Summary: 1. Cases: - India: Temasek • Secondment of employees to Indian company, which reimburses the formal employer for salary and related expenses • Is the reimbursement “fees for technical services”? - India: Green Infra • Share premium received on issue of new shares: taxable income? - India: Essar Oil • Art 7(1), second sentence: “may be taxed”: exemption for Indian resident with foreign PE? - Australia: AP Energy Investments • “Land-rich company” rules in Australia’s capital gains provisions • Mining information is not “real property” - China: Cayman Islands case • Sale of shares in Hong Kong listed company with 4 Chinese subsidiaries • China tax authorities + Did not apply GAAR + Did treat Hong Kong listed company as China resident, based on effective management 2. Australia - 7 September 2013: Australia’s Federal Election - Opposition’s tax policies • Abolish mineral resource rent tax • Abolish carbon tax • Reduce corporate income tax rate from 30% to 28.5% • Impose a 1.5% levy on companies with taxable income of more than AUD 5 million 3. BEPS - Modification of tax policies in the Netherlands and Singapore, in light of the BEPS Project 4. India - External commercial borrowing for general corporate purposes permitted (subject to conditions) 5. In brief - Philippines: removal from France’s “blacklist” - Japan: ongoing public debate on timing of consumption tax rate increases - OECD: 2012 MAP Report - Asia Pacific currencies: falling exchange rates (vs. USD) will cause foreign exchange losses
