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Corporate Tax

25 September 2020
Anat Shavit Recent tax ruling provides for priority technological enterprise status for cloud services

Israel - Fischer Behar Chen Well Orion & Co

The Tax Authority recently published a tax ruling addressing priority technological enterprise status with respect to an Israeli company that engages in the development and provision of cloud service platforms. The ruling provides that, subject to the Investment Law, income derived from the right to use a company's cloud platforms will be classified as income generated by a technological enterprise and, therefore, will be entitled to the Investment Law's reduced tax rates.

Authors: Anat Shavit, Jonathan Shtang
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Stephen P Kranz New Jersey reconsiders financial transaction tax

USA - McDermott Will & Emery

A troubling New Jersey financial transaction tax proposal, which appeared to be gaining popularity over the past few months, has reportedly been left out of the 2021 budget deal that Governor Phil Murphy recently struck with legislative leaders. The decision to drop the transaction tax from the deal came days after the Wall Street Journal reported that prominent stock exchanges with data centres in New Jersey were prepared to exit the state if the tax plan was adopted.

Authors: Stephen P Kranz, Alysse McLoughlin, Kathleen M Quinn
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Recent updates

Valery Narezhniy Russia revises double tax avoidance agreements with numerous countries

Russia - Gorodissky & Partners

Author: Valery Narezhniy
David Sleight Tax advisers beware – avoidance is the new evasion

United Kingdom - Kingsley Napley

Author: David Sleight
Alejandro Ruiz IRS issues proposed regulations intended to clarify carried interest rules

USA - McDermott Will & Emery

Author: Alejandro Ruiz
Elena Christodoulou Cyprus and Switzerland agree updated double tax treaty

Cyprus - Elias Neocleous & Co LLC

Author: Elena Christodoulou