• Subject
  • Year
How do the OECD and the UN address international tax issues (past, present and future)?

The panel discussed how the Organisation for Economic Cooperation and Development (OECD) and the UN address international taxation concerns, starting with a look at the approach adopted in the past up to the present day, recent developments concerning the OECD’s Global Minimum Corporate Tax Rate, followed by an analysis of the solutions provided by both the OECD and the UN to address the tax challenges arising from the digitalisation of the economy. The likelihood of cooperation between the two organisations was also discussed. The panel also presented the perspectives of India and the US on these issues.

Released on May 27, 2024

Transitioning into a ‘brave new world’ of Pillar Two

The panel discussion was focused on the critical aspects and potential impact of the OECD Pillar Two Model Rules framework on various tax and corporate structures. The first segment of the discussion was dedicated to how Pillar Two affects investment funds, certain International Financial Reporting Standards definitions and considerations, the particulars concerning joint ventures and the ramifications of Pillar Two in the context of mergers and acquisitions. The first half of the discussion highlighted the critical factors that must be taken into account for the strategic structuring of investments in accordance with Pillar Two. In the second half, attention shifted towards a comprehensive review of the recent developments in regard to US foreign tax credits, a topic of significant relevance given its potential influence on cross-border investments and the international tax landscape.

Released on Apr 8, 2024

M&A in turbulent times – how to get the deal done (2024)

This session focused on four topics in regard to mergers and acquisitions (M&A): (1) redomiciliations, (2) spin-offs and demergers, (3) selected Organisation for Economic Co-operation and Development Pillar Two topics focusing on contractual clauses and (4) transfer taxes. For most of the agenda items, the local special rules and practical takeaways were highlighted.

Released on Apr 8, 2024

Securitisation and derivatives markets (2024)

The panel examined the latest trends on securitisation transactions from a tax perspective in various jurisdictions. The presentation focused on new case law on securitisation funds, US rules for withholding on structured notes, the European Union’s Faster and Safer Relief of Excess Withholding Taxes proposal, derivative taxation in the UK and, finally, beneficial ownership and the payment of dividends and interest in various European countries.

Released on Apr 8, 2024

Crypto is crazy – non-fungible tokens are crazier still

The panel examined recent developments regarding the taxation of crypto-assets in various jurisdictions. The presentation focused on what non-fungible tokens (NFTs) are, important definitions in recent OECD rules and EU regulations dealing with crypto-assets and the EU’s tax transparency rules for crypto-asset transactions, the value-added tax-treatment of transactions concerning crypto-assets and NFT platforms in the United Kingdom and, finally, the income tax treatment in the United States and Italy.

Released on Apr 8, 2024

Permanent establishment (2024)

The concept of permanent establishment (PE) is one of the key issues in international taxation, as it determines the allocation of taxing rights between source and residence countries. However, the traditional PE concept, based on physical presence and agency, is facing new challenges in the context of hybrid and distance working, the digital economy and multilateral instruments. This panel, held at the IBA congress on 15 January 2024, aimed to explore the recent developments and difficulties related to the PE concept from different perspectives and jurisdictions. The panel was chaired by Raul-Angelo Papotti, and featured five speakers from Denmark, France, Germany, Spain and the United Kingdom.

Released on Apr 8, 2024

Holding companies: which jurisdiction is the best?

The panel discussed the present application and significance of holding companies, specifically special purpose vehicles (SPVs), from the viewpoints of several key jurisdictions: Spain, Germany, the United Kingdom, Dubai and Luxembourg. The primary focus of the discussion centred on evaluating the relevance and impact of holding companies within the framework of both international and European Union regulatory progression, particularly in light of the proposed Anti-Tax Avoidance Directive 3 (ATAD 3), аs well as what is the most appropriate jurisdiction to register an SPV. The conversation explored the implications of these regulatory changes for holding companies, assessing their operational viability and strategic importance in the international tax landscape.

Released on Apr 8, 2024

Current and developing issues in cross-border finance

The conference session focused on current and developing tax issues in cross-border finance, with a panel of experts from various jurisdictions discussing the latest trends and challenges in this area. The conference aimed to provide a comprehensive overview of the tax implications of different types of financing transactions, such as securitisation, fund financing, hybrid instruments, and interest deduction limitations. The panel session also addressed the impact of anti-hybrid and mandatory disclosure rules on capital markets, as well as the concept of beneficial ownership and conduit financing.

Released on Apr 7, 2024

The importance of being resident: is it possible to simplify the notion of tax residence of individuals?

Attempts by Italian tax lawmakers to simplify the notion of tax residence have come up against complications related to the mobility of individuals and the possibility of having professional and personal ties to several countries.

Released on Feb 26, 2024

French Administrative Supreme Court decision on tax regime for BSPCEs and implications for employees and directors of French startups

In early February, the French Administrative Supreme Court issued a favourable ruling regarding the tax regime for BSPCEs (bons de souscription de parts de créateur d'entreprise), a particular type of stock option. This article describes the case leading to this ruling and the implications.

Released on Feb 21, 2024

Brazil’s constitutional taxation overhaul: a comprehensive analysis

After nearly three decades, Brazil’s Congress has approved the Brazilian tax reform on value added tax. This aspect of tax law has been discussed since almost the enactment of the Federal Constitution itself in 1988, and there have been several failed attempts to simplify the current tax system. This article aims to analyse the main aspects of the Brazilian tax reform, which was enacted in December 2023.

Released on Feb 21, 2024

Interpretation of EU tax directives and the impact on the national laws of EU Member States

The interpretation and impact of EU tax directives on Member State national laws is a fairly new element in the discussions with national tax authorities in the EU, for example, discussions concerning the granting of an exemption that is based on an EU tax directive. In order to interpret the national laws that transpose EU tax directives, one needs to look beyond the national laws themselves. It is necessary to analyse the meaning of the EU tax directive in question. It is important to ascertain what exactly is the obligation on Member States and what is the meaning of certain terms in the EU tax directive that has been transposed into national law? These types of questions relate to the interpretation of EU tax directives and are increasingly relevant for all EU Member States. Moreover, the specific EU tax directive and the context in which it was developed has an impact on the interpretation of the national laws of a particular Member State. These aspects are discussed in this article.

Released on Feb 20, 2024

Peruvian Tax Authority revises the approach to the indirect transfer of shares and the Double Taxation Treaty between Peru and Chile

The Peruvian Tax Authority has issued Internal Report No. 117-2023-SUNAT/7T0000 concluding that, under the Double Taxation Treaty (DTT) between Peru and Chile, capital gains obtained by a company resident in Chile from the indirect transfer of shares of a company resident in Peru, through a transfer of shares issued by a Chilean company, can also be taxed in Peru, in accordance with Article 21 of the DTT. This new decision revises the interpretation of the DTT included in Internal Report No. 001-2021-SUNAT/7T0000, in which the Peruvian Tax Authority stated that capital gains in such cases could only be taxed in Chile.

Released on Feb 20, 2024

Overview of recent updates to Brazilian tax legislation

The year 2023 brought significant changes to the Brazilian tax landscape, including, among others, the approval of a tax reform encompassing the taxation of consumption, the introduction of new taxes (IBS, CBS and IS) and the abolishment of others (PIS, COFINS, IPI, ICMS and ISS), as well as the alignment of the Brazilian transfer pricing rules with the Organisation for Economic Co-operation and Development’s (OECD) Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations through the conversion of Provisional Measure No. 1,152/2022 into Law No. 14,596/2023. This article provides a brief summary on the key changes from the past year and early 2024.

Released on Feb 20, 2024

The entry into force in France of a new tax credit for investment in green industry

A new tax credit for investment expenditure in the energy sector (wind turbines, batteries, solar panels and heat pumps) has come into force in France as part of the Finance Bill for 2024. Subject to a tax ruling being granted by the French Ministry of the Budget and strict legal conditions being met, the tax credit could amount to up to €350m per investment and per eligible company. Any excess not set off against the tax due will be immediately refundable by the Treasury, thus providing significant cash flow for beneficiary companies.

Released on Feb 2, 2024

Challenges of structuring pre-migration planning for high-net-worth individuals and families (2023)

Multiple factors compel high-net-worth individuals to consider relocation, such as entrepreneurial ventures, educational opportunities or tax considerations. The discussion by the panel delved into these complex migration considerations and their subsequent ramifications for affluent individuals.

Released on Jan 3, 2024

New developments in structuring investments in and expansion of startups (2023)

This panel addressed the main developments in fiscal planning concerning startup investments, focusing on the tax implications arising from various investment structures. The challenges and innovative solutions to these challenges were also part of the discourse. The complex relationship between taxation policy, investment growth and startup expansion was analysed, providing valuable insights for investors, entrepreneurs and tax law practitioners.

Released on Dec 5, 2023

Cryptocurrency, digital platforms and metaverse taxation on digital services and trades (2023)

Due to the ways in which digital technology allows non-residents to do business without creating a physical taxable presence, countries are rushing to amend their tax codes and treaties to address this gap. This panel began their discussion with an example and tried to tackle the questions arising from their respective tax legislation and highlighted the potential gaps. Furthermore, the panel discussed which transactions should see taxes arise in regard to cryptocurrency, digital platforms and the metaverse.

Released on Dec 5, 2023

Sports and taxes (2023)

This panel covered several important and current topics on the taxation of professional sports, with a special focus on football. The topics covered included: the international taxation of player transfers and loans; image rights; TV quotas; licensed products and bets; agent remuneration; tax residency issues and incentives; Brazilian ‘anonymous football societies’ and investment opportunities; and tax issues arising from investment structures.

Released on Dec 5, 2023

Pillar Two – analysis of the tax burden faced by affiliates of multinational enterprises from OECD member countries – the definition of corporate taxes and tax benefits (2023)

This panel focused on defining corporate taxes and tax benefits, which is crucial for calculating the effective tax rate within the Organisation for Economic Co-operation and Development’s Pillar Two Model Rules framework.

Released on Dec 5, 2023

From traditional sources to renewables: the role of green taxes (2023)

The panel covered important and current matters involving the role of taxation in regard to energy transition goals, from fossil-based resources to renewable energy sources. The topics covered included: the current context and green policy aspects, the corporate counsel perspective, national fiscal policy initiatives, carbon trading, and impact investing.

Released on Dec 5, 2023

The First Latin American and Caribbean Tax Summit for Inclusive, Sustainable and Equitable Global Taxation

The First Ministerial Latin America and the Caribbean Tax Summit for Inclusive, Sustainable and Equitable Global Taxation took place on 27 and 28 July in Cartagena de Indias, Colombia. It was attended by authorities from the ministries of finance and economy of 16 countries, as well as political leaders and representatives of international, regional and civil society organisations. This article summarises the conference.

Released on Sep 3, 2023

Should the term ‘business profits’ be defined under domestic law? Mexico and the denial of treaty benefits to foreign residents

The Mexican Tax Administration Service has construed the term ‘business profits’ under domestic law, leading to the denial of treaty benefits to foreign residents. Federal tax courts have supported this interpretation, resulting in double taxation due to a deficient interpretation.

Released on Sep 3, 2023

The OECD global minimum tax: impact on family offices

Family offices are not the intended target of the OECD global minimum tax initiative, but advisers may be underestimating the number of private wealth structures that will be affected by these rules. This article explains how family office structures can be subject to the global minimum tax and recommends that these organisations assess the consequences – and consider options for mitigation.

Released on Sep 3, 2023

Overriding importance of legal privilege reconfirmed by Belgian Constitutional Court in DAC-6 case

Legal professional privilege is not to be tampered with. It is a principle of such a fundamental nature that it imposes itself even on legislators. This is, in essence, the Belgian Constitutional Court’s message in its judgment of 20 July 2023 in a matter initiated by the Order of Flemish Bars (Orde van Vlaamse Balies or OVB) and other petitioners against the Flemish regional implementation decree of the DAC-6 Directive, as this article explains.

Released on Sep 3, 2023

New tax developments in Turkey

In 2023, new tax increases were introduced in Turkey, while some tax exemptions were removed and an additional motor vehicle tax was introduced. These amendments include contradictions to some tax law principles, as this article explains.

Released on Aug 17, 2023

Brazil’s consumption tax reform: what can be expected?

On 6 July 2023, the Brazilian House of Representatives approved the Constitutional Amendment Bill No 45/2019 (Consumption Tax Reform) after two plenary voting rounds. The bill is set to overhaul consumption taxation and reform specific aspects of wealth taxation. This article presents an overview of the Consumption Tax Reform under discussion before the Brazilian Congress, and addresses the main concerns and expectations related to its approval and future execution.

Released on Aug 17, 2023

Taxation of free zone persons under the new UAE corporate tax

Following the enactment of Federal Decree Law No 47 of 2022, the United Arab Emirates’ federal corporate tax has now officially come into effect for financial years commencing on or after 1 June 2023. Against this backdrop, this article briefly considers the topical issue of free zone taxation under the new UAE corporate tax regime.

Released on Jul 31, 2023

Beneficial ownership registry coming to the United States

Starting in 2024, for the first time the United States Corporate Transparency Act will require millions of companies to report to the Treasury Department about their principal beneficial owners and controlling persons. Non-exempted business entities formed or registered in the US and in existence after this year must furnish specified identifying information to a federal database, which will be open to relevant governmental authorities and (in connection with KYC and AML diligence) financial institutions, though not to the general public. Affected companies should act promptly to comply with the CTA.

Released on Jul 18, 2023

Private equity alternative liquidity: secondary transactions, GP led transactions, etc

This session focused on general partner (GP)-led secondary transactions, where a fund's GP sells an asset of a fund to a continuation fund (CF) managed by the same GP. The main economic rationale behind these transactions is enabling willing investors to continue exposure to well-performing assets, while allowing new investors into the CF.

Released on Jul 4, 2023