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European Union Corporate Tax Law

European Union Corporate Tax Law

  • Author:
  • Publisher: Cambridge University Press
  • ISBN: 9781107018990
  • Published In: May 2013
  • Format: Hardback , 408 pages
  • Jurisdiction: European Union ? Disclaimer:
    Countri(es) stated herein are used as reference only
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    How does EU law affect Member State corporate tax systems and the cross-border activities of companies? This unique study traces the historical development of EU corporate tax law and provides an in-depth analysis of a number of issues affecting companies, groups of companies and permanent establishments. Existing legislation, soft-law and the case-law of the Court of Justice are examined. The proposed CCCTB Directive and its potential application through enhanced co-operation are also considered. In addition to the tax issues pertaining to direct investment, the author examines the taxation of passive investment income, corporate reorganisations, exit taxes and the restrictive effect of domestic anti-abuse regimes. By doing so, the convergences and divergences arising from the interplay of EU corporate tax law and international tax law, especially the OECD model, are uncovered and highlighted.

    • Assessment of the impact of EU law on companies, groups of companies and corporate investors will assist students, lawyers, government officials and academics to understand the current situation

    • Examines the interaction between EU corporate tax law and both international tax law and the OECD model, making this useful for readers from non-EU countries and those working in international tax law

    • Analyses recent cases and legislative proposals and offers a thought-provoking discussion of the current problems faced by companies in their cross-border activities

  • Foreword – Malcolm Gammie QC
    xi
    Foreword – Professor Michael Lang
    xv
    Preface
    xvii
    Introduction
    1
    1       The historical background to EU corporate tax law
    3
    1.1     Introduction
    3
    1.2     The historical background
    9
    1.2.1   The Neumark Report
    9
    1.2.2   The Segrè Report
    11
    1.2.3   The Program for the Harmonisation of Direct Taxation
    13
    1.2.4   The Van den Tempel Report
    13
    1.2.5   The Commission’s 1975 proposal and its aftermath
    14
    1.2.6   The Ruding Report
    18
    1.3     Recent developments
    21
    1.3.1   Harmful tax competition and the tax package
    21
    1.3.2   The 2001 Company Tax Study
    22
    1.3.3   The aftermath to the 2001 Company Tax Study
    25
    1.3.4   Good governance in tax matters
    27
    1.4     The future of EU corporate tax law
    29
    2       EU corporate tax legislation
    31
    2.1     The Parent–Subsidiary Directive
    31
    2.1.1   Profit distribution
    33
    2.1.2   Eligibility requirements
    36
    2.1.3   Taxing the profit distribution
    41
    2.1.4   What is a withholding tax?
    45
    2.2     The Merger Directive
    50
    2.3     The Interest and Royalties Directive
    51
    2.3.1   Eligible companies, permanent establishments and beneficial ownership
    53
    2.3.2   Interest, royalties and excluded payments
    57
    2.3.3   The taxation of the payer/debtor
    62
    2.3.4   Reform of the Interest and Royalties Directive
    64
    2.4     The Savings Directive
    65
    2.5     The Arbitration Convention
    70
    2.6     The Code of Conduct on Business Taxation
    75
    2.7     The Mutual Assistance Directives
    76
    2.8     The Draft Directive for Cross-Border Loss Relief
    78
    3       The Common Consolidated Corporate Tax Base
    81
    3.1     Introduction – unanimity or enhanced cooperation?
    81
    3.2     Key features of the Draft CCCTB Directive
    84
    3.2.1   Eligibility and membership tests
    84
    3.2.2   Optionality: coexistence of domestic regimes and the CCCTB
    88
    3.2.3   The new tax base
    90
    3.2.4   Consolidation and other benefits
    93
    3.2.5   The administration of the CCCTB
    98
    3.3     Taxation of inbound and outbound payments
    102
    3.3.1   Inbound payments
    102
    3.3.2   Outbound payments
    105
    3.4     Anti-abuse rules
    108
    3.4.1   The GAAR
    108
    3.4.2   Controlled foreign companies
    109
    3.4.3   Thin capitalisation
    112
    3.5     Formulary apportionment
    117
    3.6     The future of the CCCTB
    120
    4       The Court of Justice and the development of EU corporate tax law
    123
    4.1     Tax litigation in the Court of Justice
    123
    4.2     Fundamental freedoms, state aid and direct taxation
    129
    4.2.1   Free movement of goods
    129
    4.2.2   Free movement of persons
    129
    4.2.3   Freedom to provide services
    132
    4.2.4   Free movement of capital
    135
    4.2.5   Citizenship rights
    142
    4.2.6   The state aid prohibition
    144
    4.3     Methodology of the Court of Justice
    148
    4.3.1   Finding the relevant freedom
    148
    4.3.2   Discrimination and restriction approach
    151
    4.3.3   Tax treaties and double taxation
    157
    4.3.4   Overall or per-country approach?
    165
    4.4     Conclusion
    169
    5       Tax obstacles to the cross-border movement of companies: direct investment
    171
    5.1     Company residence
    171
    5.2     Issues with the taxation of corporate groups
    175
    5.2.1   Expenses in foreign holdings
    177
    5.2.2   Cross-border loss relief
    182
    5.2.3   Controlled foreign companies
    196
    5.3     Issues with the taxation of permanent establishments
    196
    5.3.1   Defining permanent establishments
    196
    5.3.2   The different treatment of permanent establishments and companies
    198
    5.3.3   Rules for the attribution of profits and expenses
    207
    5.3.4   Notional payments and expenses
    212
    5.3.5   Cross-border loss relief
    214
    6       Tax obstacles to cross-border portfolio investment
    229
    6.1     Double taxation relief mechanisms
    229
    6.2     The taxation of inbound dividends
    235
    6.2.1   The early cases: individual shareholders
    237
    6.2.2   Later cases: corporate shareholders
    238
    6.2.3   Economic and juridical double taxation – the home state perspective
    249
    6.3     The taxation of outbound dividends
    252
    6.3.1   The early cases – Fokus BankACT GLODenkavit and Amurta
    252
    6.3.2   Later cases – consolidation of the Court’s principles
    257
    6.3.3   The relevance of tax treaties – neutralisation of host state taxes?
    264
    6.3.4   Economic and juridical double taxation – the host state perspective?
    268
    6.3.5   Taxation on gross basis or net basis?
    270
    6.3.6   Other developments
    273
    6.4     The taxation of interest and royalties
    275
    7       Reorganisations under EU tax law
    282
    7.1     Corporate reorganisations and the Merger Directive
    283
    7.1.1   The scope of the Merger Directive
    284
    7.1.2   Reliefs under the Merger Directive
    286
    7.1.3   Case law on the Merger Directive
    290
    7.2     Corporate migration
    299
    7.2.1   Corporate law restrictions
    299
    7.2.2   The transfer of tax residence
    306
    7.2.2.1 Exit taxes
    307
    7.2.2.2 The case law of the Court of Justice: emigrating individuals v. emigrating companies?
    310
    7.2.3   The EU’s corporate vehicles
    326
    7.3     Transfer of assets
    328
    8       Tax avoidance and EU law
    333
    8.1     An EU principle of abuse of tax law?
    333
    8.2     Anti-deferral regimes
    338
    8.2.1   CFCs in international tax law
    339
    8.2.2   CFCs in EU tax law
    342
    8.3     Thin capitalisation
    349
    8.4     Transfer pricing
    360
    9       EU corporate tax law: interim conclusions and thoughts
    365
    Index
    385
  • Dr Christiana HJI Panayi
    Queen Mary, University of London

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