Preliminary Draft of the Green Tax Reform

The Preliminary Draft of the Green Tax Reform was published in the Government site;  the consultation and public discussion of the same will take place until 15 August.

Personal Income Tax Reform Preliminary Draft

The Preliminary Draft of the Personal Income Tax Reform was published in the  Government site; the consultation and public discussion of the same will take place until  20 September.

2014 Update to the OECD Model Convention

The OECD Council has approved the 2014 Update to the OECD Model Convention on  Income and on Capital, including the respective Comments, which will be published in  the upcoming months.

Among other aspects, this update has introduced amendments to the Comments to  articles 10, 11 and 12, regarding the concept of “beneficial owner”.

Amendment of the Parent-Subsidiary Directive (Council  Directive 2014/86/EU  of 8 July 2014)

Amending Directive 2011/96/EU on the common system of taxation applicable to parent  companies and their subsidiaries resident in different Member States.

In order to avoid double non-taxation, the Directive sets out that the Member-State of  the parent company and the Member State of its permanent establishment must not  allow companies to benefit from the tax exemption applied to distributed profits received  by them, to the extent that those profits are deductible by the subsidiary of the parent  company.