PwC Financial Services Tax News

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2013

December
2014 Tax Reform Proposal for the financial services industry and real estate market in Japan [PDF 60KB]
The 2014 tax reform proposals were released on December 12, 2013. This newsletter reviews the principal effects the 2014 tax reform proposals will have for the financial services industry and real estate market in Japan.
September
Special Editon: Momentum behind the Action Plan on Base Erosion and Profit Shifting (BEPS) [PDF 209KB]
Leaders of the G20 countries publically endorsed outline proposals to address BEPS during their summit in St Petersburg on 5/6 September 2013. Responding to a report presented to them by Angel Gurria, OECD Secretary-General, which included progress on the challenges previously set by them, the G20 encouraged swift time frames for further development and implementation.
EU Financial Transaction Tax: EU Council Legal Service issues opinion that EU FTT contravenes EU law [PDF 47KB]
The EU Council Legal Service has issued an opinion on the legality of the Proposed Directive for an EU Financial Transaction Tax (FTT) released by the Commission earlier this year.
July
EU Financial Transaction Tax: Will the Commission’s proposal survive? [PDF 115KB]
There continues to be much press coverage around the EU Financial Transaction Tax. There has been speculation that the draft Directive issued earlier this year will be considerably diluted and that the eleven countries within the Enhanced Cooperation Procedure are struggling to reach consensus. This newsletter provides an update on what continues to be a highly evolving and political topic.
June
2013 Tax Reforms Changes to the taxation of financial instruments [PDF 107KB]
This newsletter provides a summary of the key changes to the taxation of financial instruments included in the 2013 Tax Reforms in order to move to an integrated system of taxation of financial income for individuals.
May
2013 Tax Reform Dividend deductibility requirements for J-REITs [PDF 174KB]
The 2013 tax reform bill was passed into law by the Japanese Parliament (Diet) on March 29, 2013 and the related Cabinet Order was published one day later, on March 30, 2013.
This newsletter specifically focuses on the reform of dividend deductibility requirements for J-REITs.
April
Stamp tax relief on real estate contracts (2013 Tax Reform) [PDF 109KB]
The 2013 tax reform bill was passed into law by the Japanese Parliament (Diet) on March 29, 2013.
This newsletter focuses on reform of a special stamp tax relief on purchase and sale agreements of real estate property and construction agreements; which is now extended and expanded under the 2013 tax reform.
March
2013 Tax Reform Integration of taxation on financial income for individuals [PDF 140KB]
On March 1, 2013 the draft tax reform law was submitted to the Diet following release of the 2013 tax reform proposals in January. In this newsletter, we highlight the proposals on the integration of taxes on financial income for individuals, including an explanation regarding the offsetting of profits and losses derived from financial instruments, scheduled to be effective from January 1, 2016.
Special Editon: Impact of EU Financial Transaction Tax on the asset management industry [PDF 134KB]
In earlier newsletters, we considered the content, form and timing of the proposals to implement an EU Financial Transaction Tax (FTT) and the implications for the financial services sector. In this special edition, we look specifically at the impact of the EU FTT on the asset management industry.
Special Editon: TRACE [PDF 108KB]
After years of technical discussions, the Committee on Fiscal Affairs of the OECD approved the TRACE(Treaty Relief and Compliance Enhancement) Implementation Package on 23 January which was subsequently presented at a conference on TRACE/FATCA in Paris on 12 February 2013.
February
OECD Report on Base Erosion and Profit Shifting [PDF 77KB]
On 12 February 2013, the OECD released a lengthy report on the topic of Base Erosion and Profit Shifting (BEPS). This newsletter provides an analysis of the report.
Special Editon: EU Commision adopts its new proposal for an EU Financial Transaction Tax [PDF 78KB]
Further to our newsletters issued in December 2011 and last month, this edition provides an overview of the new draft proposal for a Council Directive implementing a Financial Transaction Tax as presented by the European Commission on 14 February 2013.
January
2013 Tax Reform Proposal for the financial services industry in Japan [PDF 165KB]
The 2013 Tax Reform Proposals were released on January 24, 2013. This newsletter reviews the principal effects the 2013 Tax Reform Proposal will have for the financial services and real estate industries in Japan.
Special Editon: The EU’s Financial Transactions Tax: Latest developments [PDF 125KB]
Further to our newsletters issued in December 2011 and February 2012, this edition provides an update on the developments regarding the proposed Financial Transactions Tax (FTT) within the EU. After the ECOFIN Council’s authorisation on 22 January 2013, enhanced cooperation continues to be the most likely way in which some Member States of the EU will adopt some form of FTT, with the final shape to be agreed.
Negotiations on the details of any EU FTT will now commence, although the planned implementation date of 1 January 2014 will most likely be delayed.