United States: Reprieve Granted To Philadelphia Tax-Exempt Property Owners

Introduction
In response to an overwhelming outcry from the Philadelphia nonprofit community, the Philadelphia Office of Property Assessment (OPA) has extended to June 1, 2015 the filing deadline for nonprofits to certify that they continue to qualify for real estate tax exemption for properties they own in Philadelphia. The OPA also recently reported on its website that it has eliminated the requirement for nonprofit organizations to provide most of the documentation that it had previously […]

By |March 31st, 2015|

Serbia: VAT Refund In Serbia

Pursuant to the Serbian Value Added Tax Act1 (hereinafter ‘the VAT Act’), taxable persons who are not established in Serbia are entitled to obtain a VAT refund if they have purchased movable goods and services subject to the condition that:

VAT was entered on an invoice drawn up in accordance with the VAT Act and the invoice was paid;
The requested refund of VAT exceeds EUR 200 in RSD equivalent calculated according to the average exchange […]

By |March 31st, 2015|

United States: Appeals Court Denies Cost Basis For Failure To Meet All-Events Test

In AmerGen Energy Co. LLC v. U.S., No. 14-5067 (Fed. Cir. 2015), the U.S. Court of Appeals for the Federal Circuit affirmed the Court of Federal Claims decision that the taxpayer, an energy company, could not include future nuclear decommissioning liabilities it assumed when it purchased three nuclear power plants, in the basis of those acquired assets in its 2001 through 2003 tax returns. The court reasoned that this was because the economic performance […]

By |March 31st, 2015|