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Italy: Supreme Court Decision Finds Tax Inversion Illegal Absent Actual Transfer of Functions

(Oct. 22, 2020) On March 16, 2020, the Italian Supreme Court of Cassation issued Decision No. 10098 on the legal consequences of tax inversion (esterovestizione), which is the relocation abroad of the residence of a person or company in order to enjoy a more advantageous tax regime. Confirming its precedent, the Court held that the […]

England and Wales: Owner of Company Making Unsolicited Telemarketing Calls Banned from Running Businesses for Five Years

(Sept. 26, 2019) On August 20, 2019 business owner Jonathan De Sousa, whose UK registered company Xternal Property Renovations Ltd made almost 110,000 unsolicited phone calls for the purposes of direct marketing during a three-month period in 2015, was disqualified from owning, forming, or running a company for five years by the government’s Insolvency Service. […]

China: Tax Incentives Extended to More Small Businesses

(Aug. 17, 2018) On July 11, 2018, China’s Ministry of Finance (MOF) and State Administration of Taxation (SAT) jointly issued a notice mandating the doubling of the income threshold for small, low-profit companies to be eligible for preferential corporate income-tax incentives. (MOF and SAT, Notice on Further Expanding the Scope of Application of the Preferential […]

Turkey: Law to Increase Tax Revenues Adopted

(Dec. 28, 2017) On December 5, 2017, Turkey’s Law No. 7061 on the Amendment of Some Tax Laws and Some Other Laws, which was adopted on November 28, 2017, was published in the Official Gazette (Resmi Gazete). Aspects of the Law become effective on various dates. (Bazi Vergi Kanunlari ile Diger Bazi Kanunlarda Degisiklik Yapilmasina […]

Germany: Nonprofits May Engage in Non-Partisan Politics Without Losing Tax-Exempt Status

(Sept. 8, 2017) In a decision published on August 9, 2017, the German Federal Financial Court (Bundesfinanzhof, BFH) held that nonprofit corporations may engage in non-partisan politics without losing their tax-exempt status. (Bundesfinanzhof [BFH] [Federal Financial Court], docket no. X R 13/15 (Aug. 9, 2017), BFH website in German).) The Court stated that a nonprofit corporation […]

Burma: 2017 Union Tax Law Passed

(Mar. 30, 2017) The legislature of Burma (also known as Myanmar) passed the Union Tax Law 2017 (UTL) on March 1, 2017; it will come into force on April 1, 2017. (Suet Yen Loo, Myanmar: Union Tax Law 2017 Adopted, TAX NEWS SERVICE (Mar. 27, 2017), International Bureau of Fiscal Documentation online subscription database (IBFD); Law Draft […]

Thailand: New Law on Competitiveness in Targeted Industries

(Mar. 1, 2017) On February 13, 2017, the King of Thailand announced the adoption of the National Competitive Enhancement Act for Targeted Industries, BE 2560 (2017), in the country’s Royal Gazette. (Thailand Waives Corporate Tax in Targeted Industries, THAI LAW FORUM (Feb. 22, 2017); Act to Enhance the Competitiveness of Targeted Industries B.E. 2560, 134:19 RATCHAKITCHANUBEKSA […]

Hungary: Broad Tax Reforms Adopted

(Nov. 28, 2016) The Hungarian Parliament adopted a number of tax reforms on November 22, 2016. The tax package is aimed at enhancing the competitiveness of small and medium enterprises by giving them more incentives, cutting bureaucracy, and combatting the black market.  (Parliament Adopts Tax Package Designed to Cut Red Tape and Provide SME Incentives, […]