On 9 December 2014, the European Council approved a second amendment to the Parent-Subsidiary Directive (recast) (2011) with the aim of preventing tax avoidance and aggressive tax planning by corporate groups.
On 3 December 2014, the Chancellor delivered his 2014 Autumn Statement. There are some unpleasant surprises for non residents who will have to pay Capital Gains Tax on residential property.
Switzerland, as a direct democracy, organises about five referendums every year. On Sunday, Swiss voters have rejected proposals to restrict immigration and to abolish the favourable tax regime for wealthy foreigners living in Switzerland.
Update : this obligation to charge VAT has been postponed to 1 January 2016.
Individuals who have been appointed as a director or a managing director of a company are not liable to VAT. They are not obliged to register for VAT and they do not charge VAT on their director’s fees.
This exemption does not extend to companies or other bodies corporate that are appointed as a director, a managing director or a liquidator of a company. However, for years the Belgian VAT Authorities accepted that they were not obliged to charge VAT on their director’s fees. Registering for VAT purposes was, therefore, optional.
On 29 October 2014, all OECD member states and G20 countries endorsed the new OECD/G20 standard on automatic exchange of tax information at the Global Forum on Transparency and Exchange of Information for Tax Purposes in Berlin.
During a global signing session of a Multilateral Competent Authority Agreement that will activate automatic exchange of information, 51 jurisdictions put their commitments into action. The Agreement is based on the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
The new Standard for Automatic Exchange of Financial Account Information in Tax Matters provides for an automatic exchange of all financial information on an annual basis. Most jurisdictions have committed to implementing this Standard on a reciprocal basis with all interested jurisdictions.