New guidelines for repo transactions and securities lending

The Austrian ministry of finance has recently issued new guidelines on the tax treatment of securities lending and repo transactions.

Traditional tax treatment
According to the traditional Austrian tax administration practice, the sale of securities by a repo seller results in the transfer of economic ownership in the securities from the repo seller to the repo buyer, also where the parties have agreed upon a true repurchase agreement. Consequently, the repo buyer is considered the economic owner of the securities and the beneficial owner of the interest or dividends derived there from.

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Relatório de Combate à Fraude e Evasão Fiscais de 2008

O Programa do XVII Governo Constitucional elegeu, entre outros objectivos primordiais, em sede de consolidação orçamental e, de igual modo, no âmbito do fomento de uma maior transparência e justiça fiscais, o reforço da eficácia do combate à fraude e evasão fiscais.
A importância socio-económica do combate à fraude e evasão fiscais manifesta-se pela afirmação clara do empenho demonstrado por parte da acção governativa nos últimos anos nesta sede, como também, pela crescente consciencialização dos cidadãos em geral acerca dos malefícios que advêm da distorção da concorrência, da lesão da equidade e justiça fiscais e, em última análise, da própria delapidação dos recursos públicos, obviando a afectação desses mesmos recursos para a criação de riqueza e de emprego.
Deste modo, por imperativo legal emanado da Lei do Orçamento de Estado para 2009 (Lei n.º 64-A/2008, de 31 de Dezembro), mais precisamente, em cumprimento do disposto no artigo 124.º, procede-se à elaboração do presente relatório sobre a evolução do combate à fraude e evasão fiscais.

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Retroactividade da Norma Fiscal

De harmonia com o critério adoptado pela Comissão Constitucional, o Tribunal Constitucional tem considerado que o legislador não poderá nunca impor "a retroactividade em termos que choquem a consciência jurídica e frustrem as expectativas fundadas dos contribuintes, cuja defesa constitui um dos princípios do Estado de direito social" (formulação do Parecer nº 25/81 da Comissão Constitucional, reproduzida no acórdão nº 409/89, in Acórdãos cit., 13º vol., tomo II, pág. 1176), isto é, a retroactividade não poderá ser qualificada como arbitrária, intolerável, opressiva, ou envolver uma "violação demasiado acentuada" do princípio da confiança do contribuinte. Em contrapartida, "a retroactividade tributária terá o beneplácito constitucional sempre que razões de interesse geral a reclamem e o encargo para o contribuinte se não mostrar desproporcionado - e mais ainda o terá se tal encargo aparecia aos olhos do contribuinte como verosímil ou mesmo como provável" (formulação do Parecer da Comissão Constitucional nº 14/82 referido igualmente no acórdão nº 37/96, publicado no Diário da República, II Série, nº 103, de 3 de Maio de 1996, onde se identificam as decisões anteriores do Tribunal Constitucional; vejam-se ainda os acórdãos nºs. 410/95 e 1006/96, in Diário da República, II Série, nº 265, de 16 de Novembro de 1995 e nº 286, de 11 de Dezembro de 1996, e sobre esta jurisprudência, por último, J. M. Cardoso da Costa, O Enquadramento Constitucional do Direito dos Impostos em Portugal: a Jurisprudência do Tribunal Constitucional, em Perspectivas Constitucionais - Nos 20 Anos da Constituição de 1976, ob., colect., II, Coimbra, 1997, págs. 415 e segs.).

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Foundation for International Taxation

The Foundation for International Taxation (FIT) is a registered charitable trust in India established to promote the knowledge and understanding of international taxation. It was set up in January 2006 by Professor Roy Rohatgi along with a group of leading tax professionals in the country. As from 2006, the well–known annual International Taxation Conference Conference in Mumbai (Bombay), started in 1995, is run by the Foundation. Besides this conference, the Foundation for International Taxation plans to promote the knowledge and study of international and comparative tax laws through research, training, publications and allied activities dealing with international tax issues.

IRC - Juros e Royalties

IRC - Juros e Royalties (Artigo 80º, nº 4, alínea g), Artigo 89º-A, Artigo 90º-A, nºs 2 a 6)

Foi publicada a Circular Nº 5/2009 de 1/04 com o objectivo de proceder à divulgação dos formulários ora aprovados destinados à redução da taxa de retenção na fonte de imposto e ao reembolso parcial de imposto retido na fonte, relativamente a pagamentos de juros e royalties efectuados entre sociedades associadas de diferentes Estados membros da União Europeia (regime previsto na Directiva nº 2003/49/CE, do Conselho, de 03 de Junho, transposta para o direito interno pelo Decreto Lei n.º 34/2005, de 17 de Fevereiro) e, bem assim, ao esclarecimento de dúvidas suscitadas pela respectiva entrada em vigor e ainda ao estabelecimento de regras transitórias na sua aplicação. (...)

Following G20 OECD delivers on tax pledge

Following G20 OECD delivers on tax pledge

02-Apr-2009

Following the G20 meeting and communiqué, the OECD Secretariat has provided a detailed report on progress by financial centres around the world towards implementation of an internationally agreed standard on exchange of information for tax purposes.
Following G20 OECD delivers on tax pledge
02/04/2009 - Following the G20 meeting and communiqué, the OECD Secretariat has provided a detailed report on progress by financial centres around the world towards implementation of an internationally agreed standard on exchange of information for tax purposes. The report available here consists of four parts:
jurisdictions that have substantially implemented the internationally agreed tax standard.
tax havens that have committed to the internationally agreed tax standard but have not yet substantially implemented it.
other financial centres that have committed to the internationally agreed tax standard but have not yet substantially implemented it.
jurisdictions that have not committed to implement the internationally agreed tax standard.
Welcoming the outcome of the G20 meeting, OECD Secretary General Angel Gurria said “recent developments reinforce the status of the OECD standard as the international benchmark and represent significant steps towards a level playing field. We now have an ambitious agenda, that the OECD is well placed to deliver on. I am confident that we can turn these new commitments into concrete actions to strengthen the integrity and transparency of the financial system”.
OECD’s Future Challenges:
1. Achieving a rapid and effective implementation of standards: Many of these commitments will require legislative changes and the negotiation of specific bilateral agreements in order to become effective, and the OECD stands ready to assist jurisdictions in their implementation.
2. Speeding up the negotiations of tax information exchange agreements (TIEAs): Small tax havens lack the resources to enter into negotiations with a large number of countries. The OECD’s 2002 Model Agreement on Exchange of Information on Tax Matters sets out an option for multilateral rather than bilateral TIEAs that the OECD intends to explore over the coming weeks. The OECD is also examining how the Nordic experience of multilateral negotiations leading to simultaneous bilateral agreements could be adopted more widely.
3. Extending the scope and role of the OECD’s action: The OECD Global Forum currently encompasses more than 80 jurisdictions and carries out self reviews and peer reviews to assess progress in implementation of the standard.
The time has now come to re-examine the membership, the architecture and the role of the Global Forum in setting standards and evaluating progress. The Global Forum will undertake more robust reviews, to strengthen the implementation of the standard.
Background
The report produced following the G20 meeting, reflects the results of more than a decade of OECD work to bring greater openness and transparency to cross-border financial services.
The internationally agreed standard, developed by OECD and non-OECD countries in the context of the OECD’s Global Forum on Taxation and endorsed by G20 Finance Ministers in 2004 and by the UN Committee of Experts on International Co-operation in Tax Matters in October 2008, requires exchange of information on request in all tax matters for the administration and enforcement of domestic tax law without regard to a domestic tax interest requirement or bank secrecy for tax purposes. It also provides for extensive safeguards to protect the confidentiality of the information exchanged.
The OECD works with its 30 member countries and with others to develop sound policy frameworks for the governance of the world economy. It plays a leading role in such areas as tax policy, competition policy, cross-border investment, corporate governance and the fight against corruption.
The OECD’s work on the issues of transparency and exchange of information in tax matters was given new impetus by the G20 process begun at the November 2008 summit meeting in Washington, D.C.
Further information
A progress report on the jurisdictions surveyed can be found here.

Visit the OECD's site on tax evasion - www.oecd.org/tax/evasion

Lei n.º 15/2009. D.R. n.º 64, Série I de 2009-04-01

Lei n.º 15/2009. D.R. n.º 64, Série I de 2009-04-01

Assembleia da República
Aprova o regime especial de exigibilidade do IVA dos serviços de transporte rodoviário nacional de mercadorias