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On May 19, 2022 Members of the European Parliament (Hereafter MEPS) approved the European Commission’s Proposal for a Council Directive on ensuring a global minimum level of taxation for multinational groups in the Union. The report, authored by Aurore Lalucq (S&D, FR) was adopted by by 503 votes in favour, 46 votes against and 48 abstentions.
Read more: MEPs push for quick adoption to implement a global minimum corporate tax rate of 15%
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On May 16, 2022 on the website of the Dutch courts (rechtspraak.nl) a judgment of the District Court of Zeeland-West-Brabant was published (the judgment in Case: AWB - 21 _ 2426 (ECLI:NL:RBZWB:2022:2432). And although it is only a judgment of a District court, it still is a very interesting judgment. The case regards a structure which was used to take over Dutch and Belgian satellite television providers, which were sold a few years later again. In the judgment the facts of the underlaying case are described very extensively, so in this article we will summarize the facts.
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During its meeting on 18 May 2022, the Federal Council adopted the dispatch on the introduction of the automatic exchange of financial account information (AEOI) with 12 further partner states. Entry into force is planned for 2023, with the first exchange of data taking place in 2024.
Read more: Swiss Federal Council adopts dispatch on AEOI with 12 further partner states
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Op 12 mei 2022 is op de website van De Rechtspraak een zeer interessante uitspraak van het Gerechtshof ’s-Hertogenbosch van 13 april 2022 gepubliceerd (De uitspraak van het Gerechtshof 's-Hertogenbosch in zaaknummers: 19/00771 en 19/00779, ECLI:NL:GHSHE:2022:1198). Zeer interessant omdat deze uitspraak bijna leest als een cursus (internationaal) belastingrecht waarbij in één zaak verschillende onderwerpen door de belastingplichtige en de belastingdienst worden betwist.
Read more: Zeer interessante uitspraak van het Gerechtshof 's-Hertogenbosch
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On May 11, 2022 the European Commission published its proposal for a Council Directive on laying down rules on a debt-equity bias reduction allowance and on limiting the deductibility of interest for corporate income tax purposes. The proposal introduces an equity allowance and the proposal also introduces a reduction of debt interest deductibility by 15% (in other words only 85% of the interest remains deductible (Article 6, Paragraph 1 (“Limitation to Interest Deduction”)). More information on the proposed Council Directive can be found in our article from May 11, 2022.
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On May 11, 2022 the European Commission published its proposal for a Council Directive on laying down rules on a debt-equity bias reduction allowance and on limiting the deductibility of interest for corporate income tax purposes. The proposal introduces an equity allowance and the proposal also introduces a reduction of debt interest deductibility by 15% (in other words only 85% of the interest remains deductible (Article 6, Paragraph 1 (“Limitation to Interest Deduction”)).
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On May 10, 2022 the Irish Minister for Finance announced the extension of the 9% Value Added Tax (VAT) rate for the tourism and hospitality industry for a further six months. The proposal was approved by Government at the Cabinet meeting of May 10, 2022. The 9% VAT rate will therefore remain for these sectors until February 28, 2023.
Read more: Ireland announces an extension of 9% VAT rate for the tourism and hospitality sectors
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On December 17, 2021 the OECD released the Global Anti-Base Erosion (GloBE) Model Rules under Pillar Two. The GloBE Model Rules do not directly/automatically apply to multinational enterprises (MNEs), but they have to be implemented by local jurisdictions in order for the rules to apply to MNEs. For the EU this will be done via a two-step implementation process. Step one is an EU Directive, which obliges the EU Member States to implement the (minimum) regulations laid down in a Directive. The second step is then that the EU Member States will have to transpose the regulations laid down in the Directive into their national domestic tax laws.
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Op 6 mei 2022 heeft Staatssecretaris van Rij heeft antwoorden op Kamervragen over het BNC-fiche Tegengaan misbruik Doorstroomvennootschappen naar de Tweede Kamer gestuurd. Naast vragen over de budgettaire consequenties hebben verscheidene politieke partijen zoals te verwachten was vragen gesteld over de substance vereisten zoals neergelegd in de Richtlijn.
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As part of the ongoing work of the OECD/G20 Inclusive Framework on BEPS to implement the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy, the OECD announced on May 6, 2022 that it is seeking public comments on the Regulated Financial Services Exclusion under Amount A of Pillar One. The consultation period runs until May 20, 2022.
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