Insurance Companies Face Big Challenges Implementing FATCA, Practitioners Say
February 29, 2012 in International Tax Monitor
By Alison Bennett Insurance companies face significant challenges in implementing the Foreign Account Tax Compliance Act, practitioners said during a Feb. 28 webcast sponsored by Bloomberg BNA. The new regime requires foreign financial institutions to report U.S.-owned accounts to the U.S. Internal Revenue Service or be penalized, in some cases, a 30 percent withholding tax. [...]
India Becomes First Country Outside OECD, CoE to Ratify Mutual Tax Assistance Pact
February 28, 2012 in International Tax Monitor
By Rick Mitchell PARIS — India’s Parliament has ratified the updated multilateral Convention on Mutual Administrative Assistance in Tax Matters, making the country the first jurisdiction to benefit from the opening of the convention in 2011, the Organization for Economic Cooperation and Development said Feb. 27. The pact, originally limited in 1995 to members of [...]
China: Business tax phases out, service tax changes
February 15, 2012 in Asia-Pacific Focus
Dr. Bernd-Uwe Stucken and Yun Wei, Salans, Shanghai Unlike other countries, China adopts both business tax (“BT”) and value added tax (“VAT”) in its turnover tax system. While the VAT system mainly applies to the sale of goods, BT is primarily levied on taxable services. The difference in tax systems causes some industries to be [...]
Taxation of German Rental Income Earned by Nonresidents
February 1, 2012 in European Tax Service
Michael Birk, Ebner Stolz Mönning Bachem, Germany In this article, the author critically outlines and describes the Public Ruling of the German Federal Ministry of Finance on rental income from real estate which is subject to non-resident taxation, according to section 49 para 1 no 2 lit (f) German Income Tax Act. The Decree was [...]