August 2015  
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European Taxation
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Issue No. 8 - 2015 of the European Taxation is now available online.

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Number 8 - 2015 contains the following:
European Union
The End of Intra-Group Financing ... or Not Just Yet? – Part 2
Pascal Janssens, David Ledure, Bertrand Vandepitte and Jelle Loos
This article examines, first, how the outcome of the OECD BEPS Project will impact numerous aspects of intra-group financing as multinationals currently know it, serving as a roadmap for the reader to navigate through the jungle of rules considered and proposed by the OECD. At the same time, the authors are critical of the OECD’s proposals and analyse the extent to which they might result in collateral damage for the funding of group or business investment in general. Part 1, which was published in European Taxation 7 (2015), addressed the borrower’s perspective, while Part 2, published herein, analyses the lender’s perspective.
Withholding Tax Exemption for Interest on Medium and Long-Term Loans
Michele Gusmeroli
Loan interest withholding tax has long been an issue for both foreign lenders and Italian borrowers, with the latter usually bearing the economic cost thereof. A new provision, discussed in this article, exempts from withholding tax interest on medium and long-term loans granted by banks established in the European Union (as well as by European insurance companies and supervised institutional investors).
Status of Implementation of the Authorized OECD Approach into Domestic Tax Law and Tax Treaties – Part 1
Steef Huibregtse, Louan Verdoner, Igne Valutyte and René Offermanns
This article examines profit/loss allocation in a headquarter/branch scenario. Part 1 discusses the actual split between a head office and branch from a theoretical perspective, discusses basic concepts derived from public international treaty law, the notion of Key Entrepreneurial Risk-Taking Functions versus Significant People Functions and the Authorized OECD Approach (AOA). Part 2, to be published in European Taxation 9 (2015), continues to analyse the AOA, looks at the question of whether adequate capital is allocated to the branch as a fictitious separate entity and outlines court cases, tax policy and advance pricing agreement/mutual agreement procedure implications.
The Italian Voluntary Disclosure Programme: A New Era of Tax Amnesty?
Pietro Mastellone
In this article, the author sheds light on the various aspects and criticisms of the recently introduced voluntary disclosure regime.
The Taxation of Gratuitous Transfers between Immediate Family Members: An Analysis of the Spanish Perspective
Irene Rovira Ferrer
The author examines the legitimacy of subjecting gratuitous generational transfers of wealth between immediate family members to inheritance and gift tax, noting, in particular, the inconsistencies between the national law and the regional regulations of the Autonomous Communities and between the regulations of the different Autonomous Communities themselves.
Laura Ambagtsheer-Pakarinen
Court of Justice
Laura Ambagtsheer-Pakarinen
Tax Residence of Individuals in Italy: The Determination of the Notion of Centre of Vital Interests
Giorgio Beretta
This note discusses a recent decision of the Italian Supreme Court, wherein the judges held that, in determining the tax residence of individuals, the criterion of centre of vital interests does not attribute per se priority to personal relations over business ties. This decision is of paramount importance since it directly reverses settled Italian case law attaching primacy to family and social ties over economic and business connections.
New CFC Regime: Yet Another Tax Measure Implemented To Tighten the Polish Tax System
Magdalena van Doorn-Olejnicka
This note provides a detailed description of the new CFC regime that has been introduced into the Polish
legislation, including a discussion regarding its compatibility with EU law and a comparison of the CFC regime
with those of other countries.