On 3 October 2023, the OECD published the Multilateral Convention to Facilitate the Implementation of Pillar Two’s Subject to Tax Rule (STTR). As a reminder, the STTR is an integral part of the Pillar Two package, which consists of domestic rules (the GloBE rules) and a treaty-based rule, the STTR. One of the key differences compared to the GloBE rules is that the STTR is not limited to MNE groups with a consolidated turnover exceeding the EUR 750 million threshold.
On 24 May 2023, the Belgian Data Protection Authority (DPA), the authority responsible for enforcing the EU’s General Data Protection Regulation in Belgium, issued a major decision (“Decision”) concerning information exchanges pursuant to the US Foreign Account Tax Compliance Act (FATCA). The Decision declares the information reporting required of the Belgian tax authority and Belgian financial institutions under FATCA to be unlawful because it violates the privacy rights and protections afforded to Belgian residents under the GDPR, as well as the rights to a private life and protections of personal information guaranteed by the Charter of Fundamental Rights of the European Union.
In the case of Lance Dickson Construction CC v. Commissioner for the South African Revenue Service, the High Court had to determine whether the Tax Court’s confirmation of SARS’ decision to levy understatement penalties was correct. This article discusses the decisions made by the Tax Court and, subsequently, the High Court, which have important implications for taxpayers, SARS, the courts, and tax practitioners in South Africa.
A text of the Multilateral Convention to implement Amount A of Pillar One and additional explanatory guidance was released on 11 October 2023 by the OECD. This text reflects the consensus achieved so far, but is not yet open to signature and changes could still be made.
In United States v. Payward Ventures, Inc., the Internal Revenue Service (IRS) sought enforcement of a John Doe summons served upon Payward Ventures and its subsidiaries (referred to collectively as “Kraken”), which the court had previously preliminarily approved. Following Kraken’s refusal to comply with the summons, the IRS sought to enforce the summons. The dispute between Kraken and the IRS focused on whether the information sought by the IRS was relevant and imposed an undue burden of compliance upon Kraken.
The proliferation of sustainability-related disclosures is a key trend in the prevailing socio-economic and legislative landscape. Tax – an increasingly important metric in the sustainability agenda – is starting to follow suit. In recent years, global, regional, and domestic measures have emerged with a view to increasing tax transparency, and this trend shows no sign of abating.
In this article, which is part of our ESG & Tax series, we outline the evolving tax transparency landscape and identify some of the key trends for businesses to get to grips with.
Blockchain’s interface with traditional institutions and financial systems provides revenue authorities with a digital trail, and with the growing risk of tax evasion and fraud in crypto-investments, authorities are incentivized to pursue recalcitrant taxpayers. Aside from good governance considerations, the financial risks of tax non-compliance are high. This article looks at recent developments in tax regulations for cryptocurrency in South Africa.
The luxury and fashion industry has grown rapidly in recent years, driven by the rising worldwide demand of the image-conscious, growing middle classes in emerging markets, and the incredible advancement and evolution in online retail sales and marketing. These developments have ushered in new challenges for the industry with companies facing more stringent regulations as they expand into new markets and a heightened demand from consumers for greater transparency around sustainability, supply chain, as well as complex tax and corporate issues. This is a Comprehensive global guide to all legal matters relating to the luxury and fashion industry.
On 21 September 2023, Law no. 14,689/2023 was enacted as a result of the sanction, with vetoes, by the Vice-President of the No. 2,384/2023, with the purpose of disciplining the proclamation of judgment results in the event of a tie vote within the scope of the Administrative Council of Tax Appeals (CARF), among other measures connected to tax litigation and the transaction in the collection of credits by the Federal Treasury.
This is the 20th anniversary edition of the Global Post-Acquisition Integration Handbook, which since its first publication in 2003 has served as a practical reference tool for any company contemplating, or currently executing, a multinational business acquisition and integration. Key topics such as tax, corporate and employment law are considered, and regional comparison tables summarize the main aspects of integrations in more than 30 jurisdictions. Since our last update in 2017, there has been a great deal of change in the global legal and business landscape, hence this current edition includes new content on recent legal developments in the areas of compliance and risk management (including antitrust, bribery, sanctions and customs), foreign investment review, privacy and data protection.