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Studio Legale e Tributario Biscozzi Nobili Piazza | Italy | 25 Jan 2019

VAT grouping provisions – an overview

Italy's value added tax (VAT) group scheme recently took effect. The scope of application, conditions and implications of the VAT group scheme are different from the existing VAT consolidation scheme. Contrary to the VAT consolidation scheme, where each entity remains not only independent from a juridical point of view, but also a single taxable person, a VAT group is considered a single VAT......
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AYACHE | France | 12 Dec 2018

Private M&A deals: recent case law strengthens shareholders' agreements

In the context of the acquisition of group companies, the parties will carefully select what to insert in the bylaws of the company, whereas in separate private agreements, which are confidential, the parties may include further, more detailed information. If the advantage of such private agreements is their confidentiality, the drawback is their lack of enforceability against third parties....
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Walder Wyss Ltd | Switzerland | 30 Nov 2018

End to rulings on Swiss principal companies and finance branches

In the context of the bill on the Federal Act on Tax Reform and AHV Financing, the Swiss Federal Tax Administration recently announced that, as of 1 January 2019, it will abstain from granting rulings which safeguard the tax privileges of new principal companies and finance branches. Existing rulings for these regimes will no longer be valid after 1 January 2020 as part of the overall Swiss......
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Cliffe Dekker Hofmeyr | South Africa | 16 Nov 2018

SARS rules on tax treatment of customer loyalty programmes

The South African Revenue Service recently published Binding Private Ruling 310, which deals with the tax treatment of customer loyalty programmes. The applicant was a local company supplying goods and services in the course of trade, which had – in order to enhance its business – proposed to implement a customer loyalty programme through which participating customers could benefit.
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Walder Wyss Ltd | Switzerland | 28 Sep 2018

Swiss Parliament approves corporate tax reform

The Swiss Parliament has approved the revised version of Tax Proposal 17, a proposal for corporate tax reform. The new proposal aims to set the basis for new rules on Swiss corporate tax (the last proposal having been rejected in a nationwide referendum) and secure and enhance Switzerland's overall attractiveness as a business location.
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RPC | Hong Kong | 21 Aug 2018

Cross-border insolvency regime – past and future

There are no statutory provisions empowering the Hong Kong courts to provide assistance and recognition to foreign insolvency office holders. The courts therefore rely on their inherent power (where appropriate) under the common law principle of modified universalism to provide such assistance. Although the application of this principle is not without its problems, the courts in recent years......
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Gorodissky & Partners | Russia | 17 Aug 2018

New approach to beneficial owners of income

The Federal Tax Service (FTS) recently issued a letter providing an extensive explanation of the tax authorities' application of the beneficial owner of income (BOI) concept. This concept was previously referred to only in the international tax treaties between Russia and other states, but has recently been actively implemented into Russian tax legislation. In this regard, the FTS's letter is......
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Noerr PartGmbB | Germany | 6 Jul 2018

New RETT rules for share deals

The Ministers of Finance of the Federal States recently agreed on new real estate transfer tax (RETT) rules for share deals. According to official press releases, a fundamental RETT reform that had been previously discussed was not agreed. Rather, the agreement consists of new RETT rules regarding share deals with a lower threshold, longer holding periods and aligning the rules that are......
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RPC | United Kingdom | 22 May 2018

Unlawful distribution of shareholding: application of Limitation Act clarified

In a recent case, the Supreme Court considered the application of Section 21(1)(b) of the Limitation Act 1980 with respect to claims against the directors of a company for an unlawful distribution of the shareholding. The court acknowledged that Section 21 was primarily aimed at express trustees, and that it was found to be applicable to company directors "by what may fairly be described as a......
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AKD | Netherlands | 24 Apr 2018

Dismissal of statutory director terminates management agreement by operation of law

More than 10 years ago, the Supreme Court handed down the so-called 'April 15 rulings', which imply that a resolution of a shareholders' meeting dismissing a statutory director who has an employment agreement with the company also terminates the agreement by operation of law. This led to confusion as to whether a corporate dismissal resolution would result in the termination of a management......
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