On February 23, 2017 the Italian Government approved the final draft of the legislative decree (the "Decree") that is going to implement the provisions of the Directive (EU) 2015/49 of May 20, 2015 (the so called "IV Anti Money Laundering Directive"). The decree was sent to the Parliament for its review and with the consent of the Parliament
An interview on Marco Q Rossi & Associati has been published today on the Italian financial newspaper ITALIA OGGI. We attach below the file with the full account: www.lawrossi.com/images/stories/docs/MQR_Italia_Oggi.pdf
The European Court of Justice blessed international tax arbitrage in a VAT transaction by means of which taxpayer was able to obtain a credit for input VAT on purchases while avoiding payment of output VAT on sales. The result was obtained thanks to an inconsistent characterization of the transaction for VAT purposes under UK and German law. UK treated the transaction as a financial service taxable in the country of supplier (Germany), while Germany treated it a as a sale of goods taxable in the country of the goods are sold (UK).
Continue Reading ECJ Blesses International Tax Arbitrage Transaction
On February 25, 2010 the European Court of Justice issued its ruling in X Holding (C-337/08 X Holding Judgment.pdf). Under the facts of the case, a Dutch parent wanted to be allowed to combine with its Belgian subsidiary under the Dutch tax consolidation rules to use the latter losses, which it would have been…
The reduced tax applicable to special investments funds was held illegal by the EU Court of First Instance in judgments issued on March 4, 2009.
Continue Reading Favorable Tax Treatment for Special Investment Funds Denied, EU Trial Court Ruled
The European Curt of Justice ruled that the parent subsidiary directive, which exempts from withholding tax dividends paid from a EU subsidiary to a EU parent, does not apply to dividends paid to the holder of a usufruct right on the shares.
Continue Reading EU Parent-Subsidiary Directive Does Not Apply to Dividends on Shares Held in Usufruct, ECJ Ruled
AG of ECJ issued his opinion in Aberdeen Property Fininvest Alpha, according to which no withholding tax should apply to dividends to a EU company (in the case, a Luxembourg investment fund SICAV) if no similar tax applies to a domestic dividend…
Continue Reading Withholding Tax on Outbound Dividends to a Luxemburg Investment SICAV Illegal, AG of the ECJ Says
The European Court of Justice with its decision in case C-285/07 held that the double carryover basis requirement imposed under German law to accord tax free treatment to the shareholders of the target corporation in a EU cross-border transfer of shares violates the EU mergers directive and EC law.
Continue Reading ECJ Ruled That Restriction to Tax-Free Treatment of Cross-Border Transfer of Shares is Illegal
European Court of Justice in Société Papillon (C-418/07) ruled that French national laws that limit access to tax consolidation in EU cross-border situations violate the EC Treaty. The ruling offers taxpayers opportunities to claim access to consolidation at the EU level every-time that such option is granted at domestic level and to offset losses and profits of the EU members of a consolidated group.
Continue Reading ECJ Ruled That Restrictions to Tax Consolidation Violate EC Treaty