721.8 kB - Poledna | Boss | Kurer

More documents

Recommendations

Info

Companies should take appropriate steps to minimizethe risk of infringing trade sanctions by introducingthe following safeguards:Require due diligence in connection with alltransactions. This should involve at least thescreening of all counterparties against theeverchanging sanctions lists that identify thecountries, regimes, entities and persons blacklisted.Trade sanctions can apply to goods,technology licensing and the provision of technicalassistance, and to ancillary services such asfinancing, insurance and transport.Establish internal procedures to ensure promptlegal review in the event a transaction with asanctioned party is identified.Check that the due diligence checklist for mergeror acquisition transactions includes an assessmentfor compliance with trade sanctions.The Authors:David Levine is a partner based in the Firm's Washington,DC, office, and a member of the InternationalTrade Group. He practices before internationaltrade organizations, federal agencies andcourts regarding international trade and relatedregulatory matters. David can be contacted on +1202 756 8153 or at dlevine@mwe.com .Andrea Hamilton is a partner based in the Firm'sBrussels office and a member of the Antitrust &Competition Practice Group. She has representedclients before the European Commission and theEuropean Parliament, as well as the US FederalTrade Commission, the US Department of Justiceand other US authorities. Andrea can be contactedon +32 2 282 35 15 or at ahamilton@mwe.com .10
FEATURED ARTICLESISSUE 30 | JUNE 6, 2013FATCA: An Updateby Michael G Bell, Editor-In-Chief,Global Tax WeeklyThe Rules And The TimingUnder FATCA, US taxpayers with specified foreignfinancial assets that exceed certain thresholdsmust report those assets to the IRS. This reportingwill be made on Form 8938, which taxpayersattach to their federal income tax return, startingthis tax filing season.Foreign financial institutions (FFIs) must enter intoagreements with the IRS and Treasury to providedetails of financial accounts held by US taxpayers,or by overseas entities in which they hold a substantialownership interest. Failure to disclose such informationwill result in a requirement to withhold30 percent tax on US-source income.In order to be compliant with the legislation, FFIsmust have registered with the IRS before the endof 2013, and the reporting requirement will commencein 2015 in respect of the year 2014 or in2016 in respect of the year 2015, depending on thelevel of assets in individual accounts.FATCA's Time-LineMarch 2010: the Foreign Account Tax ComplianceAct was signed into law by President Obama as partof the Hiring Incentives to Restore Employment Act.February 2012: Treasury and the IRS issued proposedregulations for FATCA implementationJuly 2012: Treasury released a Model IntergovernmentalAgreement for FATCA implementationJanuary 2013: Treasury and IRS issued final regulationsfor FATCA implementationJuly 2013: FFIs may begin to use an on-line portalfor FATCA registrationOctober 2013: Treasury will begin issuance of globalintermediary identification numbers (GIIN) toFFIs which have registeredDecember 2013: Treasury will issue the first list ofregistered FFIsTreasury states that FFIs must have registered byOctober 2013 in order to be compliant with theJanuary 1, 2014, start date; it is not clear how thisreconciles to the statement made elsewhere thatFFIs must have registered "by" the end of 2013.11
Page 1 and 2: GLOBAL TAX WEEKLYa closer lookISSUE
Page 3 and 4: GLOBAL TAX WEEKLYa closer lookISSUE
Page 5 and 6: FEATURED ARTICLESISSUE 30 | JUNE 6,
Page 7 and 8: taxation treaties concluded by Swit
Page 9: FEATURED ARTICLESISSUE 30 | JUNE 6,
Page 13 and 14: UK, its offshore dependencies, and
Page 15 and 16: financing and all forms of financia
Page 17 and 18: Th e Government pointed out in part
Page 19 and 20: Talks are now underway. The TIEA wi
Page 21 and 22: through which they can clamber in o
Page 23 and 24: fi nally, and most egregiously, the
Page 25 and 26: office space, or own tangible asset
Page 27 and 28: extended for 2 years in December 20
Page 29 and 30: Financial transactions ( e.g. inter
Page 31 and 32: OECD Section E - Redraft On Safe Ha
Page 33 and 34: suggests that the following items m
Page 35 and 36: FEATURED ARTICLESISSUE 30 | JUNE 6,
Page 37 and 38: State Interest And IntangibleExpens
Page 39 and 40: States generally define "intangible
Page 41 and 42: Code Sec. 1563(controlledgroup)Stat
Page 43 and 44: ConnecticutGeorgiaIllinoisIndianaRe
Page 45 and 46: Rhode IslandTennesseeVirginiaWest V
Page 47 and 48: Table 4. Comprehensive Income Tax T
Page 49 and 50: include federal interest income, st
Page 51 and 52: Recurring IssuesRestructuring of th
Page 53 and 54: M&A. Nick has extensive experience
Page 55 and 56: and consumers." As Germany and Chin
Page 57 and 58: on many levels. The panel found tha
Page 59 and 60: equirements placed on the states, i
Page 61 and 62:
NEWS ROUND-UP: COUNTRY FOCUS - ITAL
Page 63 and 64:
NEWS ROUND-UP: REAL ESTATE AND PROP
Page 65 and 66:
ates - such that, in 2014, the 4 pe
Page 67 and 68:
NEWS ROUND-UP: FTTISSUE 30 | JUNE 6
Page 69 and 70:
NEWS ROUND-UP: ENVIRONMENTAL TAXESI
Page 71 and 72:
Finally, the Federal Council veheme
Page 73 and 74:
Singapore Plugs Benefits For SMEsOf
Page 75 and 76:
TAX TREATY ROUND-UPISSUE 30 | JUNE
Page 77 and 78:
CONFERENCE CALENDARISSUE 30 | JUNE
Page 79 and 80:
Key speakers: John Capasso (Alvarez
Page 81 and 82:
Key speakers: TBA6/27/2013 - 6/27/2
Page 83 and 84:
6/14/2013 - 6/14/2013http://www.con
Page 85 and 86:
THE CYPRUS BAIL-OUT ANDFOREIGN CLIE
Page 87 and 88:
Chair: Jonathan Levy (Partner, Reyn
Page 89 and 90:
IN THE COURTSISSUE 30 | JUNE 6, 201
Page 91 and 92:
on including the profit from the do
Page 93 and 94:
deduct VAT as a result of incomplet
Page 95 and 96:
where the taxpayer had somehow offs
Page 97 and 98:
een paid in the destination State.
Page 99 and 100:
that Spain has gone its own way fir
show all

721.8 kB - Poledna | Boss | Kurer

Create successful ePaper yourself

Delete template?

Save as template?