𝗕𝗶𝗴 𝗰𝗵𝗮𝗻𝗴𝗲𝘀 𝗮𝗵𝗲𝗮𝗱 𝗳𝗼𝗿 𝗼𝗻𝗹𝗶𝗻𝗲 𝗽𝗹𝗮𝘁𝗳𝗼𝗿𝗺 𝗼𝗽𝗲𝗿𝗮𝘁𝗼𝗿𝘀 𝗶𝗻 𝗛𝘂𝗻𝗴𝗮𝗿𝘆. Starting 1 January 2025, #Hungary is set to introduce a new #retail #tax targeting online platform operators. This development has significant implications for businesses operating in the digital space, especially those facilitating transactions or offering services to Hungarian consumers. At CMS, our experts have unpacked the details of this new tax, its expected scope, and the challenges it may bring. A big thank you to Eszter Kalman and Diána Galambosi (CMS Hungary) for their insights and for drafting this detailed article. If you have any questions or would like further guidance, please do not hesitate to reach out to them directly. Read the full analysis here: https://lnkd.in/ejiVRHGZ CMS Tax Group
CMS Tax Group
Legal Services
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Local Expertise | Global Reach | Sectoral Insight
About us
Global Tax Expertise for Every Challenge At CMS, we advise world-leading corporations, financial institutions, asset managers, private clients, and family offices to navigate the complexities of the modern tax landscape. Our team of more than 500 lawyers advises on the full range of tax areas, including M&A, transfer pricing, VAT, dispute resolution, international taxation, and private clients. We are also qualified to handle tax disputes with authorities and tribunals, offering a reliable ally in even the most challenging cases. Additionally, we assist organisations with the tax structuring of critical projects, ensuring strategies are robust and effective. With a presence in over 40 countries, our global network combines deep local knowledge with international expertise, delivering tailored solutions to help your business thrive.
- Website
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https://cms.law/en/INT/global-reach/International/CMS-INT/Tax
External link for CMS Tax Group
- Industry
- Legal Services
- Company size
- 5,001-10,000 employees
- Headquarters
- Global, Global
- Founded
- 1999
- Specialties
- Transfer Pricing, Mergers & Acquisitions, VAT, EU and Treaty Tax Law, Dispute Resolution, Private Clients, and International Taxation
Updates
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𝗪𝗶𝗻𝘁𝗲𝗿 𝟮𝟬𝟮𝟰 𝗨𝗞 𝗧𝗮𝘅 𝗗𝗶𝘀𝗽𝘂𝘁𝗲𝘀 𝗗𝗶𝗴𝗲𝘀𝘁 𝗡𝗼𝘄 𝗔𝘃𝗮𝗶𝗹𝗮𝗯𝗹𝗲 We are pleased to share the Winter 2024 edition of our UK Tax Disputes Digest, designed to provide heads of tax, finance directors, general counsel, and other in-house professionals with a concise yet comprehensive overview of recent key developments in contentious tax. This edition highlights the continued rise in HMRC activity across multiple areas. Individual and corporate taxpayers alike are encouraged to assess their tax position promptly to ensure readiness for any potential HMRC investigations. Key topics covered in this edition include: • The latest series of HMRC nudge campaigns. • Recent tax case law developments, including the unallowable purpose test within the loan relationship rules and the definition of fixed establishment for VAT grouping purposes. • A recap of the Budget and other notable procedural decisions. For a deeper dive into these issues and their potential implications, click below to read the full report. If you have any questions or wish to discuss further, please feel free to contact Stephen Hignett or Sam Dames (CMS UK). CMS Tax Group https://lnkd.in/eJ8Kszui
UK Tax Disputes Digest (Winter 2024)
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𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗛𝗶𝘁𝘀 $𝟭𝟬𝟬𝗸: 𝗪𝗵𝗮𝘁 𝗗𝗼𝗲𝘀 𝗜𝘁 𝗠𝗲𝗮𝗻 𝗳𝗼𝗿 𝗖𝗿𝘆𝗽𝘁𝗼 𝗧𝗮𝘅𝗮𝘁𝗶𝗼𝗻? As Bitcoin crosses the historic $100k milestone, the crypto world is celebrating—and so are tax authorities around the globe. With the rise in value and adoption of digital assets, understanding the tax implications is more critical than ever. 𝘈𝘳𝘦 𝘺𝘰𝘶 𝘱𝘳𝘦𝘱𝘢𝘳𝘦𝘥 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘤𝘩𝘢𝘭𝘭𝘦𝘯𝘨𝘦𝘴 𝘢𝘯𝘥 𝘰𝘱𝘱𝘰𝘳𝘵𝘶𝘯𝘪𝘵𝘪𝘦𝘴 𝘵𝘩𝘪𝘴 𝘤𝘳𝘦𝘢𝘵𝘦𝘴? Our CMS Expert Guide on Taxation of Crypto Assets provides a clear and concise overview of the tax landscape for crypto assets across multiple jurisdictions. It is the ultimate resource for staying ahead in this dynamic space. Explore the guide here: https://lnkd.in/ep3qkX6C #CMSlaw #Tax #Bitcoin100k #CryptoTaxation #TaxPlanning #CryptoAssets CMS Tax Group
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#UAE: New Guide on Tax Residence and Tax Residency Certificates Application Procedure – Juridical Persons The UAE Federal Tax Authority has released a new guide outlining the rules for determining tax residency and obtaining Tax Residency Certificates for juridical persons. This is a significant development for businesses, family offices, and entities operating within or connected to the UAE. Key highlights include: ✅ Clarification on criteria for tax residency under UAE Corporate Tax Law. ✅ Detailed guidance on effective management and control—critical for international operations. ✅ Procedures for leveraging Double Taxation Agreements through Tax Residency Certificates. For Private Clients and High Net Worth Individuals, these updates are particularly relevant for optimising wealth structuring, avoiding double taxation, and ensuring compliance across borders. Read more about this essential update: https://lnkd.in/epM4BRFr For further inquiries or tailored guidance, please connect with our key contacts: Andre Anthony, Adelina Frunză and Alice Carter. #CMSlaw #Tax #TaxResidency CMS Tax Group
New Guide on Tax Residence and Tax Residency Certificates Application Procedure – Juridical Persons
cms-lawnow.com
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#Ukraine: On 28 November 2024, President Volodymyr Zelensky signed into law significant amendments to the Tax Code of Ukraine and other related laws with the aim of ensuring a balanced budget during the period of martial law. The law, passed by the Ukrainian parliament on 10 October 2024, came into effect on 1 December. The article linked below outlines the significant changes introduced by the new law and provides insights from our key contacts in the Ukraine: Ihor Olekhov, Maria Orlyk, Viktoriia Stavchuk-Mulundkar and Oleksandra Prysiazhniuk. CMS Tax Group CMS Ukraine (CMS Cameron McKenna Nabarro Olswang) CMS Ukraine (CMS Reich-Rohrwig Hainz) https://lnkd.in/gm_aUunf
Ukraine enacts tax code amendments amid martial law
cms-lawnow.com
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#China: Liwei Shen (Gilbert) provided an overview on Chinese Tax Regulation Update in October & November 2024. Please read it here: https://lnkd.in/dJEHQfid #CMSlaw #Tax #Regulation
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🚨 New Release Alert! 🚨 We are pleased to unveil our new Expert Guide to Transfer Pricing Documentation -- a must-have resource for navigating the complexities of transfer pricing across multiple jurisdictions. 💼 What’s Inside? - Transfer Pricing Documentation: Understand who needs to maintain documentation, what it should include, and how it aligns with EU and OECD guidelines. - Country-by-Country Reporting (CbCR): Get insights into filing requirements, implementation status, and compliance with international standards. - Additional Requirements: Learn about local obligations and potential penalties. 🎯 How This Guide Helps You - Simplify Compliance: Grasp key documentation requirements at a glance. Facilitate Comparison: Compare transfer pricing rules across countries with ease. - Stay Informed: Keep up with the latest regulatory developments. Explore how this comprehensive guide can support your global business strategy and help you stay ahead in a dynamic regulatory environment. 👉 https://lnkd.in/e_3aymPg #CMSlaw #Tax #TransferPricing #CbCR #Compliance #TaxDocumentation CMS Tax Group
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We are pleased to announce the promotion of Andre Anthony to Partner. In his new role, he will be relocating from London to join our Tax practice in Dubai. Andre is a leading member of the firm’s dedicated Middle East Tax Desk. A chartered accountant and solicitor, he advises corporate and individual clients on a broad range of domestic and cross border tax issues. Andre has extensive experience in cross-border asset finance transactions, especially in relation to floating production storage and offloading (FPSO) units, liquified natural gas (LNG) carriers and aircraft. Please click here for Andre's CV: https://lnkd.in/dmXQ2GaJ To read the full article click here: https://lnkd.in/d_kjfTwb #CMSlaw #NewPartner #Tax #MENA CMS Tax Group CMS Private Clients CMS UK
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#France: Political agreement on the draft VAT Directive “VAT in the digital age” (ViDA) At the ECOFIN Council meeting on 5 November 2024, EU Member States finally reached political agreement on the draft Directive ViDA . The draft is only marginally modified from the version presented at the ECOFIN meeting of 14 May 2024, to which Estonia had refused to give its agreement. Estonia was opposed to the mechanism for making platforms liable to pay VAT when they connect a service provider and his customer for the supply of accommodation or road transport services. With the exception of the digital transaction reporting mechanism, the implementation of the changes provided for in the draft has once again been postponed for a year. Here is a brief summary, prepared by Elisabeth Ashworth (CMS Francis Lefebvre Avocats), of the measures contained in the draft that businesses will need to prepare for, as the principle of adoption has now been established. #CMSlegal #Tax #VAT https://lnkd.in/ezuXX_nT
Political agreement on the draft VAT Directive “VAT in the digital age” (ViDA)
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