The Indian Income Tax Appellate Tribunal (ITAT) delivered its decision on 2 January 2013 in the case of Ascendas (India) Pvt. Ltd. v. DCIT (ITA No. 1736/Mds/2011) that the Discount Cash Flow (DFC) method is preferred over the erstwhile valuation guidelines issued by the Controller of Capital Issues (CCI) in order to determine the arm's […]

On 19 February 2013, the United Kingdom and the Isle of Man agreed measures between them to combat tax evasion. The package covers both the automatic exchange of information and a disclosure facility. The disclosure facility runs from April 2013 until September 2016. Taxpayers with liabilities arising from 1999 will be given the opportunity to […]

The US Treasury Department has reissued its list of the countries that require cooperation with or participation in an international boycott as a condition of doing business. The countries listed are Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, the United Arab Emirates, and the Republic of Yemen. The list is dated 7 February 2013 […]

The US Court of Appeals for the Seventh Circuit has dismissed a class action suit filed by US taxpayers to seek damages from UBS AG (UBS) for penalties and other losses that they incurred for hiding their UBS accounts from the US Internal Revenue Service (IRS). The case involved US taxpayers who held bank accounts […]

On 1 February 2013, the Federal Council (Bundesrat) refused again to approve the Germany-Switzerland tax agreement signed on 21 September 2011, concerning the future tax treatment of capital investment income and past undeclared funds (see Germany-3, News 27 November 2012). Previously, on 17 January 2013, the Lower House of the German parliament (Bundestag) rejected the […]