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y the European Commission to the EuropeanCourt of Justice.According to the Commission, French provisionsare incompatible with the free movement of capital,which it says is a fundamental principle of theEuropean Union's (EU) Single Market.Under French tax law, accelerated depreciation canbe applied to new residential property in the countrythat is intended to be let for a minimum of nineyears. By contrast, there is no comparable provisionfor a French taxpayer investing in a residential toletproperty in another EU member state.The Commission claims that, in practice, this meansthat taxpayers investing the same amount in immovablegoods abroad would face a higher tax liability.The Commission formally requested in February,2011 that action be taken to ensure France's compliancewith EU law. No legislative amendmentshave been made to date, and the referral to theCourt of Justice represents the last step in the Commission'sinfringement procedure.Italy To Renew Home Tax CreditsBefore their expiry at the end of this month, theItalian Government has confirmed its plans to renewand expand temporarily the tax credits forindividuals who improve the energy-efficiency oftheir homes, as well as for those who make propertyrefurbishments.Under a law decree that is still to be issued, the existingincome tax credit for documented expenseson improvements to homes to reduce their energyuse – the so-called "ecobonus" – will increase from55 percent to 65 percent for the period from July1 to December 31, 2013 (or until June 30, 2014,for works covering an entire building). The tax deductionwill be available to be taken in ten equalannual installments.In addition, the 50 percent tax credit available forexpenses of up to EUR96,000 (USD125,000) relatingto a building's structural improvement hasalso been extended from end-June until December31, 2013, while an additional EUR10,000limit is to be made available for the purchaseof furniture (such as kitchen equipment) linkedto such refurbishment. The deduction will alsocover the restructuring costs relating to theadoption of anti-seismic measures in those areassubject to earthquakes.The Government has, however, warned that thiscould be the last renewal for selective tax measuresaimed at facilitating the structural improvement ofexisting buildings, as well as for an increase to theirenergy performance, and that this renewal is designedto encourage those who have not yet takenadvantage of the credits to do so as soon as possible.It is expected that, when the decree is published,the EUR200m annual financing for the renewaland increase to the tax deductions will be foundfrom a "rationalization" of value added tax (VAT)64
ates – such that, in 2014, the 4 percent rate on thesale of certain editorial products (but not books)will be abolished and they will be taxed at the normal21 percent rate, while the 4 percent VAT rateon food and drinks sold in automated machineswill increase to 10 percent.Scots Ponder AmendmentsTo Property Sales TaxScotland's Finance Minister John Swinney has expressedopposition to proposed amendments tothe planned Land and Buildings Transaction Tax(LBTT) which would link the rate at which the taxis set to energy efficiency.Th e proposals were put forward by Malcolm ChisholmMSP during a meeting of the ScottishParliament's Finance Committee. Chisholm arguedthat a property's Energy Efficiency Certificate(EEC), which is required when a property issold, would make variations in the tax rate easyto calculate, with perhaps an extra 0.5 percentadded to properties below the median EEC rating,and a discount of 0.5 percent for propertiesabove it. In this way, he explained, there would be"winners and losers," and tax neutrality would bemaintained. Chisholm also suggested a rebate forpurchasers who improve the EEC rating of theirnew home within 12 months.He described the proposed amendments as "a usefulcontribution" to meeting emissions targets, althoughthey were not a "panacea," and could becombined with other approaches, such as incentivesrelating to council tax.In response, Swinney argued that the amendmentswould create complexity and add uncertainty.He pointed out that EEC ratings changeover time, and that the tax would have no effecton properties rated at zero for LBTT, whichmake up 70 percent of the housing market andthe majority of the sales that take place each year.He added that owners of apartments would loseout, as it can be difficult to get all the owners ofa building to agree to improvements, and thatthe tax did not create an incentive, as the sellerwould make the improvements but the buyerwould get the advantage.Another member of the committee, John Mason,described the tax as "regressive," arguingthat while properties zero-rated for LBTT wouldreceive no help, larger properties would gain asubsidy. Further, the amount of the discount inproportion to the whole transaction would notbe an incentive, and the measure would do nothingfor properties that do not change hands. AsLBTT is to be the first tax brought in by theScottish Parliament, it would be better to keep itsimple, he suggested.Chisholm rejected the claim that the tax was regressive– he suggested that the discount for largerhomes could be subject to a cap, but it was largerhomes where energy efficiency improvementswere most urgent. Further, if larger homes paid65
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GLOBAL TAX WEEKLYa closer lookISSUE
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GLOBAL TAX WEEKLYa closer lookISSUE
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FEATURED ARTICLESISSUE 30 | JUNE 6,
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taxation treaties concluded by Swit
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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
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Page 25 and 26: office space, or own tangible asset
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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
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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: NEWS ROUND-UP: REAL ESTATE AND PROP
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
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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
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Page 97 and 98: een paid in the destination State.
Page 99 and 100: that Spain has gone its own way fir
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