The
tax authorities' preliminary position is that royalty withholding tax might apply to payments to nonresidents, although discussions on the subject are ongoing.
Measures aim to enhance the country's position as a financial hub, leverage its distinctive advantages and foster the development of maritime industries.
The rules bring into effect earlier amendments regarding significant beneficial owners, and disclosure and reporting requirements apply to both owners and companies.
The
group recommends that taxation of capital gains be extended to land and improvements (excluding family homes), shares, intangible property and business assets.
Measures are included to improve the tax authorities' enforcement capabilities and the domestic legislation will be reviewed in a number of areas, including the definition of a PE.
The parliament was unable to reach a consensus on the bill and returned it to the government for amendments; the prospects for the legislation currently are unclear.
The
proposal would affect a broader range of transactions than those involving interest deductions and the rules would not be limited to intragroup transactions.
Businesses no longer would be able to use the EU VAT electronic refund system in the event of a no-deal Brexit, and should make their VAT claims as soon as possible.
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