The Resource Cassa di Risparmio di Carrara SpA v Tuscany Regional Tax Directorate : No 153 of 2011

Cassa di Risparmio di Carrara SpA v Tuscany Regional Tax Directorate : No 153 of 2011

Label
Cassa di Risparmio di Carrara SpA v Tuscany Regional Tax Directorate : No 153 of 2011
Title
Cassa di Risparmio di Carrara SpA v Tuscany Regional Tax Directorate : No 153 of 2011
Contributor
Subject
Language
eng
Summary
Judgment by the Provincial Tax Court of Florence, dated 24 November 2011. The taxpayer was an Italian company which invested in bonds issued by a UK company via a UK counterpart, Deutsche Bank (UK) Ltd. The issuing company made payments of interest to the taxpayer and deducted ten per cent withholding tax in accordance with the UK-Italy double taxation convention. The taxpayer deducted the amount of withholding tax from its tax due in Italy. The tax authorities objected that Deutsche Bank was under UK law entitled to a tax credit equal to the amount of withholding tax and that therefore the deduction was an abuse of the law. The Court held (finding in favour of the taxpayer) that the taxpayer had applied the tax credit in accordance with its terms and the fact that a foreign entity might have benefited in its own state of residence from a tax credit unilaterally granted by the government of that state did not invalidate the legitimacy of the deduction and did not constitute an abuse of the law
Citation source
In: International tax law reports. - London. - Vol. 14 (2012),
Geographic coverage
  • Europe
  • European Union
Language note
English
http://library.link/vocab/relatedWorkOrContributorName
Baker, P
http://library.link/vocab/subjectName
  • case law
  • tax treaty
  • abuse of law
  • withholding tax
  • tax credit
Label
Cassa di Risparmio di Carrara SpA v Tuscany Regional Tax Directorate : No 153 of 2011
Instantiates
Publication
Label
Cassa di Risparmio di Carrara SpA v Tuscany Regional Tax Directorate : No 153 of 2011
Publication

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