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Draft legislation abolishing the Australian nonresident capital gains tax (CGT) for most foreign investors was introduced into the Australian Parliament on 22 June 2006. Under the proposed rules, a capital gain or loss made by a foreign resident will be subject to CGT only if it relates to assets that are “taxable Australian property.”
Also in this issue:
· Belgium
- Authorities Issue Circular Letter on Exemption for Foreign Earned Income
· Canada
- CRA Changes Position on Creditability of Foreign Social Security Taxes
· China
- Local Tax Bureaus Enforcing Additional Reporting Obligations for Employers of Foreign Nationals
· Denmark
- EU Arbitration Convention Invoked in Thin Cap Dispute
· European Union
- AG Indicates U.K. Thin Cap Law Contrary to EC Law in Limited Circumstances
- ECJ Rules on Belgian Coordination Centres
- German Rule Restricting Depreciation of Holdings in Subsidiaries Violates EC Law
· France
- Tax Authorities Taking Harder Line on Accounting Document Requirements
- New Reverse Charge Rules for B2B Transactions Come into Effect
· Germany
- Local Tax Rules on Anti-Treaty Shopping Provisions
· Hungary
- Corporate Tax Law Changes and Extension of Participation Exemption Passed
· Korea
- MOFE Designates Labuan as Tax Haven Jurisdiction
· Mauritius
- Flat Tax Rate to Be Introduced
· Netherlands
- Supreme Court AG Opines on Dividend Withholding Tax Exemption
· New Zealand
- Tax Changes Proposed to Rules on General and Limited Partnerships
- Tax Changes Proposed for Individual Investors
· Poland
- Changes Proposed to Corporate Tax System
· Taiwan
- Discrepancy in Withholding Tax Treatment of Dividend Distributions Corrected
· Ukraine
- Holding Company Law Introduced
· United States
- IRS Liberalizes FIRPTA Reorganization Rules, Proposes Clarification to Portfolio Interest Exclusion
- Protocols to Treaties with Germany and Finland Signed
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