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income tax, would have violated X AG's protectionto legitimate expectations under the rulingconcluded with the Zug tax administration.IV. Final CommentsBased on the above described decision of the FederalSupreme Court it is clear that a foreign PE ofa Swiss company with a lean infrastructure whichis in clear contrast to the figures shown in the P&Lstatements of the Swiss company, lacks the necessarysubstance in order to qualify as a PE underSwiss domestic tax law. In the absence of a doubletaxation treaty between Switzerland and the foreignjurisdiction, the entire net income of the Swisscompany is subject to Swiss taxation.Additionally, one should note that in order toavoid a retroactive denial of a ruling concludedwith a cantonal tax administration with respectto federal corporate income tax it appears to beimportant that the FTA is involved in the rulingnegotiation process. From the above outlinedruling of the Federal Supreme Court it seems thatthe involvement of the FTA in the ruling processwith the cantonal tax administration will grantthe taxpayer the protection of legitimate expectationsunder the ruling negotiated with the cantonaltax administration.E NDNOTE1BGE 2C_708/2011.8
FEATURED ARTICLESISSUE 30 | JUNE 6, 2013Trade And Economic Sanctions:Constantly Shifting Goal Postsby Andrea Hamilton and David Levine,McDermott Will & EmeryLong used by governments to punish rogue countries,regimes, entities and individuals, trade andeconomic sanctions impact an ever-wideningrange of goods, technology and services. Recentdevelopments in Iran, Syria and Libya, for example,resulted in far-reaching sanctions by Australia,Canada, the European Union and its 27Member States, the United Nations, the UnitedStates and others. The complexity of sanctionsand the speed with which governments implementthem to address rapidly changing politicalsituations create serious compliance challenges.Companies are therefore well advised to implementcompliance from management through alllevels of sales, logistics and finance.The stakes are extremely high because compliancefailures – even unintentional ones – can result inthe imposition of substantial fines, debarment fromgovernment contracts, damage to public reputationand even imprisonment. Recent penalties illustratethe risks and the high governmental enforcementpriority for trade sanctions. These include fines ofup to USD536m imposed by US and UK regulatorsagainst financial institutions and major businesses.Individuals may also be subject to prisonsentences of up to 10 years in the United States andthe United Kingdom.Anyone involved in cross-border transactions thereforeneeds to determine if their conduct and that ofpersons acting on their behalf is regulated by tradesanctions. At a minimum, businesses must understand:which countries, regimes and individuals aretargeted by trade sanctions; who is obliged to comply;which transactions are prohibited or restricted;and which authorizations may be available or requiredfor any restricted action.Businesses should also consider the long reach ofUS and EU sanctions. US sanctions generally applyto "US persons" wherever they are located inthe world and to anyone located in the UnitedStates. Similarly, EU sanctions apply to "EU persons"wherever they are located in the world and toanyone located in the European Union. Adding tothe breadth of coverage, US rules prohibit "facilitation",which means neither persons nor companiessubject to the rules may support a transactionundertaken by another party, including a foreignaffiliate, from which a US person would be prohibitedfrom engaging in directly. EU rules likewiseprohibit covered persons from infringing sanctionsrules indirectly.9
Page 1 and 2: GLOBAL TAX WEEKLYa closer lookISSUE
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Page 7: taxation treaties concluded by Swit
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Page 17 and 18: Th e Government pointed out in part
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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
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Page 37 and 38: State Interest And IntangibleExpens
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Page 41 and 42: Code Sec. 1563(controlledgroup)Stat
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Page 45 and 46: Rhode IslandTennesseeVirginiaWest V
Page 47 and 48: Table 4. Comprehensive Income Tax T
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Page 51 and 52: Recurring IssuesRestructuring of th
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equirements placed on the states, i
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NEWS ROUND-UP: COUNTRY FOCUS - ITAL
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NEWS ROUND-UP: REAL ESTATE AND PROP
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ates - such that, in 2014, the 4 pe
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NEWS ROUND-UP: FTTISSUE 30 | JUNE 6
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NEWS ROUND-UP: ENVIRONMENTAL TAXESI
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Finally, the Federal Council veheme
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Singapore Plugs Benefits For SMEsOf
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TAX TREATY ROUND-UPISSUE 30 | JUNE
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CONFERENCE CALENDARISSUE 30 | JUNE
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Key speakers: John Capasso (Alvarez
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Key speakers: TBA6/27/2013 - 6/27/2
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6/14/2013 - 6/14/2013http://www.con
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THE CYPRUS BAIL-OUT ANDFOREIGN CLIE
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Chair: Jonathan Levy (Partner, Reyn
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IN THE COURTSISSUE 30 | JUNE 6, 201
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on including the profit from the do
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deduct VAT as a result of incomplet
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where the taxpayer had somehow offs
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een paid in the destination State.
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that Spain has gone its own way fir
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