UK ANTI-HYBRID RULES AN OVERVIEW
|
|
- Ronald Reynolds
- 6 years ago
- Views:
Transcription
1 UK ANTI-HYBRID RULES AN OVERVIEW Mark Burgess, Paul Rutherford and Sibel Owji 19 October 2016 If you cannot hear us speaking, please make sure you have called into the teleconference: US participants: Outside the US: The audio portion is available via conference call. It is not broadcast through your computer. *This webinar is offered for informational purposes only, and the content should not be construed as legal advice on any matter. 0
2 Speakers Mark Burgess Partner, DLA Piper Birmingham Sibel Owji Partner, DLA Piper San Francisco Paul Rutherford Partner, DLA Piper London 1
3 INTRODUCTION AND OVERVIEW OF CURRENT UK TAX CLIMATE UK Diverted Profits Tax (DPT) UK New Withholding Tax Legislation & Amended DPTLegislation UK Anti-Hybrid Legislation Effective Date 1 April June January 2017 Relevant BEPs Action(s) Action 7 (Artificial Avoidance of PE) Action 9 (Risk and Recharacterisation) Action 7 (Artificial Avoidance of PE) Action 2 (Hybrid Mismatch Arrangements) Overview and Impact Threshold Amounts for Application Intended to deter and counteract the diversion of profits from the UK. When applicable, a 25-percent corporate income tax rate will apply to relevant profits. Applies where either: (i) Non UK-company avoids the creation of a PE; or (ii) UK company diverts profits from the UK using an arrangement that lacks substance The group's annual UK-related sales income exceeds 10Mand expenses exceed 10M General widening of scope of UK WHT on royalties and application of UK WHT to royalty payments by UK PEs If there is non-uk company which (i) has an "avoided PE" under the DPT rules; (ii) pays royalties in connection with the UK activities; and (iii) would have had to deduct UK WHT from royalty payments if it had an actual PE, then the profits of the non-uk company for DPT purposes will be increased by the amount of the royalty Not applicable To be described! Not applicable 2
4 OVERVIEW OF UK ANTI-HYBRID RULES New UK rules have effect from 1 January 2017 and implement BEPS Action 2 Rules apply to "arrangements" that involve both: a hybrid instrument or hybrid entity; and a tax mismatch caused by the hybrid Rules can apply to all entities that pay UK corporation tax (including UK PEs) and have the effect of disallowing a tax deduction that would otherwise arise Rules apply where the relevant UK entity is directly involved in the hybrid mismatch Rules can also apply where there is an "imported mismatch": UK entity involved in an arrangement not involving a hybrid mismatch a hybrid mismatch arrangement exists elsewhere in the group the UK arrangement and hybrid mismatch arrangement are part of the same "over-arching arrangement" 3
5 OVERVIEW OF UK ANTI-HYBRID RULES Rules apply to all forms of payment and "quasi payment" A "tax mismatch" means that the relevant payment either: is not included as the income of another person "on which a relevant tax is charged" or gives rise to more than one deduction An entity is a "hybrid" if it is treated as a taxable person in any territory but treated differently in any other territory Where the payee is a hybrid, the tax mismatch is deemed to arise due to the payee's hybrid status if there is "no territory where that payee is resident for the purposes of a tax charged" i.e.., payees in territories with no tax system may be a particular concern Whilst the UK is the first country to fully implement BEPS Action 2: Others will follow quickly EU has required member states to implement rules by end of
6 HYBRID PAYER MISMATCH US Co (USA) UK Co is a hybrid entity UK Co pays interest to US Co Interest Loan Interest is disregarded for US tax purposes (tax mismatch - no US income inclusion) UK anti-hybrid rules deny UK Co interest deduction UK Co 5 Legend = Corporation for both US and local tax purposes = Partnership for local tax purposes / corporation for US tax purposes = Corporation for local tax purposes / partnership for US tax purposes = Corporation for local tax purposes / disregarded entity for US tax purposes
7 NON-TAXABLE FOREIGN PERMANENT ESTABLISHMENT Lux Co has Irish PE UK Co pays interest to Irish PE Tax mismatch: no Irish income inclusion (non-trading PE) no Luxembourg income inclusion (double tax treaty) UK anti-hybrid rules deny UK Co interest deduction 6
8 HYBRID ENTITY DOUBLE DEDUCTION UK Sub is a hybrid entity UK Parent UK Sub pays interest to UK Parent US Co 1 deducts interest actually paid by UK Sub for US tax purposes (double deduction) Interest Deemed interest US Co 1 (USA) UK Sub Loan UK anti-hybrid rules deny UK Sub interest deduction US Co 2 (USA) 7
9 IMPORTED MISMATCHES Dutch CV is a hybrid entity Back to back loan (overarching arrangement) US Co (USA) UK Co pays Loan 2 interest to Dutch BV no direct tax mismatch income inclusion in Dutch BV Interest Dutch CV (Ned) Loan 1 Dutch BV pays Loan 1 interest to Dutch CV Dutch BV (Ned) "imported" tax mismatch no income inclusion in Dutch CV and/or US Co UK anti-hybrid rules deny UK Co interest deduction Interest UK Co Loan 2 8
10 IMPORTED MISMATCHES (CONT'D) US Co (USA) US Co (USA) Dutch CV (Ned) Dutch CV (Ned) Royalty IP Licence Royalty IP Licence Sales and marketing fee Dutch BV (Ned) UK Co Contract manufacturer purchases UK customer sales Product price Dutch BV (Ned) UK Co Product sale Contract manufacturer purchases UK customer sales 9
11 IMPORTED MISMATCHES (CONT'D) US Co (USA) US Investors (USA) Co-investors (Other) Haven Co (Haven) Cay Co (Cayman) Royalty IP Licence Interest PECs / CPECs Product price Dutch BV (Ned) Product sale Contract manufacturer purchases Interest Lux Co (Luxembourg) Loan UK Co UK Bid Co UK customer sales 10
12 HYBRID INSTRUMENT MISMATCH Loan is a hybrid instrument (UK debt / Country X equity) UK Co pays interest to Foreign Co Foreign Co participation exemption (tax mismatch - no Country X income inclusion) UK anti-hybrid rules deny UK Co interest deduction 11
13 HYBRID PAYEE MISMATCH UK LLP is a hybrid entity UK Co pays royalties to UK LLP Tax mismatch: Ireland Co 1 (Ire) Ireland Co 2 (Ire) no Irish income inclusion (tax opaque LLP) UK LLP no UK income inclusion (tax transparent LLP) UK anti-hybrid rules deny UK Co royalty deduction Royalties UK Co Distribution rights 12
14 TRANSFERS BY UK PERMANENT ESTABLISHMENTS Foreign Co has UK PE UK PE reimburses Foreign Co for 10 of management expense Foreign Co does not recognise reimbursement (tax mismatch) UK anti-hybrid rules deny UK PE deduction for management expense reimbursed 13
15 IMPLICATIONS FOR MULTINATIONALS AND FUNDS A general review of relevant structures is necessary (to take account of all new and proposed legislation in all relevant jurisdictions) Some restructuring principles may now apply to most multinational groups and many private equity financing structures: tax advantages derived from hybrids likely to be challenged achieving similar advantages in low tax jurisdictions may be better Accounting provisions and disclosures (e.g., FIN 48) to be reconsidered There is a need to act quickly but: if the EU countries do implement similar arrangements from 1 January 2019, the impact of the UK rules may be limited after that date 14
16 15
Diverted Profits Tax. Key points
Diverted Profits Tax Given the publicity surrounding the practices of multinationals in particular a number of the large US technology corporations - in structuring their affairs to minimise their tax
More informationWELCOME TO OUR WEBINAR
WELCOME TO OUR WEBINAR International Franchise Structures Tuesday, September 15, 2015 1:00 p.m. EDT If you cannot hear us speaking, please make sure you have called into the teleconference number on your
More informationIMPACT OF TAX ON M&A. Simon Fletcher 14 October 2016
IMPACT OF TAX ON M&A Simon Fletcher AGENDA 1. Tax environment 2. Recent developments 3. Impact on M&A 4. Questions Disclaimer: this presentation is intended to be for general guidance on matters of interest,
More informationDiverted Profits Tax. The Royal Society 6-9 Carlton House Terrace London SW1Y 5AG. 08 January 2015
Diverted Profits Tax The Royal Society 6-9 Carlton House Terrace London SW1Y 5AG 08 January 2015 Agenda 09.00 09.30 Registration 09.30 09.35 Open - Aidan Reilly (HMRC) 09.35 09.45 Policy Context and Overview
More informationBEPS: What does it mean for funds and asset managers?
BEPS: What does it mean for funds and asset managers? Client Seminar Martin Shah René van Eldonk Malcolm Richardson, M&G 10 March 2015 Overview Background to and progress to date of BEPS Action Plan More
More informationEU Anti-Tax Avoidance Directive 2: hybrid mismatches with third countries
EU Anti-Tax Avoidance Directive 2: hybrid mismatches with third countries On February 21, 2017 the EU Member States reached agreement on a Directive that will amend the Anti-Tax Avoidance Directive (Council
More informationBRING IT ON HOME HOLDING COMPANIES & REPATRIATION STRATEGIES
BRING IT ON HOME HOLDING COMPANIES & REPATRIATION STRATEGIES SESSION OVERVIEW BRING IT ON HOME HOLDING COMPANIES AND REPATRIATION STRATEGIES James Stanley (USA), Romain Tiffon (Luxembourg), Marc Sanders
More informationTAX & LEGAL ISSUES ASSET MANAGEMENT
TAX & LEGAL ISSUES ASSET MANAGEMENT Kevin Cummings, Tax Partner (BDO) Claire Cummings, Partner (Cummings Law) March 2015 Contents Disguised fee draft legislation Diverted profits tax BEPS and UK action
More informationComparison of Key Anti-Base Erosion Rules in the Tax Reform Act of 2017 and under UK Tax Law Calum Dewar, PwC Mike Williams, HM Treasury
Comparison of Key Anti-Base Erosion Rules in the Tax Reform Act of 2017 and under UK Tax Law Calum Dewar, PwC Mike Williams, HM Treasury International Tax Policy Forum and Institute of Economic Law Conference
More informationBUSINESS MODELS IN THE CURRENT BEPS ENVIRONMENT DO YOU NEED TO CHANGE? Lyndon James, Partner Pete Rhodes, Senior Manager PwC
BUSINESS MODELS IN THE CURRENT BEPS ENVIRONMENT DO YOU NEED TO CHANGE? Lyndon James, Partner Pete Rhodes, Senior Manager PwC Agenda The current environment and the case for change Australian measures most
More informationTax Obstacles in Cross Border Planning
International Fiscal Association USA Branch New York Region Fall Meeting Thursday, December 1, 2016 Tax Obstacles in Cross Border Planning Colleen O Neill Ernst & Young LLP Maarten P. Maaskant PricewaterhouseCoopers
More informationDutch Tax Bill 2018: what will change?
1 Dutch Tax Bill 2018: what will change? The Dutch government has presented its Tax Bill 2018. Three amendments are particularly relevant for multinationals, international investors and investment funds
More informationUK Anti-Hybrid Rules: Some challenges for corporate groups and a limited opportunity for improvements
UK Anti-Hybrid Rules: Some challenges for corporate groups and a limited opportunity for improvements The UK s complex new regime for counteracting hybrid and other mismatches came into force on 1 January
More informationDiverted Profits Tax Guidance. Guidance 10 December 2014
Diverted Profits Tax Guidance Guidance 10 December 2014 1 Contents Page Introduction Chapter 1 Chapter 2 Chapter 3 Introduction & Overview Application of Diverted Profits Tax Diverted Profits Tax - processes.
More informationTHE FUTURE OF TAX PLANNING: TRANSPARENCY AND SUBSTANCE FOR ALL? Friday, 26 February AM PM Conrad Hotel, Hong Kong
THE FUTURE OF TAX PLANNING: TRANSPARENCY AND SUBSTANCE FOR ALL? Friday, 26 February 2016 9.00AM - 12.00PM Conrad Hotel, Hong Kong THE DRIVE TOWARDS TRANSPARENCY: CHALLENGES AND OPPORTUNITIES IN INTERNATIONAL
More informationBUSINESS IN THE UK A ROUTE MAP
1 BUSINESS IN THE UK A ROUTE MAP 18 chapter 02 Anyone wishing to set up business operations in the UK for the first time has a number of options for structuring those operations. There are a number of
More informationBEPS Beyond Fortune 1000 October Armanino LLP amllp.com Armanino LLP amllp.com
BEPS Beyond Fortune 1000 October 2016 1 Armanino LLP amllp.com Armanino LLP amllp.com 1 BEPS Overview Timeline Pre-2013 - Organization for Economic Cooperation and Development (OECD) concern that existing
More informationUnited Kingdom Tax Alert
International Tax United Kingdom Tax Alert Contacts Bill Dodwell bdodwell@deloitte.co.uk Christie Buck cbuck@deloitte.co.uk Alison Lobb alobb@deloitte.co.uk 11 December 2014 Draft legislation on diverted
More informationPROPOSALS ON COOPERATIVES AND DIVIDEND WITHHOLDING TAX 2018
The Netherlands proposes legislation to abolish dividend withholding tax in treaty situations and to amend dividend withholding tax position for cooperatives as from 1 January 2018. On the third Tuesday
More informationEU and TP - where are we?
EU and TP - where are we? Dominic Stuttaford Tino Duttiné Norton Rose Fulbright LLP 1 March 2018 Overall themes Activist Commission Continuing use of State Aid ATAD developments EU Blacklist BEPs Adoption
More information2016 Engineering & Construction Conference. June 15 17, 2016 The Westin Austin Downtown Austin, Texas
2016 Engineering & Construction Conference June 15 17, 2016 The Westin Austin Downtown Austin, Texas Going Global: Structuring Cross-Border Operations Patrick Lee Tax Partner Deloitte Tax LLP Sajeev Sidher
More informationQUESTIONNAIRE ON THE TREATMENT OF INTEREST PAYMENTS AND RELATED TAX BASE EROSION ISSUES
QUESTIONNAIRE ON THE TREATMENT OF INTEREST PAYMENTS AND RELATED TAX BASE EROSION ISSUES This questionnaire should be completed by participants in United Nations capacity development programs on protecting
More informationThe definitive source of actionable intelligence on hedge fund law and regulation
FATCA Steps That Alternative Investment Fund Managers Need to Consider to Comply With the Global Trend Toward Tax Transparency (Part Two of Two) By Dmitri Semenov, Jun Li, Lucas Rachuba and Carter Vinson
More informationManaging Effective Tax Rate: Global Tax Reform Tax Executive Institute. May 1, 2017 Houston, TX
Managing Effective Tax Rate: Global Tax Reform Tax Executive Institute May 1, 2017 Houston, TX Notice The content presented in this presentation is for discussion purposes only and is not intended to be
More informationBEPS and ATAD: Where do we stand?
BEPS and ATAD: Where do we stand? by Nicky Gouder Tax Partner Summary Quick Overview of the BEPS Project and ATAD; A Comparison of the BEPS Recommendations and the ATAD obstacles, conflicts. Is harmonious
More informationTax Reform Issues Related to Group Financing - 163j, 267A, BEAT and GILTI Issues International Tax Institute, Inc. June 11, 2018
Tax Reform Issues Related to Group Financing - 163j, 267A, BEAT and GILTI Issues International Tax Institute, Inc. June 11, 2018 James Tobin, Ernst & Young LLP Kevin Glenn, King & Spalding LLP TCJA International
More informationUnited Kingdom diverted profits tax now in effect
United Kingdom diverted profits tax now in effect Diverted profits tax (DPT) applies at a rate of 25% from 1 April 2015 to profits of multinationals that are considered to have been artificially diverted
More informationU.S. Tax Legislation Corporate and International Provisions. Corporate Law Provisions
U.S. Tax Legislation Corporate and International Provisions On December 20, 2017, Congress enacted comprehensive tax legislation (the Act ). This memorandum highlights some of the important provisions
More informationThe International Tax Landscape
and EU Tax Reforms How will Ireland, Luxembourg, Netherlands and Switzerland Reform Their Tax Systems to Comply?, Loyens & Loeff NV, PricewatershouseCoopers, PricewaterhouseCoopers 67 th Annual Tax Conference
More informationEuropean Union Hot Topics
European Union Hot Topics Mark O Sullivan, Matheson Paul Rutherford, DLA Piper 31 st Annual TEI-SJSU High Tech Tax Institute November 9, 2015 Summary Tax rate competition IP Box regimes EU unilateral reactions
More informationAnswer-to-Question- 1
Answer-to-Question- 1 The arm's length principle is the standard used by all OECD parties in setting and testing prices between related parties. It aims to assess the level of profits which would have
More informationStarbucks vs the people. Prof. dr Hans van den Hurk
Starbucks vs the people Prof. dr Hans van den Hurk 1 The world is changing... 2 https://www.youtube.com/watch?v=alcksti_8qq 3 Where to start? International tax planning will be influenced by: OECD-modeltreaties
More informationImpact of BEPS and Other International Tax Risks on the Jersey Funds Industry
www.pwc.com/jg November 2015 Impact of BEPS and Other International Tax Risks on the Jersey Funds Industry Current International Tax Environment 1 2 The current environment The ability to achieve tax certainty
More informationResponse to the Department of Finance "Consultation on Coffey Review" January 2018
Response to the Department of Finance "Consultation on Coffey Review" January 2018 Table of Contents 1. About the Irish Tax Institute... 3 2. Executive Summary... 4 3. List of recommendations... 7 4. Response
More informationNext Generation Fund Structuring Are you ready? 10 May 2017
Next Generation Fund Structuring Are you ready? 10 May 2017 Global Private Equity Fundraising Activity Page 2 Agenda and Speakers 1. Fund Level Considerations Adam Williams EY Greater China Private Equity
More informationA global focus on the investment management industry
International Tax for Asset Managers update Fall 2017 A global focus on the investment management industry In this issue (Please note: the content in this issue was written by Deloitte UK): United Kingdom:
More informationTrends I Netherlands moves away from fiscal offshore industry
1 Trends I Netherlands moves away from fiscal offshore industry The Netherlands is slowly but surely steering away from facilitating the use of its corporate income tax system by companies that are set
More informationTHE INTERSECTION OF TAX & TREASURY
THE INTERSECTION OF TAX & TREASURY 1 INTRODUCTIONS Denise Magyer Senior Vice President, Allied Irish Bank BEATRIZ SALDIVAR MBA & CTP Consultant & Member of the Federal Reserve Faster Payments Task Force
More informationInternational trends in taxation of capital and financial products and the impact on Thai Business
15th Annual Conference Maximise www.pwc.com/th International trends in taxation of capital and financial products and the impact on Thai Business Shareholder Value through Effective TAX Planning 2014 Agenda
More informationThe OECD s 3 Major Tax Initiatives
The OECD s 3 Major Tax Initiatives 1. The Global Forum on Transparency and Exchange of Information for Tax Purposes Peer review of ~ 100 countries International standard for transparency and exchange of
More informationHot topics Treasury seminar
Hot topics Treasury seminar Treasury in a transparent and new tax world Discover and unlock your potential Program Introduction on BEPS Potential implications for treasury o Interest deduction o Treaty
More informationOECD releases final BEPS package
6 October 2015 Tax Flash OECD releases final BEPS package On 5 October 2015, the OECD published the final reports of the OECD/G20 Base Erosion and Profit Shifting ( BEPS ) project, which consist of a package
More informationIFA Conference. Hybrid Instruments Olivier Van Ermengem May 2016, Nice. A and A
IFA Conference. Hybrid Instruments Olivier Van Ermengem May 2016, Nice A31877602 and A31886727 OECD BEPS Report - Action 2 Neutralising the Effects of Hybrid Mismatch Arrangements. Luxembourg General principles
More informationRecent developments in international tax
Recent developments in international tax Disclaimer EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate
More informationAgreement on EU Anti-Tax Avoidance Directive
Agreement on EU Anti-Tax Avoidance Directive On 21 June 2016, the EU Council finally agreed on the draft EU Anti-Tax Avoidance Directive (ATAD). The agreement was reached following discussions by the Economic
More informationTaxation of financial instruments in a changing world
Taxation of financial instruments in a changing world Edoardo Traversa, Professor, Université Catholique de Louvain/Of Counsel, Liedekerke, Brussels Alain Goebel, Partner, Arendt & Medernach Jan Neugebauer,
More informationPractical Implications of BEPS
www.pwc.com/il Practical Implications of BEPS Vered Kirshner, Tax Partner, PwC Israel Ben Blumenfeld, Tax and Transfer Pricing Senior Manager, PwC Israel Aim of BEPS Action plan backed by the OECD and
More informationCPA Esther Wahome. Thursday, 16 August 2018
Current trends in international tax planning (focus on BEPS). Presentation by: CPA Esther Wahome Senior Manager Taxation Services Deloitte & Touche Thursday, 16 August 2018 Uphold public interest Contents
More informationBEPS Targets Commonly Used Canada-U.S. Hybrid Structures
BEPS Targets Commonly Used Canada-U.S. Hybrid Structures Abraham Leitner aleitner@dwpv.com Reprinted from Tax Notes Int l Tax Analysts (2015) www.dwpv.com Volume 77, Number 6 February 9, 2015 BEPS Targets
More informationHybrid mismatch arrangements: the UK s take on Action 2
mismatch s: the UK s take on Action 2 The draft legislation on hybrid mismatch s, which will apply from 1 January 2017, is closely based on the recommendations in the Action 2 report. The absence of a
More informationSESSION 11B: COVETING THY NEIGHBOUR S TAX BASE AUSTRALIA S CHANGING APPROACH TO INTERNATIONAL TAXATION
SESSION 11B: COVETING THY NEIGHBOUR S TAX BASE AUSTRALIA S CHANGING APPROACH TO INTERNATIONAL TAXATION Peter Collins and Michael Bona Global Tax PwC Australia Contents International tax environment Financing
More informationOverview of International Tax Planning
Overview of International Tax Planning Belema R. Obuoforibo CTA ATT(Fellow) Director, IBFD Knowledge Centre The Netherlands Livingstone, 18 June 2015 IBFD IBFD IBFD: mission and purpose IBFD in Africa
More informationCOMPARISON OF EUROPEAN HOLDING COMPANY REGIMES
COMPARISON OF EUROPEAN HOLDING COMPANY REGIMES This analysis provides an indicative guide only and advice from appropriate country specialists should always be sought. Particular attention should be given
More informationNew Zealand to implement wide ranging international tax reforms
15 August 2017 Global Tax Alert New Zealand to implement wide ranging international tax reforms EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your
More informationGijs Fibbe (Baker Tilly / Erasmus University) Bart Le Blanc (Norton Rose Fulbright) Andrew Roycroft (Norton Rose Fulbright) September 25, 2017
Implementation of the ATAD in the UK and NL Gijs Fibbe (Baker Tilly / Erasmus University) Bart Le Blanc (Norton Rose Fulbright) Andrew Roycroft (Norton Rose Fulbright) September 25, 2017 UK/NL (as many
More informationDevelopments in Europe Impact on US MNEs
Impact on US MNEs Tino Duttiné Partner - Frankfurt Norton Rose Fulbright LLP 8 May 2018 Todd Schroeder Partner - Dallas Norton Rose Fulbright (US) LLP Topics Introduction Update on State Aid Anti-Tax Avoidance
More informationSimplifying BEPS Action Plan
Simplifying BEPS Action Plan BEPS and GST Conference 2 nd September 2016 1 About the pic: 16 Nov 2015, In Antalya, Leaders expressed support for the package of measures developed under the G-20/OECD Base
More informationTax Insights Hybrid Mismatch and Multinational Group Financing Integrity Rules. Snapshot. 22 June 2018 Australia 2018/12
22 June 2018 Australia 2018/12 Tax Insights Hybrid Mismatch and Multinational Group Financing Integrity Rules Snapshot On 21 June 2018, the Australian Taxation Office (ATO) released draft Practical Compliance
More informationEuropean Commission publishes Anti Tax Avoidance Package
28 January 2016 - Number 65 Brazil Desk e-mail bulletin European Commission publishes Anti Tax Avoidance Package On 28 January 2016 the European Commission published an Anti Tax Avoidance Package containing
More informationMULTILATERAL INSTRUMENT
MULTILATERAL INSTRUMENT View from (Dutch) tax practice ACTL seminar / 13 February 2017 Bartjan Zoetmulder / tax partner chair Dutch investment climate team NOB 1 Introduction 2 BEPS implementation phase
More informationDOUBLE DUTCH: DIVIDEND TAX REFORM EXTENDS EXEMPTION, YET TACKLES ABUSE
DOUBLE DUTCH: DIVIDEND TAX REFORM EXTENDS EXEMPTION, YET TACKLES ABUSE Author Paul Kraan Tags Holding Companies Netherlands Tax Reform INTRODUCTION In the Netherlands, the third Tuesday of September is
More informationInsurance Tax Insight The Global Tax Reset: BEPS & Insurance
Insurance Tax Insight The Global Tax Reset: BEPS & Insurance On 5 October 2015, the OECD published 13 papers outlining consensus actions under the base erosion and profit shifting (BEPS) project. The output
More informationOutbound investment Post BEPS - Planning and Challenges
Outbound investment Post BEPS - Planning and Challenges Vishal Gada Dhruva Advisors International Fiscal Association 18 th June, 2016, Mumbai Index International Tax Scenario - BEPS & GAAR Treaty Shopping
More informationBEPS ACTION 15. Development of a Multilateral Instrument to Implement the Tax Treaty related BEPS Measures
BEPS ACTION 15 Development of a Multilateral Instrument to Implement the Tax Treaty related BEPS Measures REQUEST FOR INPUT ON THE DEVELOPMENT OF A MULTILATERAL INSTRUMENT TO IMPLEMENT THE TAX TREATY-RELATED
More information26th Annual Health Sciences Tax Conference
26th Annual Health Sciences Tax Conference Base erosion and profit shifting and its impact on supply chains and intangible property December 6, 2016 Disclaimer EY refers to the global organization, and
More informationUS corporates doing business in Europe. Tax guide
US corporates doing business in Europe Tax guide Contents France 2 French corporation tax Relief for tax losses Capital gains made by French companies Intellectual property ( IP ) regime and payments
More informationABA Tax Section 2011 Midyear Meeting - Luxembourg Tax Environment
ABA Tax Section 2011 Midyear Meeting - Luxembourg Tax Environment Christophe Joosen Tax Partner NautaDutilh Avocats Luxembourg Office: +352 26 12 29 45 Mobile: +352 691 12 29 45 Email: christophe.joosen@nautadutilh.com
More informationTax Issues, Trends and opportunities in Asset Management. August 2016
Tax Issues, Trends and opportunities in Asset Management August 2016 enda ernational issues and trends ithholding tax issues ase Erosion and Profit Shifting (BEPS) ommon Reporting Standard (CRS) S legislative
More informationIRS Releases Proposed Anti-Hybrid Regulations
Legal Update January 2, 2019 IRS Releases Proposed Anti-Hybrid Regulations The US Tax Cuts and Jobs Act of 2017 ( TCJA ) 1 added new sections 245A(e) and 267A to the Internal Revenue Code of 1986 (the
More informationSchool of Aviation Finance. International Tax Issues Impacting the Aviation Leasing Industry. Brian Leonard, Partner, PricewaterhouseCoopers
School of Aviation Finance International Tax Issues Impacting the Aviation Leasing Industry Brian Leonard, Partner, PricewaterhouseCoopers www.pwc.ie International tax issues impacting the aviation leasing
More informationTAX STRUCTURING WITH BILATERAL INVESTMENT TREATIES KIEV ARBITRATION DAYS: THINK BIG CONFERENCE KIEV, UKRAINE NOVEMBER 15, 2013
Richard L. Winston, Esq. Partner (Miami Office) TAX STRUCTURING WITH BILATERAL INVESTMENT TREATIES KIEV ARBITRATION DAYS: THINK BIG CONFERENCE KIEV, UKRAINE NOVEMBER 15, 2013 Copyright 2013 by K&L Gates
More informationHybrid and branch mismatch rules
August 2018 A special report from Policy and Strategy, Inland Revenue Hybrid and branch mismatch rules Sections FH 1 to FH 15, EX 44(2), EX 46(6)(e), EX 46 (10)(db), EX 47B, EX 52(14C), EX 53(16C), RF
More informationThe CFC consultation. - The latest step on the road to reform. Application of the Regime
The CFC consultation - The latest step on the road to reform After some four years since the process for the reform of the controlled foreign company ( CFC ) rules commenced, the Government finally published
More informationEU state aid and other developments. 18 November 2016
EU state aid and other developments 18 November 2016 Disclaimer This presentation is provided solely for the purpose of enhancing knowledge on tax matters. It does not provide tax advice to any taxpayer
More informationABA Tax Section 2017 May Meeting. Tax Reform, Treaties, and Inbound Investment
ABA Tax Section 2017 May Meeting Tax Reform, Treaties, and Inbound Investment Robert Stack, Moderator Layla Asali, Miller & Chevalier Jesse Eggert, KPMG Gretchen Sierra, Deloitte Agenda Key Features of
More informationParent Subsidiary Directive and Interest and Royalty Directive
Università Carlo Cattaneo LIUC International Tax Law a.a.2017/2018 Parent Subsidiary Directive and Interest and Royalty Directive Prof. Marco Cerrato Parent-Subsidiary Directive 2 The Directive in general
More informationOverview of Practical Portfolio
United Nations Practical Portfolio: Protecting the Tax Base of Developing Countries with respect to Base Eroding Payments of Interest Brian Arnold Senior Adviser Canadian Tax Foundation UN-ITC Workshop
More informationDeloitte Global Tax Planning Conference at Villanova University School of Law
Deloitte Global Tax Planning Conference at Villanova University School of Law Track 1 Tax Planning Update for US Companies Investing Abroad November 20, 2015 Today at a Glance Welcome and Introductions
More informationIBFD Course Programme Current Issues in International Tax Planning
IBFD Course Programme Current Issues in International Tax Planning Amsterdam, 14 16 June 2017 Summary This intermediate-level course provides participants with an in-depth understanding of the current
More informationEU Commission approves enhancements to Madeira International Business Center Tax Regime
3 September 2013 EU Commission approves enhancements to Madeira International Business Center Tax Regime Executive summary On 2 July 2013, the EU Commission issued a decision allowing Portugal to increase
More informationBEPS CORNER. tax notes international. Hybrid Mismatches: Game Over? by Charles-Albert Helleputte and Séverine Bouvy
Hybrid Mismatches: Game Over? by Charles-Albert Helleputte and Séverine Bouvy Charles-Albert Helleputte is a partner and Séverine Bouvy is an associate with Mayer Brown LLP in Brussels. In this article,
More informationBEPS ACTION 2: NEUTRALISE THE EFFECTS OF HYBRID MISMATCH ARRANGEMENTS
Public Discussion Draft BEPS ACTION 2: NEUTRALISE THE EFFECTS OF HYBRID MISMATCH ARRANGEMENTS (Treaty Issues) 19 March 2014 2 May 2014 Comments on this note should be sent electronically (in Word format)
More informationBUDGET DAY CORPORATE AND INTERNATIONAL TAXATION
NEWSFLASH SEPTEMBER 2018 BUDGET DAY 2018 - CORPORATE AND INTERNATIONAL TAXATION This week, Budget Day 2018 in the Netherlands brought a collection of fiscal legislative proposals which might have an impact
More informationSignificant tax changes: UK implications for captive insurers
Tax Services Significant tax changes: UK implications for captive insurers Executive summary This alert sets out how recent developments in the global tax environment may impact UK-connected groups with
More informationIFA Conference. Hybrid Instruments Olivier Van Ermengem May 2016, Nice
IFA Conference. Hybrid Instruments Olivier Van Ermengem May 2016, Nice A31877602 and A31886727 OECD BEPS Report - Action 2 Neutralising the Effects of Hybrid Mismatch Arrangements. 1 General principles
More informationThe European Commission s Case. Kelly Stricklin-Coutinho Barrister, 39 Essex Chambers Visiting Lecturer, King s College London
The European Commission s Case Kelly Stricklin-Coutinho Barrister, 39 Essex Chambers Visiting Lecturer, King s College London Justified? Tax sovereignty Conflict as to new principle Retroactivity Legal
More informationOECD BEPS and EU Anti-Tax Avoidance Directive
Tax Services OECD BEPS and EU Anti-Tax Avoidance Directive Implications for captive insurers Executive summary Over the last five years global tax authorities have increasingly scrutinised captive insurance
More informationDividends from the EU to the US: The S-Corp and its Q-Sub. Peter Kirpensteijn 23 September 2016
Dividends from the EU to the : The S-Corp and its Q-Sub Peter Kirpensteijn 23 September 2016 The Inc: large multinational manufacturing company residents The LLC: holding company owned by tax residents
More informationGlobal Tax Alert. Spain proposes amendments to the Spanish ETVE and participation exemption regimes. Executive summary. Detailed discussion
12 September 2014 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date
More informationFinance Bill EUROPEAN CONVENTION ON HUMAN RIGHTS
Finance Bill EUROPEAN CONVENTION ON HUMAN RIGHTS Lord O Neill of Gatley has made the following statement under section 19(1)(a) of the Human Rights Act 1998: In my view the provisions of the Finance Bill
More informationUnited Kingdom Tax Alert
International Tax United Kingdom Tax Alert Contacts Bill Dodwell bdodwell@deloitte.co.uk Christie Buck cbuck@deloitte.co.uk Alison Lobb alobb@deloitte.co.uk 4 December 2014 2014 Autumn Statement contains
More informationInternational Tax Reform and Other Developments from Washington
International Tax Reform and Other Developments from Washington TEI Houston, February 21, 2017 Paul M. Schmidt pschmidt@bakerlaw.com Overview Background President Trump s Tax Reform Proposals House Committee
More informationRoundup of Australia s BEPS developments
TaxTalk Insights Global Tax Roundup of Australia s BEPS developments 12 April 2017 In brief Since its presidency of the G20 in 2014, Australia has been at the forefront of efforts to combat tax avoidance
More informationUS Outbound Investment
US Outbound Investment Denise Magyer Senior Vice President Allied Irish Bank Agenda AGENDA 3 U.S.Outbound Investment US Outbound Investment = Foreign Direct Investment (FDI) U.S. Outbound Investment: Why
More informationInternational Tax Netherlands Highlights 2018
International Tax Netherlands Highlights 2018 Investment basics: Currency Euro (EUR) Foreign exchange control No Accounting principles/financial statements IAS/IFRS/Dutch GAAP. Financial statements must
More informationBEPS Action Report 8-10 s impact on existing Dutch investment structures.
BEPS Action Report 8-10 s impact on existing Dutch investment structures. Effect on MNE s and possible solutions 22 February 2016 Robert Jan van Lie Peters BEPS Action 8 10 Action Plan What is it about?
More informationCROSS-BORDER FINANCING The Hidden Cost of Capital. Ka Sen Wong Allen & Overy
CROSS-BORDER FINANCING The Hidden Cost of Capital Ka Sen Wong Allen & Overy Overview The current environment Anti-hybrid rules Diverted profits tax Chevron Suggested actions Tax is front page news Senate
More informationM&A OUTLOOK - POST BEPS. International Tax Refresher Course
M&A OUTLOOK - POST BEPS International Tax Refresher Course WHY BEPS? AND BEPS IMPACT Dell case (Spain SC) Restructured to low-risk distribution: FAR transferred to Principal Principal no substance no employees/office
More information62 ASSOCIATION OF CORPORATE COUNSEL
62 ASSOCIATION OF CORPORATE COUNSEL CHEAT SHEET Foreign corporate earnings. Under the recently created Tax Cuts and Jobs Act, taxation and participation exemption of foreign corporate earnings have significantly
More informationInternational Tax Primer Andrew D. Oppenheimer, Esq. October 31, 2017
International Tax Primer Andrew D. Oppenheimer, Esq. October 31, 2017 Agenda International tax concepts Taxation of foreign earnings Sourcing of income and expenses Foreign tax credits Subpart F income
More information