Tax & Legal

Tax & Legal News – Issue 3, May 2013

In this issue: PwC Reports, Official Pronouncments, Supreme Tax Court Cases, From Europe and From PwC.

PwC Reports

Legislative action delayed further

Official Pronouncements

Treaty policy
Taxpayers may delay new valuation rules for finished goods
Supreme Tax Court ruling on option premium applies to hedges only
Income tax of foreign artists
Payment of specific car costs does not reduce benefit in kind
Meals – sale of foodstuffs or a restaurant service?

Supreme Tax Court Cases

Old corporation tax rate on German branch income of non-EU companies confirmed
Taxable income must take all subsequent events into account
Acquired pension provision to be carried at consideration received
Costs of aborted acquisition immediately deductible
Asset transfer costs from sidestream and downstream mergers not deductible
First €1 m full loss offset for each period of assessment
No gifts between company and its shareholders
Bank officer not liable for probable evasion by customers
No resurrection of statue-barred loss on tax amnesty
Rejection of credit note leads to loss of input tax deduction
Special duty of care on cash sales to businesses in other member states

From Europe

No immediate tax on move to another member state
Interest on tax in breach of community law to run from date of tax payment
Non-business entity may be member of a VAT group

From PwC

Breaking news
New publication: Tax strategy and corporate reputation