China: Energy tax regulations updated

Paul Deemer, David Blumental and Xiao Yong, Vinson & Elkins LLP, China China has recently revised its tax policies to encourage energy conservation and the efficient exploration of natural resources. This article briefly describes and analyses the four major tax policy changes that will affect companies and investors engaged in the exploration, production and sale [...]

EU Financial Transaction Tax Gets Global Scope Under European Parliament Proposal

BRUSSELS — The scope of the European Union financial transaction tax should be expanded to cover all securities issued in the EU even if they are sold between two parties based outside the 27 EU member states, according to a proposal that will be voted on in May by the European Parliament. According to amendments [...]

Brazil: Congress Establishes 4 Percent Rate On All Imports, Ends States’ Tax Breaks

RIO DE JANEIRO — Brazil’s congress April 24 approved a government bill that would end the so-called port tax war, preventing state governments from granting tax breaks on imports. During the past 10 years, many of the states in Brazil’s less-developed northeast and north regions have offered discounts on Brazil’s main state tax, the ICMS [...]

Switzerland: Government Raises Withholding Tax Rates For U.K. to Match Recent Pact With Germany

 Daniel Pruzin GENEVA — Switzerland will raise the rates for past tax liabilities fixed under a new withholding tax agreement with the United Kingdom in order to match the higher rates recently negotiated in its deal with Germany. In an April 20 statement, the Swiss government said the rates were raised at the request of [...]

The proposed Danish tax amnesty

Daniel Reece, Managing Director Equinor A/S Denmark has recently implemented a tax amnesty in order to increase tax revenue and obtain information from recalcitrant taxpayers. The following article discusses the issues involved. I. Introduction In late 2010, all parties in the Danish Parliament, with the exception of the Social Democrats, agreed to introduce a tax [...]

Russia: Guidance clarifies VAT filing requirements for business partnerships

Rick Mitchell, Bloomberg BNA MOSCOW — Russian regulators released guidance April 12 on how business partnerships should file their value-added tax returns, noting that managing members of business partnerships as well as managing parties in concessions agreements must file tax reports on behalf of the partnerships. In the joint guidance, the Russian Finance Ministry and [...]

Switzerland, Austria Conclude Agreement On Taxation of Swiss Bank Account Income

Daniel Pruzin GENEVA — Switzerland announced April 13 it has concluded an agreement with Austria on the taxation of income from Swiss bank accounts, marking another forward step in the country’s efforts to preserve its embattled tradition of banking secrecy. Swiss President Eveline Widmer-Schlumpf and Austria’s Federal Minister of Finance, Maria Fekter, signed the withholding [...]

Brazil: New Economic Stimulus Package Offers Tax Breaks for 15 Business Sectors

Ed Taylor RIO DE JANEIRO — The Brazilian government April 3 announced a package of fiscal and financial measures to assist the nation’s industry, which has been losing ground to imports. Officials expressed hope that the combination of tax incentives and subsidized loans will guarantee economic growth of 4.5 percent this year. In the fiscal [...]

Spain: Austerity Plan Offers Controversial Tax Amnesty, Modifies Corporate Taxes

 Brett Allan King MADRID — Following its presentation of the most austere budget proposal in Spain’s democratic history, the Spanish government April 1 put into force a controversial decree-law with a tax amnesty and other measures aimed at raising tax revenue from companies and investors. Royal Decree-Law 12/2012, which the Council of Ministers approved March [...]

India: 2012 budget holds unpleasant surprises for non-residents

N C Hegde and Vishal Palwe, Deloitte, Haskins & Sells, Mumbai Eagerly awaited by resident and non-resident taxpayers alike, India’s budget for 2012 (Finance Bill 2012) announced on March 16, 2012 contains a number of significant – and far-reaching – direct tax measures that will have negative implications for non-residents. One of the measures provides [...]