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On January 24, 2017 the European Parliament’s Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion (PANA) will hold the first hearing of a series of three on the role of lawyers, accountants and bankers in Panama Papers. The hearing will take place from 9.00 CET till 12.30 CET.
The purpose of the three hearings is for the PANA Committee to look specifically into the roles played by banks, accountants and lawyers in the setting-up of secret offshore constructions for their clients. This first hearing will focus on the professions in general. Whereas the second (February 9, 2017) and the third meeting (March 6, 2017) in this series will zoom in on concrete cases in different Member States.
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On February 19, 2017 on the website of the Belgian Minister of Finance a press release was published in which it is announced that the Belgian Minister of Finance will abolish advance payments for VAT for taxpayers that file VAT returns on a quarterly basis. According to the press release the change was included in the policy note of the Minister in the context of a further simplification of the VAT regulations and of the VAT administration and will now be implemented.
Read more: Belgium to abolish quarterly advance payments for VAT
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On January 18, 2017 the Japanese Ministry of Finance issued a press release announcing that on that same date Japan and the Republic of Latvia signed a Convention for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance (Hereafter: the DTA).
Although the DTA has been signed, it has not entered into force yet. For the DTA to enter into force, the respective ratification procedures have to have been finalized in both countries.
Below we will discuss a selection of provisions included in the DTA of which we think they might interest our readers.
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On January 18, 2017 the UK HM Revenue & Customs (HMRC) issued a press release announcing that the Convention between the Government of the United Kingdom of Great Britain and Northern ireland and the Government of the United Arab Emirates for the Avoidance of Double Taxation and the Prevention of Tax Evasion and Avoidance with respect to Taxes on Income and on Capital Gains, which was signed on April 12, 2016, (Hereafter: the DTA) entered into force on December 25, 2016.
Read more: The DTA as concluded between the UK and the United Arab Emirates entered into force
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On January 19, 2017 the Court of Justice of the European Union (CJEU) judged in Case C-344/15, National Roads Authority versus The Revenue Commissioners (ECLI:EU:C:2017:28).
This request for a preliminary ruling concerns the interpretation of the second subparagraph of Article 13(1) of Council Directive 2006/112/EC of 28 November 2006 on the common system of value added tax.
The request has been made in proceedings between the National Roads Authority (Ireland) (‘the NRA’) and the Revenue Commissioners (Ireland) concerning the treatment of the NRA as a taxable person for value added tax (VAT) in connection with its activity of making road infrastructure available on payment of a toll.
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