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Archivo categoría General
FInance regulation
Por Business - About Tax International, Belgium, Blog, General, International Tax, International tax blog - 12 abril 2011
Dodd Frank Act in its Title IV related to Investment Funds and Adviser Registration covers a vast array of financial activity from retail to institutional with domestic and extra-territorial consequences and makes major changes to the registration of private fund managers and eliminates the availability of the registration exemptions by foreign hedge funds and private equity funds.
The old exemption from registration for advisers with fewer than 15 US investors is eliminated as of July 21, 2011 and is replaced by new exemptions that are limited and therefore not terribly useful.
Consequences of this are to file a SEC registration to passport across the US and avoid the tremendous burden to undertake a review of the securities law on a state by state basis.
Advisers’ registration with the SEC implies the filing of Form ADV to disclose detailed information regarding the adviser’s business.
Registered advisers will face many obligations including compliance procedures, code of ethics, conflicts of interest disclosure, compliance officer designation, extensive books and records maintenance requirements…
Registered investment advisers will be required also to report once a year through the filing of Form PF thus providing significant amounts of detail regarding the private funds they advise – compliance date for filing may be as earlier as 12/15/2011.
Although seemingly in contradiction with Dodd Frank, Foreign Account Tax Compliance Act, FATCA is an over-reaching peace of legislation on tax avoidance that will trigger all financial intermediaries to enter agreement with US tax authorities and enforce tax information reporting and withholding for US persons investing via/in non-US entities.
Investments funds and Collective Investment Schemes are in the scope; therefore mutual/hedge/private equity/FoFs/ETF/managed accounts are all concerned by FATCA with some exclusion that would need to be reviewed and monitored on an ongoing base.
Custody, fund administration, private banking and transfer agency functions are all impacted by FATCA and it is therefore paramount to understand the different duties of FATCA and how they will need to be address on the value chain of your organisation.
Braxton has financial regulation expertise in cross-border provision of asset management services and is able to offer help on the consequences of these provisions to non-US investment advisers and all financial intermediaries and fund structures.
Congress on European Tax Law
Por international - Belgium, General, International Tax - 23 marzo 2011
Palais des Académies, Brussels, Belgium
19-20 May 2011
Congress on European Tax Law
“BEYOND DISCRIMINATION : THE ROLE OF THE ECJ CASE-LAW IN THE INTERNATIONAL DIVISION OF TAXING POWERS IN DIRECT TAXATION”
Permanent establishment for VAT
Permanent establishment for VAT in the Netherlands
What is a permanent establishment for VAT purposes?
A permanent establishment is a business premises in the Netherlands that is equipped with sufficient facilities to operate as an independent business. The business premises are used for supplying goods or services to third parties. Examples of a permanent establishment are:
- a shop or another fixed retail outlet
- a workshop or a production plant with an adjoining office
Storage space, a goods depot or an establishment that is used only for supporting activities (such as performing research, advertising or distributing information) is not regarded as constituting a permanent establishment. A rented holiday home is not considered to be a permanent establishment either.
For example, a French department store sells goods from a shop in the Netherlands. This shop is a permanent establishment because it operates as an independent business. The permanent establishment is a domestic company.
Another example. A UK manufacturer has a warehouse for raw materials in the Netherlands. This warehouse is not a permanent establishment because it does not operate as an independent business. The manufacturer is deemed to be a non-resident entrepreneur for the turnover tax.
Permanent establishments are not the same for VAT purposes than for corporate tax purposes.
You can learn more about permanent establishments for VAT purposes in International VAT
Contracts in an international tax framework
Por international - General - 10 junio 2010
Contracts in an international tax framework
Working outside of your country on a commercial contract can be a high-risk proposition. Contractors must cope with export and import restrictions, personnel and facility security concerns, unanticipated costs, unique foreign bank rules, currency fluctuations, local accounting practices and exposure to a host of legal liabilities. Attendees will learn about some of the perils and pitfalls of overseas contracting.
Braxton International Tax lawyers organized a seminar on international tax issues relating to contracts. The seminar covered:
Insurance coverage
Legal status of contractors in a foreign country
Export implications of a foreign contract
Treatment of Independent Contractors
Coping with local accounting and business practices in developing countries
Employee allowances – which travel and living benefit regulations apply
Cost accounting alternatives for overseas contracts
Employees working abroad – Necessity of a written agreement with employees – Tax Protection v. Tax Equalization Agreements
Export tax incentives and subsidies
VAT issues and planning
Permanent establishments and “doing business abroad”
Tariffs/Import & export duties and Customs
Compliance and reporting requirements for operations abroad
Current trends in international taxation about contracts