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On August 5, 2016 the Inland Revenue Department of the Government of the Hong Kong Special Administrative Region issued a press release announcing that the Agreement between the Government of the Hong Kong Special Administrative Region of the People’s Republic of China and the Government of the Russian Federation for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income, which was signed on January 18, 2016 (Hereafter the DTA), entered into force on July 29, 2016.
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Based on the information as provided by the U.S. Department of the Treasury on its webpage dedicated to FATCA, the Agreement between the United States of America and the Kingdom of the Netherlands, in respect of Curaçao, to improve international tax compliance and to Implement FATCA as signed on December 16, 2014 (Hereafter: the IGA) entered into force on August 3, 2016. Although the IGA only entered into force on August 3, 2016, according to the U.S. Department of the Treasury Curaçao will be treated as having the IGA in effect as per June 30, 2014.
Read more: The FATCA Agreement between the United States and Curaçao entered into force
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Based on the information as provided by the U.S. Department of the Treasury on its webpage dedicated to FATCA, the Agreement between the Government of the United States of America and the Government of the Hong Kong Special Administrative Region of the People’s Republic of China for Cooperation to Facilitate the Implementation of FATCA as signed on November 13, 2014 (Hereafter: the IGA) entered into force on July 6, 2016. Although the IGA only entered into force on July 6, 2016, according to the U.S. Department of the Treasury Hong Kong will be treated as having the IGA in effect as per June 30, 2014.
Read more: The FATCA Agreement between the United States and Hong Kong entered into force
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On July 29, 2016 the Canadian Department of Finance released draft tax legislative proposals for consultation. These proposals would implement certain measures from the 2016 budget. The measures for which the Canadian Department of Finance released legislative proposals include a.o.: Alternative Arguments in Support of Assessments, Taxation of Switch Fund Shares, Sales of Linked Notes, Expanding Tax Support for Clean Energy, Emissions Trading Regimes, Multiplication of the Small Business Deduction, Avoidance of the Business Limit and Taxable Capital Limit, Life Insurance Policies, Debt-Parking to Avoid Foreign Exchange Gains, Valuation for Derivatives, Eligible Capital Property, Country-by-Country Reporting, the Common Reporting Standard Penalty and Consequential Amendments, Cross-Border Surplus Stripping and an Extension of the Back-to-Back Rules.
Although the raft tax legislative proposals that were released for consultation contain legislative proposals on several topics, below we will focus on the legislative proposal regarding Country-by-Country Reporting.
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On July 28, 2016 the Court of Justice of the European Union (CJEU) judged in Case C-332/15 Giuseppe Astone (ECLI:EU:C:2016:614).
This request for a preliminary ruling concerns the interpretation of Articles 167, 168, 178 to 181, 244 and 250 of Council Directive 2006/112/EC of 28 November 2006 on the common system of value added tax (OJ 2006 L 347, p. 1; ‘the VAT Directive’).
The request has been made in criminal proceedings against Mr Giuseppe Astone, in his capacity as authorised representative of La Società Del Ferro Srl (‘Del Ferro’), for failing to file a value added tax (‘VAT’) return for the tax year 2010.
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