segunda-feira, dezembro 06, 2010

Spanish ETVEs Suspended from Gray List

By Cristina Berry and Marcelo Natale - Deloitte Brazil

The Brazilian tax authorities announced on 2 December 2010 that Spanish ETVEs (i.e. holding companies) will be temporarily suspended from the effects of inclusion on the list of privileged tax regimes. The suspension, which comes after a formal review request was filed by the Spanish government, was published in the Official Gazette as Executive Declaratory Act (ADE) No. 22 and is effective immediately.

Guidance dated 7 June 2010 introduced procedures under which countries that are deemed to be tax havens (black list) or have privileged tax regimes (gray list) may request that their inclusion on the list be reviewed by the Brazilian government. Before ADE No. 22, only the Netherlands (gray listed) and Switzerland (black listed) had been formally granted temporary suspensions of the effects of being listed.

As was expected with the release of the June guidance, some political pressure has been exerted by foreign governments whose tax regimes are included on the lists, particularly those that have concluded a tax treaty and have substantial economic relationships with Brazil.

With effect from 2 December 2010, the suspension neutralizes the tax effects applicable to transactions involving Spanish ETVEs. The tax effects incurred during the period in which the rule was applied, however, are not affected by ADE 22. Further, it should be noted that there is no indication how long the suspension status will remain in effect.

1 comentário:

Anónimo disse...

Dumbbells are versatile, cheap items of conditioning machines that may be utilized to work any muscle group.

Here is my weblog ...