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Beneficial ownership: perspectives across Europe Across a number of European jurisdictions, relief from withholding tax may be denied where the recipient of a dividend, interest or royalty payment is not also the beneficial owner of the relevant payment. The test for determining whether the recipient...
Beneficial ownership from an Italian perspective The Italian tax authorities continue to challenge interposed conduit entities using the beneficial ownership test to deny withholding tax reductions or exemptions under EU Directives and double tax treaties. In light of the CJEU’s decisions in the Danish...
Beneficial ownership from a French perspective Increasingly, the French tax authorities are making use of the beneficial ownership concept to deny withholding tax exemptions (or the application of a reduced rate of withholding tax) for dividends and royalties, either pursuant to domestic law or a...
Beneficial ownership from a Dutch perspective In the Netherlands, the term beneficial owner can arguably have two different meanings: a domestic law meaning and a tax treaty law meaning. The domestic law meaning, which is relevant for granting an exemption from, or a reduction or refund of, Dutch...
Beneficial ownership from a German perspective In practice, the beneficial ownership test is most often applied in connection with dividend withholding taxes but may also be relevant in other areas of withholding tax relief. According to the German tax authorities, the substance test for the purposes...
Beneficial ownership from a UK perspective Beneficial ownership (or beneficial entitlement) concepts are used across the UK tax code in relation to domestic provisions as well as in the application of double tax treaties. Since the Court of Appeal’s decision in Indofood in 2006, the majority view...
Beneficial ownership from a Portuguese perspective The Portuguese tax authority has started to deny withholding tax refunds (requested by non-resident recipients who had not yet completed the two-year holding period required for the application of the Interest and Royalties Directive by the time the...
Beneficial ownership from a Spanish perspective Since the Danish conduit cases, the Spanish tax authorities have used the beneficial ownership concept to deny the application of withholding tax exemptions, especially where dividends or interest are paid to an entity resident in another EU country but...
IoT cybersecurity regulation picks up pace The regulatory framework for securing IoT devices is attracting the attention of both UK and EU regulators. In the EU, its Member States have recently agreed a common position on the proposed Cyber Resilience Act (which will deal with cybersecurity...
Full steam ahead: China publishes interim generative AI measures New week, new measures: such is the current pace of regulatory change regarding AI, each week can bring major new developments in the regulatory landscape. On 13 July 2023, the Cyberspace Administration of China (CAC) published a set of ‘Interim Measures...