Cover -- Title -- Copyright -- Acknowledgements -- Foreword -- Part One: Introduction -- Definition of Interest and Policy Perspectives -- Chapter 1: Definition of Interest in the Context of Income from Capital: A Comparative Analysis -- 1.1. Introduction -- 1.2. What is interest? -- 1.3. Obligation to pay -- 1.4. Substance vs form -- 1.5. Statutory definitions of interest -- Chapter 2: A Tax Policy Analysis of the Inclusion of Cross-Border Interest in Income -- 2.1. Introduction -- 2.2. Major issues with respect to the taxation of cross-border interest income
2.2.1. The meaning of "interest" -- 2.2.2. Characterization issues -- 2.2.2.1. Introduction -- 2.2.2.2. Hybrid financial instruments -- 2.2.3. Timing of the inclusion in income of cross-border interest -- 2.2.3.1. Sale of rights to interest -- 2.2.3.2. Sale of obligations with accrued interest -- 2.2.4. Cross-border interest derived from non-arm's length parties -- 2.2.4.1. Introduction -- 2.2.4.2. Transfer pricing -- 2.2.4.3. Other issues with respect to interest income derived from non-arm's length parties: Intercompany loans -- 2.2.4.3.1. Intercompany interest-free or low-interest loans
2.2.4.3.1.1. Intercompany loan by a subsidiary to its non-resident parent corporation -- 2.2.4.3.1.2. Intercompany loan by a parent to its subsidiary corporation -- 2.2.4.3.2. Intercompany loans with excessive interest -- 2.2.4.3.2.1. Intercompany loan by a subsidiary to its parent corporation -- 2.2.4.3.2.2. Intercompany loan by a parent to its subsidiary corporation -- 2.3. The taxation of cross-border interest derived by residents -- 2.3.1. Introduction -- 2.3.2. Source rules -- 2.3.2.1. Interest derived by residents from non-residents
2.3.2.2. Interest derived by non-residents from residents -- 2.3.3. The elimination of double taxation -- 2.3.4. CFC rules -- 2.4. The taxation of non-residents on cross-border interest income -- 2.4.1. Introduction -- 2.4.2. Taxation of interest income derived by non-residents in the course of a non-resident's business carried on in another country -- 2.4.3. Taxation of non-business interest income derived by non-residents -- 2.4.3.1. Introduction -- 2.4.3.2. Issues in designing withholding taxes on cross-border interest -- 2.4.3.2.1. Introduction
2.4.3.2.2. Payments subject to withholding tax -- 2.4.3.2.3. Payers of interest subject to an obligation to withhold -- 2.4.3.2.4. Withholding tax rates -- 2.4.3.2.5. Exemptions from withholding tax -- 2.4.3.2.6. Anti-avoidance rules -- Part Two: EU Law -- Chapter 3: Open Issues in the Application of the EU Interest-Royalties Directive -- 3.1. Introduction and overview -- 3.2. Current issues in the application of the EU Interest-Royalties Directive -- 3.2.1. Autonomous interpretation of Union law and OECD guidance -- 3.2.2. The concept of "beneficial ownership" in the Interest-Royalties Directive
Summary
This book comprises the proceedings and working documents of the EC & International Tax Law seminar held in Milan in November 2021
Notes
Description based upon print version of record
3.2.3. "Subject-to-tax" and the definition of a "company of a Member State"
