International Tax News - October 2013

by DLA Piper
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DLA Piper - International Tax News

COLOMBIA ISSUES TAX HAVENS LIST: 4 THINGS TO NOTE FOR THOSE DOING BUSINESS IN COLOMBIA

Colombia has issued its list of tax havens – an act that will negatively impact the tax effects of doing business in Colombia from or through any of these tax haven jurisdictions.

The Tax Havens list was issued under Regulatory Decree 2193, dated October 7, 2013 ( RG) and triggers a number of related effects, which come into force on January 1, 2014.

There is a second list included in the RG that we refer to as the “Transitory List,” which sets out the jurisdictions with which Colombia is currently negotiating exchange of tax information agreements. Jurisdictions on the Transitory List are excluded from the related effects summarized below for the time being. Both lists will be reviewed annually as of the date of issuance of the RG.

Find out more about the impact of these lists.


INDIA: MORE CERTAINTY FOR INVESTORS, OR LESS? THE LATEST ON GAAR, TP SAFE HARBORS, SUBSIDIARY PE

Recent legislative and case-law developments have clarified India’s position on a number of tax and transfer pricing issues. While many of these developments are intended to increase certainty for foreign investors, a number of open questions remain.

Although certainty is one element of rebuilding confidence in India, some recent clarifications may not have the intended impact of attracting increased foreign direct investment.

India has recently:

issued implementation rules for its General Anti-Abuse Rule (GAAR), which may allow taxpayers a flexibility that was previously unavailable

issued final transfer pricing safe harbor rules regarding Indian affiliate activities

decided two court cases that take a very broad view of whether subsidiaries constitute permanent establishments

Some of these developments allow companies a new flexibility, but others may force multinationals to walk a very fine line.

Learn more about these developments and their impact on multinationals investing into India.


SPAIN MODIFIES PATENT BOX REGIME

Spain’s modified patent box regime is now in effect.

Among the most important developments – which became effective September 29 – are exemptions on revenues from granting certain IP rights; exemption on capital gains deriving from transfer of IP assets; and an easing of qualifying conditions for entities participating in IP cost.

Find out more about the most significant changes to Spain’s patent box regime.


AUSTRALIA TO REPEAL CARBON TAX EASY COME, EASY GO?

Australia’s newly elected federal government has proposed to repeal the carbon pricing mechanism commonly known as the Carbon Tax.

The effective date of the repeal will be July 1, 2014. Until June 30, 2014, businesses must still comply with the Carbon Tax rules.

The government has indicated that it prefers to address pollution control through a Direct Action Plan and consultation process.

The looming repeal has significant ramifications for income tax, the fuel tax and certain mergers and acquisitions.

Find out more.


EC CHALLENGES THE UK PATENT BOX

The UK patent box is a special tax regime that provides an effective 10 percent rate of corporation tax on profits derived from patents and certain other rights. It was introduced by the UK Government as an important part of the UK’s strategy to foster innovation.

However, the European Commission has decided, in a report prepared in advance of the meeting of the Code of Conduct Group on business taxation, that the UK patent box amounts to harmful tax competition.

Find out more about this development and its potential impact on your business.


UKRAINE TOUGHENS RULES FOR MANDATORY SALES OF FOREIGN CURRENCY PROCEEDS

Ukraine’s amended banking legislation stipulating additional requirements for sales in foreign currency of proceeds by residents and non-residents are in force.

Starting in mid-October, the National Bank of Ukraine now requires legal entities and individual entrepreneurs to sell 50 percent of any foreign currency proceeds from abroad at the foreign currency exchange market, regardless of the source of such proceeds.

Learn more.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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