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Documents on Taxation, Transportation
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|Eurasian Economic Union|
Victoria Simonova; Dentons Canada LLP;
November 17, 2014, previously published on October 8, 2014On 29 May 2014, the presidents of Kazakhstan, Russia and Belarus signed an agreement (the "Treaty") in Astana on the Eurasian Economic Union (the "EaEU" or the "Union"). The Treaty will enter force on 1 January 2015. According to the Treaty, the Union is an...
|Ohio: Air Transportation Operator is Not a Public Utility and Not Entitled to Exemption from Sales Tax|
David M. Kall, Susan Millradt McGlone; McDonald Hopkins LLC;
October 8, 2014, previously published on October 2, 2014The Ohio Board of Tax Appeals (Board) recently determined in Epic Aviation, LLC v. Testa (Case No. 2012-1557) that an air transportation operator’s purchases of fuel were not exempt from Ohio sales tax because such company was not using or consuming the fuel “directly in the rendition...
|Recovery of VAT on Deal Fees: Airtours is Denied a Deduction for VAT Paid on Fees Charged by Advisors on its Restructuring|
Emma Hardwick, Michael T. McGowan, Andrew Thomson; Sullivan & Cromwell LLP;
September 10, 2014, previously published on September 3, 2014Airtours Holidays Transport Limited has been denied recovery of VAT on fees it paid to PricewaterhouseCoopers LLP for a review of Airtours’ financial position in connection with its possible restructuring.
|Unfair Railroad Fuel Taxation? U.S. Supreme Court Agrees to Hear CSX Transportation Case|
McDonald Hopkins LLC;
July 26, 2014, previously published on July 24, 2014The U.S. Supreme Court granted certiorari in Alabama Dept. of Revenue v. CSX Transportation, Inc., --- S. Ct. ---- (2014), on July 1, 2014. While the Court generally addresses the questions presented in the writ of certiorari if it decides to hear the case, the Court added a question of its own for...
|Impact of FATCA on ORSO Schemes in Hong Kong|
Duncan A. W. Abate; Mayer Brown JSM;
May 29, 2014, previously published on May 27, 2014The Foreign Account Tax Compliance Act (FATCA) is an invasive piece of US legislation. It is designed to identify tax avoidance being undertaken by US entities. It does this by imposing a 30 percent withholding tax on any US investments unless certain information is disclosed to the US tax...
|Ohio: Supreme Court Holds Local Income Tax Preempted for “Motor Transportation Companies”|
McDonald Hopkins LLC;
May 13, 2014, previously published on May 1, 2014The Ohio Supreme Court has recently held that the Village of Seville’s (the Village's) income tax on net profits was preempted by a state law when such local income tax was applied to “motor transportation companies.” (Panther II Transp., Inc. v. Seville Bd. of Income Tax Rev.).
|Off With Your Head(quarters)? Oklahoma's Headquarters Deduction Survives Constitutional Challenge|
Timothy A. Gustafson, Kathryn E. Pittman; Sutherland Asbill & Brennan LLP;
May 5, 2014, previously published on April 29, 2014The Oklahoma Supreme Court held Oklahoma’s deduction for capital gains arising from the sale of a company headquartered in the state for three or more years does not violate the dormant commerce clause of the U.S. Constitution. The taxpayer, a California company with its headquarters in...
|Pennsylvania: Gas Taxes Increased To Fund Transportation Spending Bill|
David M. Kall, Susan Millradt McGlone, Jeremy J. Schirra; McDonald Hopkins LLC;
December 17, 2013, previously published on December 12, 2013Pennsylvania Governor Tom Corbett recently signed into law a transportation infrastructure spending plan (H.B. 1060) that will pump billions of dollars into the state’s transportation system, funded in part by phasing out a cap on the oil company franchise tax.
|New Facilities for Customs Clearance in International Trade|
Ceren Savaser; HERDEM Attorneys At Law;
November 12, 2013, previously published on November 12, 2013New regulations in Turkish International Trade Law came into effect on 10.01.2013 in order to simplify customs procedures for international traders. With the new regulation, economic operators can apply for an Authorized Economic Operator (AEO) status, which is given permanently with no expiry,...
|Tax Breaks for Older Cars - Is Vintage the Best Look?|
Withers Bergman LLP/Withers LLP;
July 10, 2013, previously published on July 1, 2013If you are thinking of buying a new car this year, you might consider going for a classic. Any dealership will tell you that ordinary cars for private use are capital gains tax exempt because of their status as ‘wasting assets’. This means that they are not expected to have a useful...