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Editorial

Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Individual Tax Rulings Now Possible in Moldova – And They're Binding!

March 2017 - Tax & Private Client. Legal Developments by Schönherr.

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What previously was impossible and not foreseen by local legislation is now possible. Starting 1 January 2017, the Tax Code of Moldova (the "Tax Code") was amended by Law 281/2016 to include a separate norm (Art. 136Âą) on individual tax rulings ("ITR") for the benefit of entrepreneurs. Within the limits of its scope and in respect of a concrete beneficiary, an issued ITR is binding on the State Tax Service (the "STS"). The Government and the Ministry of Finance are expected to approve the secondary legislation to regulate the details of the procedure. read more...

Czech Republic: Real Estate Transfer Tax to be paid by transferees

August 2016 - Tax & Private Client. Legal Developments by Schönherr.

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Under the provisions of the Statutory Measure of the Senate No. 340/2013 Coll. on Real Estate Transfer Tax (the "RE Transfer Tax Ac"), the transferor is obliged to pay the real estate transfer tax (the "RE Transfer Tax") when ownership title to real estate is acquired by purchase or exchange, unless the transferor and the transferee stipulate otherwise in the purchase or exchange agreement. read more...

Austrian real estate transfer tax - indirect changes in shareholder structure

May 2016 - Tax & Private Client. Legal Developments by Schönherr.

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Under Austrian tax law, not only the transfer of Austrian real estate, but also the transfer or consolidation of 95% of the shares in a property-owning company, triggers a 0.5 % Austrian real estate transfer tax. read more...

Czech Republic: International Taxation of Athletes

November 2015 - Tax & Private Client. Legal Developments by Schönherr.

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As the status of professional athletes is not regulated under Czech law, there is a need for legal interpretation on this matter. The Supreme Administrative Court has ruled that athletes' work is of such a specific nature (e.g. the method of their pay, the amount of rest and other non-compliances with the Labour Code), that it is not illegal for clubs and athletes to enter into contracts other than labour contracts. Thus, at least in terms of taxes, athletes can act as self-employed persons. read more...

Austria: Tightening of Exit Taxation

October 2015 - Tax & Private Client. Legal Developments by Schönherr.

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The draft for the Tax Amendment Act 2015 published today [19 October 2015] proposes an amendment of existing exit taxation rules that would significantly tighten these rules, which eventually lead to the taxation of hidden reserves in assets transferred. read more...

Austria: Far-reaching implications of tax reform

June 2015 - Tax & Private Client. Legal Developments by Schönherr.

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The draft tax bill introduced in the Austrian Parliament last week will implement the most significant tax reform in the country's history. read more...

Romania: 088 Form - The VAT Registration Russian Roulette

April 2015 - Tax & Private Client. Legal Developments by Schönherr.

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14 April 2015 | legal insights

Since the beginning of 2015, a number of legislative changes were enforced regarding the VAT registration of Romanian companies established in accordance with Company Law no. 31/1990.

Romania: Amendments to the special construction tax

February 2015 - Tax & Private Client. Legal Developments by Schönherr.

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On 1 January 2014, the Romanian Government introduced a new property tax, namely a tax on constructions. This tax has proven to be controversial, with many deeming it to constitute a severe tax burden for any capital intensive businesses such as energy, telecom, or even retail. read more...

Austria: Constitutional Court confirms Constitutionality of non-Deductibility of Manager Remuneratio

January 2015 - Tax & Private Client. Legal Developments by Schönherr.

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As of 1 March 2014, a restriction on the deductibility of manager remunerations for tax purposes exceeding EUR 500,000 per person and year was introduced in Austria. Any remuneration exceeding that threshold cannot be deducted for tax purposes on the level of the employer company. This restriction was subject to substantive discussions in media and legal literature, with some experts arguing that the provisions may be unconstitutional. read more

Austria: Rules for voluntary disclosure in criminal tax matters are expected to be tightened

August 2014 - Tax & Private Client. Legal Developments by Schönherr.

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Austrian tax law enables taxpayers to avoid criminal tax sanctions or penalties in case of fiscal offences by submitting a voluntary disclosure. The taxpayer's exemption from any criminal tax sanctions on account of having submitted a voluntary disclosure is subject to specific preconditions. A draft tax bill on the Amendment of the Austrian Fiscal Criminal Tax Act 2014 (Finanzstrafgesetznovelle 2014) that is currently pending for vote in the Austrian Parliament is set to tighten these requirements significantly. The new rules are expected to enter into force as of 1 October 2014. read more...

Austria: Real estate transfer tax - new rules on the tax basis

June 2014 - Tax & Private Client. Legal Developments by Schönherr.

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The transfer of Austrian real estate triggers a 3.5% (2% in case of intra-family transfers) Austrian real estate transfer tax. In 2012, the Austrian Constitutional Court ruled that the provisions in the Austrian Real Estate Transfer Tax on the tax basis are not in conformity with the country's constitutional law. Shortly prior to the expiry of the transition period, new provisions for determining the tax base for Austrian real estate transfer tax purposes entered into force as of 1 June 2014.  read more...

Romania: What we know - and don't know -- about the VAT reverse charge on electricity supplies

October 2013 - Tax & Private Client. Legal Developments by Schönherr.

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The reverse charge mechanism is a means by which, in certain circumstances, the liability to charge VAT on a particular transaction shifts from the supplier to the beneficiary. In most of the cases, this liability arises at the same time as the beneficiary's right to claim input VAT credit for the same amount of VAT. read more...

Romania: Managing the tax pitfalls of contractual partnerships structures

September 2013 - Tax & Private Client. Legal Developments by Schönherr.

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Contractual partnerships (such as joint ventures, consortia, etc.) are a viable structuring alternative for large scale projects in most market sectors, and in particular for infrastructure projects. Despite the encumbrance of having to deal with many and at times, inconsistent, compliance requirements, contractual partnerships can also bring certain tax benefits if they are rigorously and correctly planned from the beginning of the project. read more...

Austria: Tax court extends scope of goodwill amortization to acquisition of shares in EC subsidiarie

July 2013 - Tax & Private Client. Legal Developments by Schönherr.

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Austria's group taxation regime enables the taxpayer to claim goodwill amortization for shares acquired in an Austrian subsidiary under specific conditions. By virtue of applying the EC Freedom of Establishment, Austria's Independent Finance Tribunal has extended the scope of such goodwill amortization to a corporate taxpayer's ac-quisition of shares in subsidiaries in the European Union. read more...

Hungary: Extended austerity measures to further increase taxes levied on financial sector

October 2012 - Tax & Private Client. Legal Developments by Schönherr.

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The Hungarian government will double the rate of the transactions services tax introduced in July 2012 to 0.2% from 0.1 % from 1 January 2013, National Economy Minister György Matolcsy announced today when introducing the country's new austerity package. The expected halving of the rate of the "crisis tax" introduced for banks in 2010 has also been postponed.

EU TRANSACTION TAX: ADDITIONAL BURDENS ON BANKS?

March 2012 - Tax & Private Client. Legal Developments by Wolf Theiss.

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The finance ministers of the European Union met again last week to discuss the plan of introducing a single EU financial transaction tax. According to the plan, a 0.1 percent tax would be levied on bond and capital transactions, while a 0.01 percent tax would be charged on derivatives transactions.

Tax Treaty Arbitration

March 2012 - Tax & Private Client. Legal Developments by Walder Wyss Ltd.

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The OECD has been active in elaborating substantive principles as to how tax conflicts arising because of the increasingly complex world economy and the increasingly complicated national tax systems can be lessened

MORE STRINGENT VAT REFUND RULES ADVERSELY AFFECT FINANCIAL POSITION OF COMPANIES

February 2012 - Tax & Private Client. Legal Developments by Wolf Theiss.

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As a result of a ruling of the European Court last July, the previous limitation of the VAT law, providing that companies could not claim back part of the positive difference between the payable and deductible VAT which related to their unpaid acquisitions, was annulled.

TRANSFER PRICE REGISTRATION 2012

February 2012 - Tax & Private Client. Legal Developments by Wolf Theiss.

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SIMPLIFICATION AND TIGHTENING UP - THE TAX AUTHORITY MIGHT IMPOSE PENALTIES AS HIGH AS 4 MILLION FORINTS  

The question of transfer prices is getting increased emphasis both in Hungary and internationally as more than 60% of world trade transactions are made up of inter-company group deals.

Bulgaria: VAT re gulations on construction right transfers amended

January 2012 - Tax & Private Client. Legal Developments by Schönherr.

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From 1 January 2012, the transfer of a construction right will be VAT exempt only until the construction permit is issued. The previous regime had allowed the exemption until the completion of the rough construction.

Austria: Cash-Box Import Mergers - Fictitious Distributions

March 2011 - Tax & Private Client. Legal Developments by Schönherr.

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Inbound dividends from low-tax jurisdictions may not be exempt from Austrian corporate income tax under the Austrian international participation exemption but may be subject to a switch-over to the credit method. In the past, such profits could be repatriated by way of a tax neutral import merger instead. However, a recent amendment to the Austrian Reorganisation Tax Act may lead to a fictitious distribution in such cases.

Tax treaty signed between Austria and Serbia

October 2010 - Tax & Private Client. Legal Developments by Wolf Theiss.

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ON 7 MAY 2010, AUSTRIA AND SERBIAsigned a double taxation agreement (DTA)with an additional protocol concerningcertain articles of the DTA (business profi ts,interest and exchange of information).  

Legal and tax treatment of the sale of non-performing loans in Ukraine

October 2010 - Tax & Private Client. Legal Developments by Wolf Theiss.

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AN IMPROVEMENT IN THE LIQUIDITY OFbanks, as well as the need for an additionalinjection of money, became crucial forUkrainian banks in the aftermath of therecent global fi nancial crisis. An Increase inthe number of non-performing loans (NPLs)negatively impacted the overall liquidityof Ukrainian banks by forcing them to holdmandatory reserves.1 

Austrian Bank Secrecy Reduced in Certain Cross-Border Situations

Since September 9, 2009 a new law is in force in Austria that allows for a wider exchange of information than before if a double tax treaty, an ECDirective or international agreements provide for it. Since September 18, 2009 Austria is no longer on the OECD's Grey List of countries that are considered to not fully implement OECD tax standards.

Austrian Corporate Taxation: Mechanics of the Use of Cross-Border Losses

June 2008 - Tax & Private Client. Legal Developments by Dorda.

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Austrian corporations have been allowed to integrate non-Austrian corporations into an Austrian tax consolidation group since 2005. This opportunity has proven to be an effective tool in achieving a crossborder use of losses between separate corporate entities and is widely used by internationally active groups with operations in Austria.

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