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The Journal June 2017

Relevant News Introduced by the New General Regulation on Data Protection

Marina Ollé

On May 25, 2016, the new General Regulation on Data Protection (“RGPD”) entered into force. Its main aim is to ensure a uniform and coherent application of the law on data protection within the European Union so as to achieve the highest level of harmonization. Even though this is a directly applicable regulation, a domestic Organic Law on data protection, whose content is yet unknown, is being drafted and will be approved in May 2018.

Latest Changes in the Italian Tax Administration

Gilberto Gelosa

Gilberto Gelosa speeches were about the new institutes introduced in Italian tax laws providing preemption tax ruling between big companies and Italian tax administration with the aim to reach preemption and definition for some years of tax agreement on the basis of business plans for domestic and foreign investments in Italy. The main item focuses on the above new proceedings that may be transfer price, permanent establishments, transfer of registered office and tax treaties about dividend, interests, royalties and patent box. 

"Regularized" Offshore Structures: Cayman Tax Application?

Christelle Wils

You have regularized an offshore structure in the Point of Contact for Tax Regularizations or before the Special Tax Inspectorate (STI). How should you include it in your tax return from the entry into force of the "Cayman Tax”? What is the applicable tax system in case of liquidation? In two recently published rulings, the Ruling Commission (Service des Décisions Anticipées en matière fiscale - SDA) decides on the tax consequences of the liquidation of "regularized" structures: the allocations made on this occasion are not taxable.

I Want to Buy my Freehold and There Is a Commercial Element in the Building, Can I Do This?

Mark Chick

The short answer to this, yes, provided that the area in question does not take up more than 25% of the building. The test can be complicated to apply, but essentially you are looking for a precise measurement of the net internal floor area of the property, compared with the net internal floor area of the remainder of the building. There are a number of rules that need to be applied to determine how common parts are dealt with.

Compensations for Oil Pipeline Easements in the Republic of Argentina. Tax Treatment Related to Capital Gains Tax

Lucas Grebenar

Article 100 of the Law 17319 on Liquid and Gaseous Hydrocarbons states as follows: “license holders and concessionaires – for the purpose of exploring and exploiting hydrocarbons – must compensate the landowners for the damages caused to the land affected by the activity of the former”. Likewise, legislative orders 860/96 and 861/96 provides for compensations to the owners of lands in which oil exploration activities are carried out and which are located in the provinces of Chubut, Santa Cruz, etc. 

Controlled Foreign Companies

Maria Venturini

Italian Law n. 208/2015, having its effect starting from Year 2016, introduced important changes with regard to the Countries considered as “Offshore Financial Centres” or “Tax Heavens”: instead of referencing to the listings issued by the Ministry, now a more general criteria is applicable, based on the assumption that Countries or Territories are considered as “Offshore Financial Centres” or “Tax Heavens” when the nominal level, even special, of taxation is lower than 50% of the taxation presently applicable in Italy.

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