Author: Srishti Singh
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UK: No more disclosure of cross-border arrangements under DAC6
As a result of Brexit, the UK will no longer be implementing DAC 6 in its entirety after concluding the Free Trade Agreement with the EU. As a replacement the UK will consult on and implement the OECD’s Mandatory Disclosure Rules (MDR). As a result only arrangements falling within within Category D of DAC 6…
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India loses tax dispute to Cairn: Is appeal the next step?
Barely 3 months had passed since Vodafone had won an arbitration case from India over the retrospective tax legislation amendment. In another setback, the Indian government has lost a similar international arbitration case to British energy giant Cairn Energy over the retrospective taxation, and has been asked to pay damages worth $1.2 billion to the…
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Vodafone tax case victory : Is it the time to include “Right to certainty” for taxpayers?
Vodafone Group Plc has finally won a decade-long battle against the Indian tax department’s demand arising from its retrospective tax law. The Permanent Court of Arbitration in the Netherlands passed an order in favour of Vodafone and directed the Indian government to cease any tax demand, interest and penalty against the company. Also the tribunal…
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Loblaw tax case: Barbados Bank exempt from FAPI in Canada
In a respite to Loblaw Companies Ltd. from $368 million in taxes, the Federal Court of Appeal overturned a 2018 ruling that found the company used a Barbados bank as a tax shelter. The case dates back to the early 1990s. Loblaw was concerned about proposed tax changes negotiated under the Dutch-US Treaty and, to a lesser extent, the…
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Axiata’s Ncell settles US$185m capital gains tax with Nepal
Axiata Group’s Nepal operator Ncell settled a long-drawn disputed capital gains tax bill with the government, under public protest. Ncell paid an outstanding amount of NPR22.4 billion ($183 million) along with NPR990 million in interest to the Large Taxpayers Office (LTO). The bill covered capital gains tax relating to Malaysia-based Axiata’s acquisition of an 80…
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COVID-19 : Will Coronabonds come to the rescue ?
Background Since the outburst of the COVID-19 crisis, various European leaders are at crossroads on finding the best forms of economic response to the coronavirus outbreak. But the proposal to have a way of joint debt vehicle, or the “Coronabonds” as an instrument to finance the economic activity is becoming the talk of the ensuing…
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Postponing the Olympics: Not so easy decision after all
Postponing the Olympics was not an easy decision, even though COVID 19 scare is imminent. Find out why through this article!
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India’s top court lifts ban on cryptocurrency trading
On 4 March 2020, the Supreme Court of India gave a historic judgement for the cryptocurrency industry by lifting ban on cryptocurrency trade in India. In essence, the order lifted the ban on trading in virtual currency, cryptocurrency, and bitcoins. 1. Background of the case 1.1. Ban on Cryptocurrency trading by RBI On 6 April, 2018,…
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Alta Energy : Canada Court Ruling in favour of treaty shopping
On February 12, the Federal Court of Appeal (FCA) gave its decision in The Queen v. Alta Energy Luxembourg S.a.r.l. (Alta Energy), a case that is significant in relation to guidance on the tax treaty interpretation under the domestic general anti-abuse rule (GAAR) on Capital gains tax exemption in Canada.
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CJEU Ruling on Dutch dividend withholding tax refund for foreign investment funds
On 30 January 2020, the Court of Justice of the European Union (CJEU) issued its decision in the Köln-Aktienfonds Deka case (C-156/17) regarding the compatibility of free movement of capital under EU law with the Dutch withholding tax on dividends distributed to non-resident investment funds. The Court held that some of the requirements for a…
