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This free e-mail service informs you about the contents of the forthcoming edition of Derivatives & Financial Instruments.

Issue No. 6 - 2017 of the Derivatives & Financial Instruments is now available online.

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Number 6 - 2017 contains the following:
Federal Supreme Court Rejects Swiss Withholding Tax Reclaims Made by an Italian Bank under Italy-Switzerland Tax Treaty
Peter Reinarz
By decision dated 5 April 2017, the Federal Supreme Court essentially upheld a judgment rendered by the Federal Administrative Court (FAC) on 29 August 2016, rejecting Swiss withholding tax refund claims brought by an Italian bank regarding dividends received on Swiss listed shares for an amount of approximately CHF 10.7 million. Only in respect to a reclaim amount of CHF 11,600, the Supreme Court reversed the decision of the FAC and referred the matter back to the FAC for further review, as it found the consideration of the evidence made by the FAC regarding one particular share position to be arbitrary. In this report, we will however focus on the main claim of the Italian bank, which was rejected by both Swiss courts.
Reflections on the OECD’s Non-CIV Fund Examples
Frank van Kuijk and Matthijs Haarsma
This article considers and comments on three examples which are included in the OECD Discussion Draft on the tax treaty entitlement of non-CIV funds published on 6 January 2017.
The Credit Suisse Cases and Intra-Group Financing: Dutch Supreme Court Strikes a Balance between Tax Planning and Tax Avoidance
Daniel Smit and Ruud de Smit


United Kingdom
Tax Evasion: The New UK Corporate Criminal Offences of Failure to Prevent the Criminal Facilitation of Tax Evasion
Tim Adam
This article will describe the background to the introduction of two new corporate criminal offences of failing to prevent the facilitation of tax evasion, their operation, the scope/“reach” of the new laws, associated penalties and the available statutory defence.
The Difficult Imported Mismatch Rules: BEPS Action 2 Recommendations
Christina Allen
The OECD recommended various rules that countries can adopt to combat hybrid mismatch arrangements in their domestic tax system. However, its success would not come when the integrity measure, namely “imported mismatch rules”, does not operate as intended. This article examines how the imported mismatch rules are meant to operate and discusses inherent practical difficulties in the context of Australia, the United Kingdom and the European Union. It is recommended that countries should take a globally coordinated approach to counter such difficulties.
New Safe Harbour Rules for Intra-Group Loans and Guarantees: How Safe Is the New Harbour?
Sunny Kishore Bilaney
The Indian government has recently amended the safe harbour rules relating to intra-group loans and guarantees. The analysis of these rules clearly indicate the intent of the Indian government to reduce transfer pricing litigation and provide certainty to taxpayers regarding their transfer pricing positions.
Australian Update on Banks and Internal Derivatives
Anton Joseph
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