, June 29, 2020, the Bundestag approved the bill of the coalition factions for a second Corona-
Tax Assistance Act as amended by the Finance Committee of the Bundestag. Continue reading
Issue 2 of the Tax & Legal News for 2020 contains includes news about the new post-covid stimulus package as well as news from the Supreme Tax Court and the European Banking Authority. Continue reading
The German Federal Cabinet has released the draft bill on the crisis management package aimed at mitigating the economic impact of the COVID 19 pandemic. The bill is due to have its first reading at the Bundestag on 19 June 2020, with the 2nd /3rd readings and the final decision of the Bundesrat expected on 29 June 2020. On this timetable the publication in the Federal Law Gazette should occur on 30 June 2020, with the law becoming effective on 1 July 2020. Continue reading