Member States are required to adopt measures to necessary to comply with the new Parent-Subsidiary Directive as from 18 January 2012.
The old Directive 90/435/EEC, as amended, is repealed.
Council Directive 2011/96/EU of 30 November 2011 on the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States was published in the Official Journal L 345 of 29 December 2011.
Member States are required to adopt measures to necessary to comply with the new Parent-Subsidiary Directive as from 18 January 2012. The old Directive 90/435/EEC, as amended, is repealed.
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The European Commission on 16 March 2011 proposed a common system for calculating the tax base of businesses operating in the EU.
In the Conference organized by the Institute for Austrian and International Tax law of the Vienna University of Economics and Business, on 30-31 January 2012, a number of issues of the Commission proposal are discussed, the focus being on the relations with third countries: - Taxation of EU resident companies - Taxation of EU-Non-resident companies - Resident and Non-resident taxpayers - Withholding taxation - Transparent entities - Deductibility of Gifts to Charitable bodies in third countries - Transfer of assets to third countries - Interest deductibility - CFC. See here for the detailed program of the Conference. The Ministry of Finance announced today a further extension of the deadline for the submission of E9 form that was due to expire on the 31st of January 2012. The deadline is now set
- until March 5th, for individuals and - until April 30th for legal persons. (See Pol. 1027/27-1-2012). This year's Avoir Fiscal Anniversary Conference, scheduled to take place on Friday, 27 January 2012 at the Institute of Advanced Legal Studies of the University of London, focuses on the application of EU Law on National Tax Systems.
My presentation on "The application of EU Law on the Greek tax regime: two recent cases" focused on the main issues of two cases that were delivered in 2011, namely: (1) the decision of the Court of Justice of the EU in the case C-155/09 on the exemption of first residential real property and (2) the decision of the Commission C 16/2010 regarding the aid to certain Greek casinos. An amendement regarding articles 29 and 30 of the DTC between Greece and Canada that was signed in Athens on 29 June 2009 (Law 3824/2010) and entered into force on 16 December 2010 was agreed after formal exchange of verbal notes between the parties.
According to the amendment, the convention applies on income derived or capital owned on or after the first of January of the next following calendar year. The exchange of the verbal notes confirming the amendment was adopted by the Greek Parliament by Law 4035/2011, published in the OJ 270A' on 31 December 2011. The list of non-cooperative states for 2012 for income tax purposes, was recently made public by the Ministry of Finance.
The list is included in the Ministerial Decision ΔΟΣ Α' 1177722 ΕΞ 2011/30-12-2011 and it consists of 47 countries and territories. The Protocol between the Hellenic Republic and the Swiss Confederation amending the Convention between the two for the avoidance of double taxation with respect to taxes on income and the protocol, signed at Berne on 16th June 1983 was ratified by the Greek Parliament by Law 4034/2011 (published in the Official Gazette A' 269/31-12-2011).
The Protocol will entry into force according to the provisions of Article VIII fo the Protocol. The exemption initially granted only to Greek citizens, was subsequently extended to citizens of EU Member States, following an infringement procedure initiated by the European Commission (see the judgment on the case C-155/09, CJ 20 January 2011).
It is now proposed by the Government that this exemption is also extended to cover citizens of the European Economic Area, i.e. citizens of Norway, Iceland and Liechtenstein. The proposal is included in a bill that was approved by the Government and will be discussed in the Parliament in the following weeks. My paper on "The distortion of competition through discriminatory tax treatment and its consequences. How a cheap entrance ticket to the Casino can be very expensive" was published in the November 2011 issue of Business and Company Law Review (in Greek).
The paper deals with the recently published decision of the European Commission C 16/2010 in which it was concluded that the cheaper entrance fee established by law for certain Greek Casinos constitutes unlawful fiscal state aid. The paper presents the key points of the Commission decision and analyzes certain aspects of fiscal state aids as well as the responsibilities of enterprises receiving unlawful state aid and of their legal and tax advisors. |
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