Malta: Tax Charged On Revenue From Rented Residential Properties

Maltese Finance Minister, Edward Scicluna announced that the measure announced in the last Budget (that of November 2013) of reducing the tax charged on revenue from rented residential properties from a maximum of 35% to 15%, was being implemented and backdated to January 1 of 2014.

This measure is aimed at reducing tax evasion by encouraging landlords to declare the income they made form rented properties. This would also encourage more people to rent vacant […]

By |November 7th, 2014|

Worldwide: Beyond FATCA – Additional International Tax Compliance Obligations Announced

On October 29th, 2014 in Berlin, Germany, the Cayman Islands and 50 other jurisdictions signed on to the OECD Multilateral Competent Authority Agreement (“MCAA”) for the implementation of the automatic exchange of tax information, based on the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters (“Multilateral Convention”).

The MCAA requires the Competent (Tax) Authorities of participating jurisdictions to collect and automatically exchange tax information prescribed by the OECD’s Common Reporting Standard (“CRS”). The […]

By |November 7th, 2014|

India: Sham Transactions: Recent Developments In Indian Tax Law

Delhi Tribunal holds that the mere fact that one of the steps in a transaction resulted in capital loss for the taxpayer would not make the series of transactions a sham.
Karnataka High Court holds that shares bought at a premium, and sold at a lower value to individuals (ex-employees / advisors of the seller group) on the same day amounted to a colourable device.
Based on commercial rationale provided by the taxpayer, Delhi High Court […]

By |November 7th, 2014|