Tax & Legal

Tax & Legal News – Issue 2, June 2012

In this issue: Pwc Reports, Official Pronouncements, Supreme Tax Court Cases, From Europe and From PwC

This edition includes:

PwC Reports
Annual Tax Bill 2013
New double tax treaty with the Netherlands and Luxembourg
Swiss treaty enactment procedure starts
Tax Amendment Act
Official Pronouncements
US treaty pension funds include those legally held by others
Valuation of Greek bonds
Investment write-down in 2001 to be allowed
Sale of shares as sale of business
All land valuations and land tax assessments to be provisional
Supreme Tax Court Cases
Foreign corporate shareholder has claim on refund of dividend withholding tax
No treaty override if foreign state waives right to tax
Constitutional Court to rule on treaty override
Capital gains from foreign holdings include exchange gains and losses
Loss carry-forward transfer only if loss maker still owned at date of transfer
Court doubts on interest limitation to third party lenders with recourse to shareholders
Subordinated debt repayable only out of future profits not generally a liability
Acquired obligation to be taken up as debt
Only days of actual presence to be included in 183-day test
Supreme Tax Court doubts on 1999/2000 “significant holding”
Hotel entertainment in own restaurant subject to general restriction
Interest on tax overpayments taxable income of corporations
Retroactive taxation of interest on refunds of non-deductible taxes unconstitutional?
Trade tax restriction on interest deductibility upheld
Fixed monthly wage supplements not tax-free
Sale of bad debts without recourse not a provision of services
VAT-free business transfer despite only short-term lease of premises
No input tax deduction on share disposal
Hotel voucher subject to VAT as prepayment
Party service subject to full rate VAT
From Europe
Tax offices do not have to coordinate application of VAT rules
Freedom of establishment excludes free movement of capital?
Portfolio management services chargeable to VAT?
From PwC
Breaking news

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