Francesco Procopio’s Post

On the cover of Tax Notes International ⬇️ Alain Goebel and Francesco Procopio examine how the European Commission’s proposal for a directive on transfer pricing could achieve a consistent interpretation of the arm’s-length principle and a harmonized framework for businesses and tax administrations in the EU, and they consider how well the proposal aligns with Luxembourg law.

📢 On 12 June 2024, Luxembourg proposed a draft law to amend the Pillar 2 Law, which introduced the Income Inclusion Rule (IIR), Undertaxed Profits Rule (UTPR), and Qualified Domestic Minimum Top-up Tax (QDMTT). The draft law aims to integrate OECD administrative guidance up to the end of 2023, clarifying important principles for Luxembourg businesses. However, the OECD guidance issued on 17 June 2024 regarding the exclusion of securitisation vehicles from QDMTT has not yet been included, highlighting the ongoing complexity of incorporating new guidance. Get the details in our #PwCFlash 👉 https://ow.ly/Zq4e50Surx0 #TaxLaw #Pillar2 #TaxCompliance #Tax

𝐏𝐢𝐥𝐥𝐚𝐫 𝐓𝐰𝐨 𝐢𝐧 𝐁𝐞𝐥𝐠𝐢𝐮𝐦: 𝐀𝐝𝐦𝐢𝐧𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐯𝐞 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞 𝐢𝐦𝐩𝐥𝐞𝐦𝐞𝐧𝐭𝐞𝐝 Various amendments were published yesterday to the Law that implemented the Pillar Two rules in Belgium at the end of last year. The amendments include various aspects of the Administrative Guidance issued by the OECD in 2023. Stay up-to-date! Read the latest article of Linda Brosens, Nicolas Lippens and Aldo Engels for an overview. 🔗Read more on our website: https://lawand.tax/3KnsArG #tax #taxlaw #pillar2 #law

....purpose of the rules is to fill a gap in domestic legislation with regard to the treatment of Capital Gains, dealt with by article 13(4) of the OECD Model Tax Convention, whose origin can be dated back to the UN Model tax convention, which to our knowledge was the first to lay down this provision. See Paragraph 4 (cf. paragraphs 28.3 to 28.13 of the Commentary to Paragraph 4), as amended by Action 6 of the BEPS Project (cf. Action 6, 2015, Final Report, Section A, Paragraphs 41-44).

ICYMI last week: The American Free Enterprise Chamber of Commerce, a US business group with ties to former Trump admin Attorney General *Bill Barr*, filed a legal challenge to Belgium's global minimum tax law. The goal, according to the group, is to invalidate the global minimum tax rules in the EU altogether. “AmFree’s objective is to obtain a ruling from the Court of Justice that Pillar II is unlawful which will affect Pillar II in the EU as a whole and, as a practical effect, make it unenforceable in all European Union Member States,” the group said in its statement. Read more from me in the link below: #InternationalTax #OECD #GlobalMinimumTax #PillarTwo #CorporateTax #EuropeanUnion #Belgium #BillBarr #UScompanies #CrossBorderTaxation https://lnkd.in/eusJ8RwU

2024/7/4 Thursday, Doctorate Workshop - The Implementation of the Global Minimum Corporate Tax, Rust Austria Back Ground: Pillar 2 is to be implemented in many countries, especially in EU region. Host: Institute for Austrian and International Tax Law, WirtschaftsUniversität. During the workshop, three topics, EU legal framework, tax incentive and materiality principle, were presented and discussed. I am very interested in how the tax incentives under OECD Model Rules shall be treated. The QRTC and subsidy will function like back doors which neutralize much of the Pillar 2's impact. Expecting two full days of conference on Friday and Saturday. #WU #Pillar2 #GMT #QRTC #TaxCompetition #TaxIncentive #InternationalTaxation

🗣️ It’s a huge honor and privilege to be invited to give a keynote speech at the 2024 International Tax Conference (May 23 - 24), jointly organized by King's College London The Dickson Poon School of Law, International Fiscal Association - United Kingdom, Chartered Institute of Taxation (CIOT) and ADIT International Tax. 👉 Check out the great program and line-up of speakers here: https://lnkd.in/eJAdmMch ☝️You can also register to join virtually. #taxes #internationaltax #keynote #imf

The doctoral thesis of Cristóbal Pérez Jarpa, Ph.D, LL.M on the topic “Exit Taxation and Value Creation” was recently published in the IBFD Doctoral Series. This book examines the main justifications and issues arising from exit taxation and constructively challenges the main arguments with special focus on the idea of aligning “taxation where the value was created”. This is done by considering selected countries’ experiences (Part II); EU law perspective (Part III); and tax treaty perspective based on the OECD Model and selected countries` treaty network (Part IV). The starting point is a conceptualization of the term “exit taxes” (Part I). An alternative international solution is proposed by the author. https://lnkd.in/dqBTX7tq #tax #taxlawwu #taxlawvienna #taxlaw #institutefortaxlaw #wuvienna #Steuerrecht

📯 Tax Alert – April 2024 | Parliament passes law 5100/2024 implementing Pillar Two rules On 2 April 2024, the Greek parliament passed a new law providing, among other things, for the transposition into Greek legislation of Council Directive (EU) 2022/2523, which aims to ensure a global minimum level of taxation for multinational groups and large-scale domestic groups in the EU (“EU Pillar Two directive”). Read more here 👉 https://deloi.tt/49uLirr #Deloitte #DeloitteTax #TaxNews #DeloitteTaxAlerts #PillarTwo

Today I had the pleasure of moderating a panel discussion on the latest developments in EU and international taxation, organised by the Chartered Institute of Taxation European Branch and ADIT in conjunction with the Young IFA Network (UK Branch), held in London. Congratulations to Tanya Zhuravska, Irene Martínez Curra and Christopher Gossage for delivering excellent presentations. The field of EU and international tax law is constantly evolving, and events like this one provide a valuable opportunity to gain insights into not-to-be-overlooked trends and developments. #tax #EUtax #Internationaltax #IFA