PwC Greece Tax and Legal’s Post

Understanding the property withholding tax is key to ensuring fair and transparent transactions. This measure helps foreign residents meet their tax obligations when selling property in Australia. It’s all about fostering compliance and integrity in our property community! Dive into the details with the Australian Taxation Office's guide here: https://bit.ly/4gnpp13 #PropertyManagement #CommercialProperty #RealEstateCompliance #TaxObligations #WithholdingTax #ATO #PropertyTransactions #ForeignInvestors #TransparentDeals #CommunityIntegrity

In a recent landmark decision, the Supreme Court of the United States affirmed the constitutionality of the IRC Section 965 Mandatory Repatriation Tax (MRT), imposed as part of the 2017 Tax Cuts and Jobs Act (TCJA). The case, Moore v. United States, challenged the tax, which targets undistributed income of American-controlled foreign corporations (CFCs), attributing it to American shareholders with certain exceptions. This ruling may have significant implications for certain proposed legislation – especially a potential wealth tax – and thus should be closely watched by high-net-worth taxpayers. Read here to learn more: https://okt.to/CpvVSQ

🔦 𝗦𝗽𝗼𝘁𝗹𝗶𝗴𝗵𝘁 𝗼𝗻 𝗠𝗮𝘂𝗿𝗶𝘁𝗶𝘂𝘀 – 𝗮𝗽𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝘁𝗵𝗲 “𝗱𝗲𝗿𝗶𝘃𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗶𝗻𝗰𝗼𝗺𝗲” 𝗿𝘂𝗹𝗲 𝗶𝗻 𝘁𝗵𝗲 𝗹𝗮𝘁𝗲𝘀𝘁 𝗦𝘂𝗽𝗿𝗲𝗺𝗲 𝗖𝗼𝘂𝗿𝘁 𝗰𝗮𝘀𝗲. There’s been an interesting case recently which sheds some light on Section 5 of the Income Tax Act (“ITA”) regarding the derivation of income and its link with Section 73 of the ITA concerning the definition of tax residence for an individual. Read more from Jayesh Ramloll, here: https://lnkd.in/gbFgCJaX #internationaltax#mauritius#supremecourt#incometaxact

Taxation: How Corporations Can Impact Local Communities Learn about the economic impact of corporate taxation on local communities. Understand how property taxes and state taxes contribute to local development and how they can directly affect individuals. #CorporateTax #LocalCommunityDevelopment #PropertyTaxImpact #StateTax #EconomicImpact #TaxationEffects #CommunityGrowth #LocalEconomy #TaxationPolicy #LocalDevelopment

The ruling by the Supreme Administrative Court of France is important in the international tax space as it highlights the full grant of foreign tax credit irrespective of the tax amount paid in France. The above decision is yet another case whereby the supremacy of international law over domestic law is established. The Belgian Court of Cassation took a similar view in multiple cases. Where the tax treaty itself directs the taxpayer to satisfy the conditions stipulated in the domestic tax laws for claiming the tax credit, it is incumbent upon the taxpayer to satisfy such conditions whilst obtaining the benefit under the tax treaty. In the Indian context, the foreign tax credit is governed by Rule 128 of the Income-tax Rules, 1962. As per Rule 128(5), the foreign tax credit is the lower of the tax payable under the Income-tax Act, 1961 on such income and the foreign tax paid on such income. Thus, the question of foreign tax credit above tax liability in India may not arise at all. Also, the Mumbai Tribunal in the case of Life Insurance Corporation of India Ltd. held that the foreign tax credit, in respect of taxes paid abroad, can never exceed the Indian tax liability in respect of related income taxed abroad as also in India. However, where the taxpayer is unable to avail of the credit for fixed foreign taxes as provided in the relevant tax treaty, the taxpayer could seek guidance from this decision and the decisions of the Belgian Court of Cassation. #taxtreatyinterpretations #taxtreaty #foreigntaxcredit #france #belgium #india #taxtreaty #courts #opinions #dtaa #crossborder #aroundtheworld #internationaltax

Last week, the Supreme Court upheld a tax on foreign income in Moore v. U.S. – the ‘Super Bowl’ of tax cases. My colleague Danielle Rolfes aptly put: "Many more uncertainties lie ahead, including Pillars One and Two of the OECD’s BEPS 2.0 project, the expiration of many TCJA provisions, and further expected domestic law changes in 2025. While the Moore case did not deliver a taxpayer victory on the contentious issue of taxing unrealized gains, the Court does provide much needed clarity on the taxation of foreign subsidiaries of US companies." Read more here: https://lnkd.in/esWJvg-s

In a feature article published in Taxation magazine, Deepesh Upadhyay and Rebekka Sandwell discuss the practical implications of the Upper Tribunal’s decision in HMRC v Burlington, which considered the anti-abuse measure in Article 12(5) of the UK-Republic of Ireland double taxation convention. The case will be of particular interest to debt investors and their advisers in respect of cross-border investments requiring withholding tax and double tax treaty analysis. Read the article >https://lnkd.in/epV9hVFT [Subscription/registration required] #Tax

A number of Malta individual income tax compliance obligations are due by 30 April. We are setting out below the salient obligations and deadlines on taxpayers under the various schemes. Learn more: https://deloi.tt/3xs1Ym2

This candidly thought-provoking piece by Lucas de Lima Carvalho ponders whether the introduction of the UTPR as an integral part of the Pillar 2 Rules is an indication of "malleable sovereignty". In the words of the author, "If you are imposing a UTPR on the entity located in your territory, you are not doing so in relation to the profits of entity X or Y located elsewhere, but rather on a pool of top-up taxes belonging to everybody and nobody at the same time." A must read and reflect piece! Tax Notes https://lnkd.in/giYKJqz9

Here we are live at #ifacapetown2024 - The 76th Congress of the International Fiscal Association! Day 1 Johann Hattingh, University of Cape Town, IBFD, introduces the works of Subject 1 of the Conference: “Finding the meaning of nexus for taxes — past, present, and future”. #maistoeassociati #internationaltax #globaltaxation #tax