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Seasons greetings from the IBSA
Dear Readers,
We are nearing the end of 2014 and it has certainly been an eventful year, both for the world of business structuring and the IBSA.
There have been a lot of developments for structuring professionals to keep abreast of and plenty more on the horizon for 2015. The OECD released the first of its BEPS project deliverables in September, producing interesting proposals for hybrid mismatch arrangements, transfer pricing, country-by-country reporting and abuse of treaties.
Germany stepped into the debate around the use of 'patent box' incentives by authorities, in the process sounding the death knell for this particular incentive in the EU on the grounds of unfair competition. State Aid investigations into the use of tax incentives by Luxembourg, Malta, Ireland and Gibraltar appear to be the tip of the iceberg and we await the outcome of the investigations with anticipation.
Big ticket M&A deals were also back with a bang in 2014 - US inversions in particular rose to new levels, with the US administration struggling to determine its approach to the increasing number of deals. It will be interesting to see if proposals to issue regulations under five Internal Revenue Code sections, making inversions harder to achieve and deny a number of the benefits of doing so, will be agreed in bi-partisan legislation.
As for the IBSA, it has been a fantastic year for the Association. We now have active branches in London, New York, Malta and Hong Kong, with further European branches in development for 2015 - starting with Geneva in February. Make sure you review the event listings below, or visit the website for up to date event information. We would like to thank all our Members around the world for their continued support and enthusiasm, we really couldn't do it without you.
Have a wonderful festive season and we look forward to seeing you in 2015!
Best wishes,
The IBSA Team
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November Conference Round-up
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Trends in Cross-Border Corporate Acquisitions
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In November the IBSA welcomed professionals from across the globe to our conference on trends in cross-border acquisitions. Split into four sessions, covering a host of issues, our wonderful speakers provided plenty of food for thought throughout the day. Our thanks to all that participated and made the day so enjoyable.
For those that did not attend the conference, presentation slides can be downloaded via our Slide Share page. Accompanying audio files for each session are also available to IBSA Members on request by emailing Jay Abai
Sessions:
- M&A trends & forecasts
- Impact of taxation on global acquisitions
- IP valuation for cross-border acquisitions
- Acquisitions in emerging markets
Please visit the conference event page to download a full copy of the programme and speaker details.
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Nelson Jung, Competition & Markets Authority
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Panellists from PWC, KPMG, HSBC & Deloitte discuss transparency & accountability in global acquisitions
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London - Branch Meeting - 14 January
What to expect in 2015? Commercial forecasts for the year ahead
Join us for our next UK discussion group where our panel of experts invite you to join the debate about the big issues that will shape the business structuring landscape for the year ahead. A more informal event than previous discussion groups, we invite attendees to participate in an exciting roundtable discussion. Topics on the agenda include business financing and the rise of crowd funding; the development of intellectual property incentives and protections; and how recent the State Aid investigations and BEPS deliverables will impact 2015 legislation.
To register please visit our Branch Event pages
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Geneva - Branch Meeting - 24 February
The first new Branch to launch in 2015 will be based in Geneva. The event will take place on the evening of 24 February, comprising discussion group followed by networking drinks.
This is a free event and all are welcome. Full event details, including venue will be finalised shortly - please check the website for updates.
Register here
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Webinar - January 27 - 12:00 GMT
FATCA & Automatic Exchange of Information
Ross Belhomme of Saffery Champness & Peter Grant of KPMG bring you all the latest information on FATCA and AEOI. This webinar will be 45minutes and is free to access.
Sign up via the IBSA Bright Talk Channel
For the full list of 2015 events download our Events Calendar or visit the IBSA website
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Delegates enjoy post-conference drinks
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IBSA Connects
Connecting Members around the world. To use this service simply email IBSAConnects outlining the jurisdiction, professions and specialty that you are looking for and the IBSA will put you in touch with Members that best fit your requirements.
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Ask the IBSA
Need help locating country specific information? Missed the latest OECD announcements? Ask the IBSA and we will help locate it. Email Ask the IBSA with your query.
Please note this service does not provide technical advice - always seek the advice of your professional adviser.
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New Content on the Knowledge Bank
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At the IBSA we are constantly on the look out for new benefits for our Members. As part of our agenda of promoting education and best practice to our Members, we will be partnering with Jordan Publishing to provide you more content from respected publications. From January 2015 we will be making at least 2 articles from each issue of Competition Law Journal and the Journal of International, Tax, Trust & Corporate Planning available to our members in the reference section of the Knowledge Bank. In addition we will also be providing 8 Country Sections of International Corporate Procedures. Look out for more content coming soon!
Don't forget, IBSA Members also get 20% off full subscriptions! Contact Jay for further details.
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IMF Discount for IBSA Members
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Full price: €2,480
IBSA Members price: €1,984 - 20% off!
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Course on major Transfer Pricing issues and concerns
Transfer Pricing has drawn the attention of tax authorities worldwide. New rules, documentation requirements and different interpretations create ground for many disputes. This course focuses on business restructuring and valuation, transfer pricing legislation and guidelines, and other hot transfer pricing topics.
Would you like to know how to deal with Transfer Pricing risk? This course might be the solution.
More information
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To read the full text of an article please click on the article title. If you are an IBSA Member and wish to submit an article for inlcusion in the Knowledge Bank please contact Jay Abai detailing the proposed topic.
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A Review of 2014 - Corporate Acquisitions & BEPS
Roy Saunders, IFS Consultants
HMRC is taking a unilateral proactive lead in devising measures based on the OECD BEPS initiatives that introduce a diverted profits tax, as well as country-by-country (CbC) reporting for UK headquartered MNEs.
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UK: Diverted Profits Tax and CbC reporting
Keith Brockman, Mars Ltd
HMRC is taking a unilateral proactive lead in devising measures based on the OECD BEPS initiatives that introduce a diverted profits tax, as well as country-by-country (CbC) reporting for UK headquartered MNEs.
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Islamic Finance in Indonesia: Past, Present and Future
Jonathan Lawrence, K&L Gates
This article highlights new rules governing the Islamic finance sector in Indonesia and the enhanced role of the National Shariah Board, to set out the current state of the market including opportunities for foreign investment and to trace the roots of the industry in the country with the world’s largest Muslim population.
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EU-wide concerns on the effect of Russian “deoffshorization”
Charles Savva, Savva Associates
On November 19th, the Federation Council, the upper house of Russia’s parliament, approved a new tax law as part of President Vladimir Putin’s "deoffshorization" initiative created to return Russian capital and assets from foreign offshore jurisdictions.
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Capital Gains Tax Charge Extension to Non-Residents - and Consequent Changes to the PPR Rules
Janet Paterson, Charter Tax Consultants
HMRC have now issued their response summary document to the consultation on implementing a capital gains tax charge on non-residents owning UK property. Janet Paterson of Charter Tax Consulting is heavily involved in the consultation process with HMRC on these changes and it is interesting to see the Governments formal response now, to many of the things discussed during that consultation process.
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Treaty Abuse: OECD Follow-up
Keith Brockman, Mars Ltd
Keith Brockman highlights the latest OECD public discussion draft: BEPS Action Item 6 - Preventing Treaty Abuse.
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Labour legislation reform in the Republic of Serbia
Radovan Lalin, Lalin & Associates
In recent years, especially in the wake of the global economic crisis and consequential loss of jobs, labour legislation reform has been the subject of much attention in the Republic of Serbia. In addition, the ongoing EU accession process requires harmonisation of regulations with the Community acquis after the screening process which is currently in progress.
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Cyprus Alternative Investment Funds
Andreas Athinodorou, Aspen Trust Group
The continuous efforts by Cyprus’s regulatory authorities and industry professionals to upgrade and modernise the country’s legislative and regulatory framework for funds are resulting in Cyprus emerging as a new investment fund centre in Europe. The enactment of the new Alternative Investment Funds Law and the UCITS IV Directive are the latest in a long line of efforts to transform Cyprus into a true financial jurisdiction.
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The English Family Law Courts' Approach to Business Assets and Structures Upon Divorce
Lucy Greenwood, International Family Law Group
I have lost count of the number of times I have spoken to people who believe that upon the breakdown of their own or perhaps even their child’s marriage, the family business or trust is - as of right - excluded from being deemed part of the ‘marital pot’ for distribution by the couple in question. This is not necessarily so for a number of reasons and is yet another popular misconception about family law in England and Wales, alongside concepts such as ‘common law marriage’ (which does not exist) and that inherited assets are always excluded from the division of assets on divorce (which they are not).
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Investments in Foreign Tax Transparent Entities
Doelie Lessing, Werksmans
As a result of various amendments to the South African tax regime over the past decade, it is fairly compatible with international tax regimes for the purposes of accounting for tax arising from cross-border transactions involving either South Africa (for inward investments) or South Africans (for outward investments). One area that remains problematic is investments into foreign tax transparent entities, such as US hedge funds.
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Cyprus: Residency and Citizenship by Investment
George Economides, Totalserve Management
Economic citizenship has become a hot commodity for countries seeking to attract foreign investments and boost their economies. EU citizenship is particularly attractive, and a number of EU countries have jumped onto the bandwagon. However, few jurisdictions offer an all-encompassing package. Cyprus, at the crossroads of three continents, reigns among the elite. A bustling tourist destination with a Mediterranean laid-back lifestyle, ample investment opportunities, a shipping powerhouse and a hub for international business are but a few of the perks the island offers.
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Comments on the Regularisation of Pensions Received from Abroad and on the Changes Introduced in the Spanish General Taxation Act
Alix Sáenz de Cenzano Fargues, Cristina Ferrer-Sama, Azonca y Asociados
In this article, we explain one of the new measures, related to the Spanish Personal Income Tax Act and scheduled to enter into force in 2015, which has been introduced under the so-called Spanish tax reform that is being carried out by the Spanish Government. The reform enables Spanish residents to update their tax obligations by allowing the regularisation of income obtained from foreign pensions that was not declared within the voluntary period established for that purpose without imposing any penalties, surcharges or interest derived from late submission and payment. Additionally, we summarise the changes introduced by the reform of the Spanish General Taxation Act, the Draft Bill for which is pending approval by the Spanish government prior to its parliamentary process.
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