Foreign Investments In Brazilian Real Estate Investment Funds Are No Longer Subject To The Tax On Exchange Transactions (IOF)

By means of Decree No. 7894, of January 30, 2013 (Decree 7894/2013), published in the Official Gazette of the Union of January 31, 20131, the Brazilian government decided to reduce from 6% to zero the Tax on Exchange Transactions (Imposto sobre Operações de Crédito, Câmbio e Seguro, ou relativas a Títulos ou Valores Mobiliários – IOF)2 in the exchange transactions made as from January 31, 2013, for the acquisition of units (quotas) of local Real Estate […]

By |February 8th, 2013|

Recently Implemented Tax Regulation To Stimulate The Swiss Bond Market

I. Introduction
The Swiss domestic bond market virtually died after the Swiss Federal Stamp Tax Act came into force back in 1973. Swiss issuance stamp tax had to be paid on the issuance of bonds by, among others, a Swiss-resident company or the Swissregistered branch of a foreign-resident company. A recently implemented Swiss Banking Act Reform Bill, which mainly deals with the capital adequacy requirements and organisation measures to ensure the winding-up of systematically important […]

By |February 2nd, 2013|

United Kingdom: Tax Update – 14 January, 2013

1 General news
1.1 The validity of a discovery assessment and the Charlton case
HMRC has lost its appeal against the First-tier Tribunal decision in the case of Dr Michael Charlton and Others (TC01317)

This was a case where the taxpayer had given substantial disclosure of the computational aspects of a scheme to use a capital loss purported to be generated on a life insurance policy in circumstances where there was no economic loss, to cover gains […]

By |February 1st, 2013|