International Tax News - December 2013

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DLA Piper - International Tax NewsIRS PROPOSES CHANGES TO COMPETENT AUTHORITY AND APA PROCEDURES: COMMENTS REQUESTED BY 3/20/2014

By Michael F. Patton

The IRS has published for comment two draft revenue procedures that change the existing process for US taxpayers requesting Competent Authority relief under the Mutual Agreement Procedures (MAP) and other provisions of US income tax treaties (or similar agreements) and the procedures applicable to Advance Pricing Agreements (APA).

The proposed revisions to the existing MAP and APA procedures intend, in part, to reflect the reorganization of the IRS MAP and APA programs into the Advance Pricing Mutual Agreement (APMA) Program, together with other IRS reorganizations that have resulted in a comprehensive, nationally coordinated IRS transfer pricing enforcement program.

The proposed revisions to the MAP procedures are generally a greater departure from current procedures than are the proposed changes to current APA procedures.

IRS has requested taxpayer comments on the proposed changes by March 20, 2014.

Find out more.


UK AUTUMN STATEMENT FROM CHANCELLOR OF THE EXCHEQUER – TAX HIGHLIGHTS

By Mark Burgess, Simon Gough, Paul Rutherford, David Thompson and Richard Woolich

UK Chancellor of the Exchequer George Osborne has released his Autumn Statement, the half-yearly update on the UK budget, which serves as a guide to the chancellor’s tax and spending plans.

Here we note highlights of the Statement that concern tax issues. Among the areas important for business are new anti-tax-avoidance measures and rules affecting equity finance, corporate losses, the bank levy rate and employee share ownership, as well as a new onshore allowance for shale gas extraction. Notably, the government remains committed to reducing the main UK corporation tax rate.

See the highlights here.


NEW DUTCH TRANSFER PRICING DECREE: INCORPORATING CASE LAW, BRINGING CLARITY

By Ágata Uceda

The Dutch Ministry of Finance has released a new transfer pricing decree that is already in effect.

The New Decree, announced in late November, supersedes two earlier decrees. Other transfer pricing decrees are not modified by this new decree.

The new decree incorporates recent Dutch case law on transfer pricing, makes official certain points that were already being used in practice by the Dutch Tax Authorities during APAs or audits and includes interpretation of certain parts of the 2010 OECD Guidelines.

Find out more.


CAYMAN ISLANDS AND US SIGN FATCA AGREEMENT

By Thomas S. Dick, Simon Airey, Jayne Newton, Aileen Barry and Rob Smith

The United States and the Cayman Islands have signed a so-called Model 1 intergovernmental agreement.

The IGA is the first step in bring the Cayman fund industry into compliance with the US Foreign Account Tax Compliance Act (FATCA) and thus convey information about their US account holders to the IRS.

The signing of this IGA should be a welcome development for private investment fund sponsors that form Cayman entities to invest in US markets.

Find out more.


FOR TELECOMS, TV, RADIO AND B2C, IMPORTANT CHANGES TO EU VAT PLACE-OF-SUPPLY RULES ARE COMING IN 2015

By Richard Woolich and Daan Arends

Important changes to the VAT place-of-supply rules affecting cross-border services will go into effect in the EU from January 1, 2015.

These changes will affect those businesses based both inside and outside the EU which are involved in the supply of telecommunication services, television and radio broadcasting services and e-commerce businesses (often called B2Cs) whose customers are consumers – for instance, private individuals or organizations that are not in business, such as certain charities and public bodies, which are not registered for VAT and make no business supplies.

What issues do affected businesses need to be taking into account ahead of this change?

Find out 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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