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International Tax Newsletter - Europe & African region

Europe & African region

International Tax Newsletter

Europe and Africa regions

August 2018

This e-newsletter gives you an overview of international tax developments being reported globally by KPMG member firms in the Europe and Africa regions between 1 August and 31 August 2018.

 

Austria Belgium Cyprus Czech Republic
European Union France Greece Ireland
Isle of Man Luxembourg Nigeria Poland
Romania Serbia South Africa Sweden
United Kingdom      



For a full summary of global tax developments, visit kpmg.com/TaxNewsFlash.

To contact the International Tax Team email internationaltax@kpmg.com.

To register for the International Tax webcasts, click here.

International Tax Newsletter - Europe & African region

Austria

Administrative and case law

Various tax areas - August 2018

KPMG in Austria has prepared summaries of recent court or administrative actions.

Read more.

Belgium

Proposed legislation

VAT - 30 July 2018

A new VAT penalty policy has now been published. The most striking novelty is the full remission of certain types of VAT penalties in case certain conditions are simultaneously met.

Read more.

Cyprus

Tax legislation approved and regulatory update

Capital gains / Employment income -  August 2018

Cyprus amended its laws concerning the tax treatment of certain capital gains and “carried interest” of individuals working in the funds industry.

Read more.

Czech Republic

Tax legislation approved and regulatory update

VAT - January 2019

Amendments to the VAT law in the Czech Republic are scheduled to be effective in 2019.

Read more.

 

Proposed legislation

Company law - August 2018

Changes to the law governing corporations in the Czech Republic—including amendments that would concern “elected bodies” of corporations and in particular when they are other corporate entities—are being considered.

Read more.

 

Administrative and case law

VAT - August 2018

The Supreme Administrative Court addressed the burden of proof in a matter when the VAT exemption of a cross-border supply of goods was challenged by the tax administrator.

Read more.

European Union

Administrative and case law

Various tax areas - August 2018

The EU Tax Centre prepared a summary of EU tax developments that can have both a domestic and a cross-border impact.

Read more.

France

Administrative and case law

Withholding tax - 7 August 2018

The Advocate General of the CJEU rendered his Opinion in a case concerning the compatibility with EU law of the French withholding tax levied on dividends paid by French companies to non-resident loss-making companies. The case is: Sofina and Others case (C-575/17).

Read more.

Greece

Tax legislation approved and regulatory update

Corporate income tax/ VAT - August 2018

Amendments made by Law 4549/2018 affect the corporate income tax, tax procedure, VAT, and real estate tax laws in Greece. Among the corporate income tax changes are measures that affect the rules for depreciation and loss carryfowards, the taxation of insurance contracts, and capital gains on the transfer of securities.

Read more.

Ireland

Tax legislation approved and regulatory updat

VAT - August 2018

Guidance addresses the VAT treatment of services connected with immovable property.

Read more.

Isle of Man

Other

Economic substance - August 2018

The governments of Isle of Man, Jersey, and Guernsey have been working together to address the concerns of the EU Code of Conduct Group regarding “economic substance.”

Read more.

Luxembourg

Tax legislation approved and regulatory update

Income tax - 26 July 2018

A circular clarifies the Luxembourg income tax treatment of income from virtual currencies in the context of sale or creation of such currencies.

Read more.

Nigeria

Administrative and case law

Withholding tax / Tax compliance - 23 August 2018

The Federal Inland Revenue Service has started issuing notices, for business taxpayers to reconcile their unused withholding tax credit balances within 15 days of receiving the notice.

Read more.

Poland

Proposed legislation

Taxpayer rights / Tax collection - August 2018

Draft measures have goals concerning the: (1) protection of taxpayer rights; and (2) increased efficiency of tax collection.

Read more.

Romania

KPMG publication

Tax guide August - 2018

KPMG in Romania has produced a tax guide that provides overviews of the tax system for corporations and individuals.

Read more.

Serbia

Tax legislation approved and regulatory update

Immigration - 25 August 2018

A new law in Serbia concerns the employment of foreigners and amends the rules for temporary assignments of workers abroad.

Read more.

South Africa

Tax legislation approved and regulatory update

Tax compliance - 21 August 2018

A “memorandum of understanding” involving the South African Revenue Service and the Broad-Based Black Economic Empowerment (B-BBEE) Commission has implications from a B-BBEE compliance and a tax compliance perspective during its applicable period of three years.

Read more.

 

Proposed legislation

Anti-avoidance - 1 August 2018

Measures are being proposed to tighten the rules for structures or transactions that include low-interest or interest-free loans to companies held by trusts.

Read more.

 

Anti-avoidance / Dividend stripping - 19 July 2018

A proposed legislative change would revise the rules in South Africa concerning the taxation of “dividend stripping” transactions.

Read more.

Sweden

Proposed legislation

Employment law - 1 January 2019

A proposal in Sweden would affect the tax rules that apply with respect to the taxation of temporary agency work performed in Sweden. Specifically, the proposal would introduce the “economic employer concept” into Swedish tax law.

Read more.

United Kingdom

Tax legislation approved and regulatory update

VAT - April 2019

For taxpayers using spreadsheets to prepare VAT returns, bridging software may be the easiest solution for Making Tax Digital.

Read more.

 

Proposed legislation

Brexit - 24 July 2018

HM Treasury published a draft of the regulations that will enable the Prudential Regulation Authority and the Financial Conduct Authority to operate a "temporary permissions regime".

Read more.

 

Tax compliance - 3 August 2018

Draft bill published for consultation with details of a new public register of beneficial owners of overseas entities that own UK land.

Read more.

 

Administrative and case law

Corporate income tax / Capital allowances - 10 August 2018

The First-tier Tribunal has released a decision that dealt with the eligibility for capital allowances on the construction of a hydroelectric power generation scheme. The case is: SSE Generation Limited (SSE) v HMRC.

Read more.

 

Transfer pricing / Diverted profit tax - 3 August 2018

HMRC have published the most recent transfer pricing and Diverted Profits Tax (DPT) statistics, which provide useful insight into their compliance and dispute resolution work in this critical area of large business taxation.

Read more.

 

Other

Requirement to Correct rules - 30 September 2018

The deadline is approaching for reviewing and correcting offshore issues. KPMG in the UK co-presented a webinar which discusses the Requirement to Correct (RTC) rules.

Read more.

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