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Revocation of an appointment to the management board based on a withdrawal of confidence

Revocation of an appointment to the management board based on a withdrawal of confidence

The Federal Court of Justice (BGH) judged previously disputed legal questions regarding the dismissal of a management board member based on a withdrawal of confidence by the annual general meeting in favor of the shareholders. The withdrawal of confidence does not have to be explained. A corresponding resolution of the ... Read More »

Federal Fiscal Court extends possibilities for tax-neutral departures from partnerships

Federal Fiscal Court extends possibilities for tax-neutral departures from partnerships

Partners shall be able to leave the partnership to a greater extent without disclosing hidden reserves. Background: The partner leaving a partnership generally has a claim for compensation against the company. Since this compensation claim can put the company in considerable liquidity difficulties, the partner is often compensated with real ... Read More »

New tax on securities accounts

New tax on securities accounts

One of the key measures of the Belgian Budget bill for 2018 is the introduction of a new tax on securities accounts for Belgian individual tax residents. Non-resident individuals and Belgian and non-Belgian resident companies are not covered by this new tax. A securities account is a special purpose bank ... Read More »

Reasoned opinion of the European Commission against the fines charged in Spain for failure to fill the tax declaration on assets held abroad

Reasoned opinion of the European Commission against the fines charged in Spain for failure to fill the tax declaration on assets held abroad

After the claims filed in November, 2015, by foreigners residing in Spain, the European Commission has recently issued a reasoned opinion requesting Spain to change its rules on assets held in other EU or the European Economic Area (EEA) Member States (so-called “Modelo 720”), as the fines charged for failure ... Read More »

Fiscal Representatives (Financial Services Undertakings Exercising a European Right) (Revocation) Regulations 2016 – L.N. 3 of 2016

Fiscal Representatives (Financial Services Undertakings Exercising a European Right) (Revocation) Regulations 2016 – L.N. 3 of 2016

The Fiscal Representatives (Financial Services Undertakings Exercising a European Right) Regulations issued during year 2004 state that any European credit institution, European insurance undertaking or European investment firm which seeks to provide services in Malta without being resident in Malta and without having a place of business in Malta, shall ... Read More »

Expenses allowable for tax deduction purposes will highly depend on presentation of valid VAT invoices.

Expenses allowable for tax deduction purposes will highly depend on presentation of valid VAT invoices.

The 2016 Budget Measures Bill proposes that from year of assessment 2017, all expenses will be considered allowable for tax deduction, only if the invoice/fiscal receipt presented is valid for VAT purposes. Should the new provision be enacted, it will consequently amend Article 14 of the Income Tax Act-“Deductions”, whereby ... Read More »

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