Revista de Finanças Públicas e Direito Fiscal - nº 2

Revista de Finanças Públicas e Direito Fiscal

Ano I - Número 2 - Verão Vários

Editora: Almedina

Ano: 2008

ARTIGOS

Pedro Soares Martinez - A essência do fenómeno financeiro

Gary Clyde Hufbauer/Jisun Kim - International tax competition: tree big issues

António Martins - Uma nota sobre o conceito de fonte produtora constante do artigo 23.° do CIRC: sua relação com partes de capital e prestações acessórias

Carlos Loureiro/António Beja Neves - Breve comentário ao recente regime de combate ao planeamento fiscal abusivo

Cláudia Dias Soares - A articulação de instrumentos fiscais com o Sistema Europeu de Comércio de Licenças de Emissão

António Beja Neves/Afonso Arnaldo - O sector imobiliário e o IVA -perspectivas de uma relação conturbada

Alexandra Martins - Grupos de IVA

Manuel Teixeira Fernandes - A reforma da tributação do automóvel

Rita Calçada Pires - Notas de reflexão: acordos para evitar e para eliminar a dupla tributação no direito internacional fiscal do século XXI

Rita de La Feria - Evolução do conceito de abuso do direito no âmbito do direito fiscal comunitário

Romania to cut taxation of outbound dividends to 10% from Jan 2009

EU newcomer Romania will cut its dividend tax rate for non-resident companies to 10% from next year to make it equal to the tax levied on resident companies as required by EU regulations, the government said.
Domestic dividends on holdings of up to 15% of the shares are subject to a final withholding tax of 10%. However, on similar outbound dividends, Romania, which joined the EU in January 2007, levies a withholding tax of 16%.
The government on Tuesday decided to correct the country's fiscal code by lowering the dividend tax paid by for non-resident corporate investors to 10% as of January 2009, the cabinet said in a statement issued later the same day.
Last month, the European Commission sent letters of formal notice, the first step of an infringement procedure, to Bulgaria and Romania regarding the taxation rules for corporate dividends.
The letter of formal notice to Romania concerned the taxation of dividends which are paid to companies resident elsewhere in the EU or in the European Economic Area (EEA)/the European Free Trade Association (EFTA) countries.

Commission requests Portugal to end discriminatory taxation of non-resident taxpayers

The European Commission has formally requested Portugal to change its tax provisions according to which non-resident taxpayers have to appoint a fiscal representative if they obtain taxable income in Portugal. The Commission considers the provision incompatible with the free movement of persons and the free movement of capital as guaranteed by Articles 18 and 56 of the EC Treaty and Articles 36 and 40 of the EEA Agreement.

The request takes the form of a reasoned opinion (second step of the infringement procedure provided for in Article 226 of the EC Treaty). If there is no satisfactory reaction to the reasoned opinion within two months, the Commission may decide to refer the matter to the European Court of Justice.

Under Portuguese Law, non-resident taxpayers who obtain taxable income in Portugal have to appoint a fiscal representative in order to represent them before the Portuguese tax authorities and to guarantee the fulfilment of their fiscal duties. The Commission understands that the aim of this requirement is to guarantee payment of taxes and prevent tax evasion. These are recognised requirements of public interest. However, the Commission is of the opinion that a general obligation imposed on non-residents to appoint a fiscal representative goes beyond what is necessary to ensure these objectives and thus impedes the free movement of persons and the free movement of capital as laid down in Articles 18 and 56 of the EC Treaty and in the EEA-Agreement.
The Commission's opinion is based on the EC Treaty as interpreted by the Court of Justice of the European Communities in its judgment of 7 September 2006 in case C-470/04, N,.
The Commission's case reference number is 2006/5036.

Portaria n.º 497/2008, D.R. n.º 120, Série I de 2008-06-24

Portaria n.º 497/2008, D.R. n.º 120, Série I de 2008-06-24
Ministério das Finanças e da Administração Pública

Regulamenta as condições delimitadoras do conceito de amostras e de ofertas de pequeno valor e define os procedimentos e obrigações contabilísticas a cumprir pelos sujeitos passivos do imposto, para efeitos de aplicação do disposto no n.º 7 do artigo 3.º do Código do Imposto sobre o Valor Acrescentado.

Belgium - Implementation of the Tax Merger Directive is in sight

Belgium is about to implement the Tax Merger Directive. As a result, Belgian parent companies will be able to absorb their EU-subsidiaries on a tax neutral basis, and EU-parent companies will be able to absorb their Belgian subsidiaries.

The scope of this law is not limited to just cross-border transactions. Belgium has also (rightly) opted to treat national mergers in the same manner as cross-border transactions, so as to improve the tax regime for national mergers. Currently, a merger between a Belgian parent company and a Belgian subsidiary may not happen in a fully tax neutral manner (eg if the absorbed subsidiary has "exempt reserves", these often get taxed; the cancellation of the shares at the level of the absorbing parent company gives rise to a participation exemption of only 95 per cent). Under the new regulations, which will apply in most cases to operations as from 1 January 2007, the taxation of these "exempt reserves" can be avoided and the participation exemption can be increased to 100 per cent.

Therefore, parent-subsidiary mergers implemented as of 2007 will be able to benefit from the more advantageous regime introduced by the new regulation.

The tax neutrality regime currently only applies if the operation corresponds to "legitimate financial or economic needs", a condition which the tax authorities have interpreted strictly. Currently, not only may the operation not be tax driven, but the non-tax reasons must be "legitimate" (and eg may not infringe creditor rights). These non-tax reasons must apply at the level of the company claiming the tax neutrality regime (and therefore not only at the level of the absorbed company or at the level of the absorbing company).

This anti-abuse provision has now been modified, with retroactive effect, to conform with the Tax Merger Directive. From now on, the operation may not have as its principal objective or as one of its principal objectives tax evasion or tax avoidance. If the operation is not done for "valid commercial reasons", there is a rebuttable presumption that the operation has as its principal objective or as one of its principal objective tax evasion or tax avoidance.

In our view, the new regulation will require a change in the existing practice of the tax authorities. Under the new regulation, we believe that the tax neutrality will need to be accepted each time the main goal of an operation is not of a tax nature, regardless of the nature of these non-tax reasons.

This new regulation does not mean that the so-called "post-acquisition merger" can happen in a tax neutral manner. The Ruling Commission has very recently, after consideration, decided to maintain its previous position, according to which a takeover of a Belgian company by a leveraged holding company cannot happen in a tax neutral manner. Such a merger reduces the corporate tax liability as the interest expenses incurred by the holding company are set-off against the operational profits of the absorbed g company. The new formulation of the anti-abuse provision will probably not influence the Ruling Commission's point of view.

Likewise, the transfer of the professional losses regime has been reconsidered (including the "recapture" regime relating to losses deducted in Belgium and in other jurisdiction).

Also, an express tax regulation is being introduced to deal with the tax consequences of a transfer of a registered office to Belgium, not only for transfers of a seat of an SE (governed by the Tax Merger Directive), but also for the transfer of the seat of any foreign company. If the company is established in a tax haven outside of the EU, there will be a disadvantageous tax regime.

Undertakers who wish to transfer shares to a holding company, or who have done so in the past, will be relieved that the earlier propositions (that the contribution of shares would not give rise to "paid-up capital", so that subsequent capital reductions would be taxable) were abandoned. However, the tax authorities have taken the opportunity to overturn the case law of the Supreme Court. Under this case law, the taxation as "miscellaneous income" of capital gains on shares which did not fall within the normal management of assets was limited to the "abnormal" part of the capital gain. Capital gains on shares which do not fall within the normal management of assets are now expressly considered taxable, but a rollover (deferred taxation) is available in case of an "exchange of shares".(...)

Na Corda Bamba

"Os analistas internacionais são unânimes em considerar que estamos a passar por um Terceiro Choque Petrolífero. O clima económico degrada-se de dia para dia, conforme os indicadores assim o vão revelando. A indignação dos sectores económicos que vão desde os transportes, às indústrias e mais recentemente ao sector pesqueiro estão já a conduzir à paralisação dos mesmos.

Contudo, os lucros das três principais gasolineiras continuam a atingir níveis astronómicos, ao contrário da receita fiscal (com especial incidência do IVA) que tem decrescido significativamente após a diminuição da procura de combustíveis.

No entanto, o estado de Portugal é muito mais grave do que os políticos em geral deixam transparecer. Por exemplo, no combate ao ‘deficit’.

Há sinais de que o crescimento da receita fiscal em termos gerais começa a desacelerar ou mesmo a diminuir, comprovando mais uma vez a validade da teoria económica da Curva de Laffer. Esta curva explica que num determinado país, num determinado momento, há uma capacidade ou disponibilidade máxima de impostos que os contribuintes conseguem/aceitam pagar, voluntária ou mesmo coercivamente. Se tivermos em atenção alguns dos últimos acontecimentos no nosso país podemos concluir que o estado de alerta há muito passou a linha vermelha. É que o recente anúncio de reduzir o IVA em 1%, além de desequilibrar as já frágeis contas públicas, pode ter um efeito nulo no poder de compra das pessoas, desvirtuando por completo a boa intenção da iniciativa. É preciso mais coragem para enfrentar os feudos instalados. Um ténue sinal disso tem sido o rumor que paira sobre a Comissão dos Estudos Fiscais, a qual se encontra sob a tutela da Secretaria de Estado dos Assuntos Fiscais. A mesma encontra-se neste momento a estudar a hipótese de introdução da figura dos fundos fiduciários (mais conhecidos por ‘trusts’), o que já levantou o coro de protestos habituais, esgrimindo os tradicionais argumentos de que tais figuras desvirtuam o propósito quixotiano do Governo na luta contra a fraude e evasão fiscais.

Por outro lado, no nosso país, a profunda e verdadeira reforma da Administração Pública tarda em tornar-se uma realidade, não passando de projectos de intenções. Note-se que em cerca de duas décadas o peso do Estado na economia cresceu de 30% para quase 50% do PIB.

É pois preciso reestruturar profundamente todos os sectores da vida económica e social portuguesa, nomeadamente e em especial o sector público. O actual Governo tem demonstrado coragem para efectuar algumas reformas estruturais, nomeadamente na luta contra a burocracia. Todavia, a arma central para o combate à estagnação económica tem necessariamente de passar por uma efectiva e equilibrada redução da despesa pública.

A situação é tão complicada que apesar do elevadíssimo endividamento das famílias, o Governo não toma medidas para travar esse endividamento para evitar o decréscimo das receitas fiscais (os impostos como o IVA, produtos petrolíferos, automóveis etc. representam o grosso da receita fiscal em Portugal). Contudo, com um nível de endividamento das famílias a 130% e a crescer 10% ao ano, o consumo começará inevitavelmente a decrescer a breve prazo (sem contar com o novo ciclo de aumento de juros na União Europeia, que por si aumenta o endividamento sem qualquer acto de consumo).

A proposta apresentada pelo presidente francês Sarkozy de congelar o preço dos combustíveis, mesmo que não encontre eco na Europa, consiste no primeiro sinal de alerta de que a crise que se avizinha é mundial e atingirá tudo e todos. Para combater esta cruzada que se aproxima, ou pelo menos tentar minorar os seus efeitos, é preciso imaginação e espírito empreendedor. O nosso país pode aproveitar para criar instrumentos fiscais que verdadeiramente atraiam investidores e fortunas estrangeiras.

O estudo da viabilidade de implementação dos ‘trusts’ é um primeiro passo, se for efectivamente concretizado. Estamos na corda bamba, resta apenas saber para que lado vamos pender."(...)

Artigo publicado no DE de hoje pelo Colega Tiago Caiado Guerreiro

Oposição à Execução - Despacho de Reversão

I - É a oposição à execução fiscal e não o processo de impugnação judicial ou a reclamação prevista no artº 276º do CPPT o meio processual adequado para o revertido impugnar contenciosamente o despacho que ordena a reversão, com fundamento no não exercício da gerência de facto ou de direito da sociedade originária devedora e na inexistência de culpa na insuficiência do património, fundamento este que se enquadra na al. a) do nº 1 do artº 204º do CPPT.

II - Tendo o contribuinte utilizado o processo de impugnação, só é possível a convolação se a petição inicial tiver sido apresentada no prazo da oposição.

(...)

Ac. do STA de 04.06.2008

Globalisation demands reform of UK corporation tax

Corporation tax should be reformed or replaced by a higher VAT rate (offset by lower National Insurance contributions) to reduce disincentives to invest in the UK, according to two studies commissioned by the Mirrlees Review of the British tax system, which is being chaired by Nobel prize-winner Professor Sir James Mirrlees for the Institute for Fiscal Studies.
The studies both argue that globalisation and the growth of the financial sector require a new approach to the taxation of profits in a small open economy. Unlike most EU governments, the UK currently taxes dividends received by UK-resident firms from their foreign subsidiaries as well as profits earned in this country. This creates a disincentive to locate headquarters in the UK.(...)

Reembolso IVA - Alteração ao Despacho Normativo n.º 53/2005

A aplicação da regra de inversão do sujeito passivo a certos sectores de actividade, ainda que justificada numa maior eficácia no combate à fraude e evasão fiscais, não deve, todavia, criar constrangimentos financeiros desnecessários, pelo que, por uma questão de equidade, os sujeitos passivos cujas operações estejam em mais de 75 % abrangidas pela regra de inversão devem beneficiar de um prazo de reembolso de 30 dias, à semelhança do que já sucede com sujeitos passivos de outros sectores de actividade cujas operações sejam maioritariamente isentas ou não sujeitas com direito a dedução.

Assim, nos termos do n.º 9 do artigo 22.º do Código do Imposto sobre o Valor Acrescentado, aprovado pelo Decreto-Lei n.º 394-B/84, de 26 de Dezembro, determina-se o seguinte:

1 - É alterado o n.º 5 do Despacho Normativo n.º 53/2005, de 15 de Dezembro, que passa a ter a seguinte redacção:
«5 - O IVA cujo reembolso, de valor superior a (euro) 10 000, for solicitado por sujeitos passivos que efectuem operações isentas ou não sujeitas que conferem o direito a dedução, ou relativamente às quais a obrigação de liquidação do imposto seja da responsabilidade do adquirente e que representem, pelo menos, 75 % do valor total das transmissões de bens e prestações de serviços do respectivo período, e que não seja o primeiro reembolso, será restituído no prazo de 30 dias a contar da data da recepção do respectivo pedido.»

(...)

Desp. Normativo 31-A/2008 - 12/06

State aid: Commission requests information about preferential tax regimes for retail distribution and banking cooperatives in Italy

The European Commission has asked Italy under EC Treaty state aid rules for information regarding preferential tax regimes for cooperatives operating in the retail, distribution and banking sectors in Italy. The Commission started reviewing the measures after receiving several complaints. The current investigation is designed to ensure that the measures are in line with the state aid rules in the future, as it appears that the measures existed before the EC Treaty entered into force and could therefore qualify as existing aid. In its analysis, the Commission is carefully balancing the equity and efficiency objectives pursued by the cooperative model against any possible distortions of competition that might derive from such measures. The Commission finds at this preliminary stage that the tax measures may not constitute state aid under some conditions and that if they do, that they are mostly compatible. For the measures concerning large cooperatives that might not be in line with EU state aid rules, Italy has the opportunity to comment on the Commission's analysis before any conclusions are reached. The initiation of the review process does not prejudge its outcome.(...)

TAX TREATIES AND HUMAN/CONSTITUTIONAL RIGHTS: BRIDGING THE GAP?

From the constitutional law standpoint, tax sovereignty does not imply unlimited tax power. Despite the leeway left to State authorities in the design of tax policies, Constitutions fix the framework within the limits of which tax power can be exercised.
These constitutional constraints cannot be ignored in the case of tax treaty-making power.

TAX TREATIES AND HUMAN/CONSTITUTIONAL RIGHTS: BRIDGING THE GAP?
by Theodore Georgopoulos

Conferência Internacional - Portugal/UE e os EUA

Conferência Internacional

Portugal /União Europeia e os EUA – Novas Perspectivas Económicas num Contexto de Globalização
23 a 27 de Junho
Auditório da Faculdade de Direito de Lisboa

PROGRAMA

Código de IVA - Dec. n.º 102/2008, de 20/06

No uso da autorização legislativa concedida pelo artigo 91.º da Lei n.º 67-A/2007, de 31 de Dezembro, altera e republica o Código do Imposto sobre o Valor Acrescentado, aprovado pelo Decreto-Lei n.º 394-B/84, de 26 de Dezembro, e o Regime do IVA nas Transacções Intracomunitárias, aprovado pelo Decreto-Lei n.º 290/92, de 28 de Dezembro.

O Código do IVA tem sido, por diversas vezes, objecto de alterações substanciais ao longo dos mais de 20 anos da sua vigência, consubstanciadas em mais de 60 leis e decretos-leis.
Este acervo legislativo teve as mais variadas proveniências, o que originou, desde logo, que a redacção dos preceitos fosse perdendo identidade, fruto das evoluções linguísticas.
Acresce que ao longo dos tempos se foram introduzindo alterações a nível orgânico, quer da estrutura do governo quer da própria administração tributária, bem como novas práticas e procedimentos administrativos, nem sempre devidamente reflectidos no corpo da lei.
Embora em menor escala, também o regime do IVA nas transacções comunitárias tem sofrido ajustamentos, o que requer igual atenção no que concerne à revisão e adaptação dos respectivos preceitos.(...)

The Belgian Notional Interest Deduction

The notional interest deduction entitles Belgian companies and establishments to annually calculate a fictitious interest expense on their aggregate equity amount, thus reducing their taxable basis. Combined with the abolishment of the 0.5% capital tax, this tax feature will not only encourage Belgian taxpayers to strengthen their working capital, it will also reinforce the attractiveness of Belgium as a location for treasury and finance centres, capital-intensive companies (such as the Belgian Coordination Centres, whose specific tax regime will shortly expire) and headquarters. (...)

Controlled Foreign Companies and Foreign Profits

Controlled Foreign Companies and Foreign Profits

‘‘There are two sorts of wealth-getting, as I have said. . .. The most hated sort, and with the greatest reason, is usury, which makes a gain out of money itself, and not from the natural object of it. For money was intended to be used in exchange, but not to increase at interest. And this term interest, which means the birth of money from money, is applied to the breeding of money because the offspring resembles the parent. Wherefore of the modes of getting wealth this is the most unnatural.’’

DAVID TAYLOR AND LAURENT SYKES*

Canada: Two changes to the treatment of foreign exchange gains and losses

Recent additions to the Canadian Income Tax Act require, with retroactive effect, that Canadian tax results be determined using Canadian currency. Recent case law had called this proposition into question. The changes also require the conversion of any amount expressed in foreign currency that is relevant in computing Canadian tax results into domestic currency using the relevant rate of exchange quoted by the Bank of Canada at noon on the day on which the amount first arose, or such other rate of exchange as is acceptable to the minister of national revenue. The provision is retroactive and, absent ministerial discretion, rigid in the required method of conversion.
On March 7 2008, the minister of finance also announced proposed amendments to the Income Tax Act that would extend the treatment of accrued capital gains and losses on assets of a corporation upon an acquisition of control to accrued capital gains and losses on foreign currency debt obligations due to foreign currency fluctuations. As proposed, the new rules will apply only to debt and not to other liabilities such as swaps or other derivatives.
It appears that the proposed amendments will result in:
the required realisation of any inherent foreign exchange losses on debt on an acquisition of control, the ability to elect to realise accrued foreign exchange gains on debt on an acquisition of control, and the ability to utilise such losses to step up the basis of capital property and shelter realised foreign exchange gains on debt.
As proposed, the new rules apply to acquisitions of control after March 7 2008 subject to limited grandfathering rules and corporations can elect to have the proposed rules apply to acquisitions of control after 2005.

Conferência - APF - Caso Hollmann

A Conferência mensal das 5ªs feiras analisa um caso controverso do vasto mundo da fiscalidade. Convidámos para apresentar este tema o Senhor Dr. Manuel Anselmo Torres, Advogado, Sócio Fundador da Galhardo Vilão Torres, Sociedade de Advogados.

“O CASO HOLLMANN NO TRIBUNAL DE JUSTIÇA DAS COMUNIDADES EUROPEIAS: HISTÓRIA DE UM REENVIO PREJUDICIAL PORTUGUÊS”

DATA: 26 de Junho de 2008
HORA: 18 Horas
LOCAL: Salão Nobre da Associação Comercial de Lisboa – Rua das Portas de Santo Antão, nº 89

Tax Avoidance Schemes Regulations 2008

May 2008 - This document summarises the responses received by the Government to its November 2007 consultation document 'The Tax Avoidance Disclosure Regime: Improving the Scheme Reference Number System.

Our Public Notices are also available in large print, Braille or audio cassette, please contact our National Advice Service for further details.

This document is available in the following formats
Summary of Responses: Tax Avoidance Schemes Regulations 2008 (Acrobat PDF, 460KB)

Summer Course - Principles of International and Comparative Taxation

Summer Course - Principles of International and Comparative Taxation

The basic concepts and principles of international tax law from a truly international perspective. The IBFD Summer Course examines the main issues of international tax law. Topics covered are Tax Treaties, Permanent Establishments, European VAT, EC Tax Law, Transfer Pricing and Business Structures and Planning.

18 - 29 August 2008 Introductory

Location: Amsterdam Further information

Level: Introductory

Course Brochure: download the course brochure

Promoting Genuine Fiscal Competition should be EU aim

Corporate tax is back on the European agenda. France intends to use its presidency of the European Union later this year to pursue plans for a single, voluntary, corporation tax base for multinational companies.
The purpose of the common consolidated corporate tax base is that a company operating in several countries could choose to agree on one taxable profit total for the whole group. Tax revenues would then be charged and distributed among the countries where it operated, on the basis of a formula that took into account where the economic activity occurred and the domestic tax rate in each country.
This approach has some merits. A multinational which opted into the scheme would reduce its compliance burden, since it would be following just one set of tax rules. The regime would also allow losses in one part of a group to be offset against gains elsewhere.
More importantly, it could encourage genuine tax competition. If a company relocates its operations to a lower-tax economy, the government which has provided that environment should benefit. This is a different matter from allowing countries to divert tax revenues from profits generated in other countries. By declaring the profits of groups as a whole, the common tax base would prevent companies declaring their profits in low-tax jurisdictions even if they were earned elsewhere.
There are two main problems with the proposals. First, a voluntary scheme is not a very effective weapon to deal with the practice of exporting profits to low-tax jurisdictions. Yet compulsion would prevent countries from being able to compete as they should on the size and shape of the tax base.
Second, reaching agreement on a tax code and the basis of splitting revenues between countries would be very difficult and time-consuming, since the interests of EU countries differ so widely. Efforts to achieve accord might well be at the expense of more realistic fiscal improvements.
The goal for European fiscal policymakers should be a regime that enhances genuine competition among economies. It should allow countries to use tax as a basis for promoting themselves as places to do business. It should also aim to deter distortion of that competition by making it harder for multinational companies to seek their own advantage by breaking the link between where their activities generate profit and where those profits are taxed. Any moves France can make in that direction during its presidency will be welcome.

The Financial Times Limited