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Corporate Tax

11 May 2018
Elena Christodoulou Domestic law aligned with EU directive on mandatory automatic exchange of tax information

Cyprus - Elias Neocleous & Co LLC

The recently introduced Law 33(I)/2018 amends the Law regarding Administrative Cooperation in the Field of Taxation 2012 to 2017 in order to align domestic law with EU Directive 2016/881/EU, which amended EU Directive 2011/16/EU on administrative cooperation in the field of taxation. The new law requires ultimate parent entities of multinational enterprises resident in Cyprus for tax purposes to file country-by-country reports within 12 months of the end of each fiscal year.

Author: Elena Christodoulou
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Goh Ka Im Legal professional privilege and director general of inland revenue's powers

Malaysia - Shearn Delamore & Co

Members of the Malaysian Bar recently complained that Inland Revenue Board officers had carried out raids on them in order to audit their clients' accounts and gain access to those records. The Malaysian Bar then wrote to the director general of inland revenue (DGIR), stating that such audits breached the principle of solicitor-client privilege. However, the DGIR held that the Income Tax Act overrode the provisions of the Evidence Act that conferred solicitor-client privilege.

Authors: Goh Ka Im, Foong Pui Chi
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Mareli Treurnicht Tax rate adjustments

South Africa - Cliffe Dekker Hofmeyr

​Although an increase of 1% in the value added tax rate was announced in the budget in February 2018, no adjustments have been made to the top four income tax brackets. Rather, below-inflation adjustments to the bottom three income tax brackets were announced. It was also announced that the primary, secondary and tertiary rebates will be partially adjusted to account for inflation.

Author: Mareli Treurnicht
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Mary Kay McCalla Martire Oregon bars use of three-factor apportionment formula

USA - McDermott Will & Emery

The Oregon Supreme Court has rejected a business taxpayer's constitutional challenges to a 1993 Oregon statute that eliminated the right to utilise a three-factor apportionment formula in calculating Oregon income tax. The Oregon Supreme Court joined courts in Texas, Minnesota, California and Michigan in rejecting taxpayer arguments that states which have enacted Article IV of the Multi-state Tax Compact have entered into a binding contractual obligation which may not be overridden.

Authors: Mary Kay McCalla Martire, David Danesh, Kathleen M Quinn
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Recent updates

Gerhard Badenhorst VAT increase: what rate should be charged?

South Africa - Cliffe Dekker Hofmeyr

Author: Gerhard Badenhorst
Franco Pozzi Budget Law 2018 – new regime applicable to tax on blacklisted source dividends

Italy - Studio Legale Tributario Biscozzi Nobili

Authors: Franco Pozzi, Simona Zangrandi
Andrew Roberson National taxpayer advocate reminds Congress of IRS deficiencies

USA - McDermott Will & Emery

Authors: Andrew Roberson, Kevin Spencer
Maurus Winzap Government adopts Tax Proposal 17 and submits dispatch to Parliament

Switzerland - Walder Wyss

Authors: Maurus Winzap, Robert Desax
Philippos Aristotelous Tax Department circular clarifies VAT treatment of dividends

Cyprus - Elias Neocleous & Co LLC

Author: Philippos Aristotelous
Noah Sarna Subjecting transfers of beneficial ownership to property transfer tax is not as simple as it might seem

Canada - Thorsteinssons LLP

Authors: Noah Sarna, Zheting Su