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On June 27, 2024 the Swiss Confederation and the United States of America signed an Agreement to improve international tax compliance and to implement FATCA. Currently Switzerland provides financial account data to the United States on a unilateral basis. In the future, Switzerland will also receive corresponding information from the United States within the framework of an automatic exchange of information. According to the Swiss Federal Department of Finance the change of model is expected to apply from 2027.
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On April 5, 2024 the Irish Department of Finance opened a public consultation on a strawman proposal* to introduce a participation exemption for foreign dividends. The proposed participation exemption will provide an exemption from corporation tax in respect of qualifying dividends received from foreign subsidiaries in accounting periods commencing on or after January 1, 2025.
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On June 20, 2024 on the website of the Court of Justice of the European Union (CJEU) the judgment of the CJEU in Case C-420/23, Faurécia – Assentos de Automóvel Lda versus Autoridade Tributária e Aduaneira, ECLI:EU:C:2024:534, was published. Although cases on the free movement of capital are always interesting the outcome of this particular case was quite predictable.
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On June 17, 2024 the Inclusive Framework released supplementary elements relating to the report on Amount B of Pillar One and guidance to ensure consistent implementation and application of the global minimum tax under Pillar Two.
Read more: The Inclusive Framework released further guidance on Pillar One and Pillar Two
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In de Staatscourant van 10 juni 2024 is een gewijzigd Besluit Fiscale Beleggingsinstelling gepubliceerd. Het besluit bevat het beleid van de staatssecretaris voor beleggingsinstellingen zoals bedoeld in artikel 28 van de Wet op de vennootschapsbelasting 1969 op het gebied van de vennootschapsbelasting en de dividendbelasting. Met de inwerkingtreding op 11 juni 2024 van het op 10 juni 2024 gepubliceerde besluit is het beslui van 14 oktober 2022, nr. 2022-219522 (Stcrt. 2022, 28063) ingetrokken.
Read more: Het gewijzigde Besluit Fiscale Beleggingsinstellingen is van kracht geworden
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On June 6, 2024 on the website of the Court of Justice of the European Union (CJEU) an opinion of Advocate General Collins in Case C-243/23, Belgische Staat / Federale Overheidsdienst Financiën versus L BV, ECLI:EU:C:2024:468, was published.
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By this request for a preliminary ruling, the Hof van Beroep te Gent (Court of Appeal, Ghent, Belgium) asks the Court whether deductions of input VAT paid in respect of extensive renovation works carried out on a property used for both professional and residential purposes are subject to an adjustment period of five years on the basis that the works constitute ‘capital goods’, or are subject to an adjustment period of 15 years on the ground that those works are ‘immovable property acquired as capital goods’ for the purposes of Article 187 of the VAT Directive.
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During its meeting on June 7, 2024 the Federal Council initiated the consultation on a Federal Act on the International Automatic Exchange of Information on Salary Data. The Federal Council is thus laying the legal foundations for implementing the exchange of information as laid down in agreements with France and Italy. The consultation period runs until September 27, 2024.
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The Swiss Federal Councilor and the Italian Minister of Economy and Finance have signed an amending protocol to the existing Swiss-Italian cross-border commuter agreement. The protocol regulates the taxation of home working for cross-border commuters for the long term.
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On May 14, 2024 the latest meeting of the Economic and Financial Affairs (ECOFIN) Council took place. On May 29, 2024 the Dutch Minister of Finance sent a report/summary of the meeting to the Dutch parliament. This report gives an interesting insight in the discussion that took place regarding the value added tax (VAT) in the digital age package during the meeting.