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On December 20, 2016 the European Commission opened 3 public consultations in the area of VAT. The consultations regard:
1. the reform of VAT rates;
2. the Definitive VAT system for Business to Business (B2B) intra-EU transactions on goods; and
3. the special scheme for small enterprises under the VAT Directive.
The consultation period for all three of the consultations runs until March 20, 2017.
Read more: European Commission opens 3 public consultations in the area of VAT
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On December 19, 2016 the Dutch Minister of Finance sent the Dutch House of Representatives an summary of the discussions that have been held during the EuroGroup meeting of December 5 and the ECOFIN Council of December 6, 2016. Obviously several subjects have been discussed during these meetings, but it was especially the summary of the discussions on the proposal for a Council Directive amending Directive (EU) 2016/1164 as regards hybrid mismatches with third countries as released by the European Commission on October 25, 2016 (Hereafter: ATAD2) that attracted our attention.
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On December 16, 2016 the Singaporean Ministry of Finance issued a press release announcing that the new Agreement between the Government of the Republic of South Africa and the Government of the Republic of Singapore for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income, which was signed on November 30, 2015, (Hereafter: the new DTA) entered into force on December 16, 2016.
The fact that the new DTA entered into force on December 16, 2016 means that based on Article 26, Paragraph 2 of the new DTA (“ENTRY INTO FORCE”) the provisions of the new DTA shall have effect:
(a) in Singapore:
(i) with regard to taxes withheld at source, in respect of amounts paid, deemed to be paid or liable to be paid (whichever is the earliest) on or after January 1, 2017;
(ii) with regard to taxes chargeable (other than taxes withheld at source), in respect of income for any year of assessment beginning on or after January 1,2018; and
(iii) in respect of Article 24 (Exchange of Information), for requests made on or after the date of entry into force concerning information for taxes relating to taxable periods beginning on or after January 1, 2017; or where there is no taxable period, for all charges to tax arising on or after January 1, 2017.
(b) in South Africa:
(i) with regard to taxes withheld at source, in respect of amounts paid or credited on or after January 1, 2017;
(ii) with regard to other taxes, in respect of taxable years beginning on or after January 1, 2017; and
(iii) in respect of Article 24 (Exchange of Information), for requests made on or after the date of entry into force concerning information for taxes relating to taxable periods beginning on or after January 1, 2017; or where there is no taxable period, for all charges to tax arising on or after January 1, 2017.
Article 26, Paragraph 3 of the new DTA subsequently arranges that the Agreement between the Government of the Republic of Singapore and the Government of the Republic of South Africa for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income signed on 23rd December 1996 shall cease to have effect with regard to each of the matters specified in paragraph 2 from the date upon which this Agreement has effect with regard to such matter in accordance with the provisions of Article 26, Paragraph 2.
Below we will discuss a selection of provisions included in the new DTA of which we think they might interest our readers.
Read more: New South African – Singaporean DTA entered into force
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On December 15, 2016 the Competent Authorities of Singapore and Malta concluded an Agreement on the Automatic Exchange of Financial Account Information to Improve International Tax Compliance (Hereafter: The Agreement).
Singapore and Malta will commence the Automatic Exchange of Information under the CRS by September 2018. The first year for which information will be exchanged under the Agreement is 2017.
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On December 19, 2016 the Australian Treasury released a discussion paper on Australia’s adoption of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (Hereafter: the MLI). The Australian Government invites all interested parties to make a submission on the potential impacts of Australia becoming a Party to the Multilateral Instrument. The closing date for submissions is February 6, 2017.
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