Build a Comparative Guide

1.1

Is there a single tax regime or is the regime multi-level (eg, federal, state, city)?

1.2

What taxes (and rates) apply to corporate entities which are tax resident in your jurisdiction?

1.3

Is taxation based on revenue, profits, specific trade income, deemed profits or some other tax base?

1.4

Is there a different treatment based on the nature of the taxable income (eg, gains on assets as opposed to trading income or dividend income)?

1.5

Is the regime a worldwide or territorial regime, or a mixture?

1.6

Can losses be utilised and/or carried forward for tax purposes, and must these all be intra-jurisdiction (ie, foreign losses cannot be utilised domestically and vice versa)?

1.7

Is there a concept of beneficial ownership of taxable income or is it only the named or legal owner of the income that is taxed?

1.8

Do the rates change depending on the income or balance-sheet size of the taxpayer?

1.9

Are entities other than companies subject to corporate taxes (eg, partnerships or trusts)?

2.1

What special regimes exist (eg, for fund entities, enterprise zones, free trade zones, investment in particular sectors such as oil and gas or other natural resources, shipping, insurance, securitisation, real estate or intellectual property)?

2.2

Is relief available for corporate reorganisations or intra-group transfers of companies and other assets? Please include details of any participation regime.

2.3

Can a taxpayer elect for alternative taxation regimes (eg, different ways to calculate the taxable base, such as revenue-based versus profits based or cash basis versus accounts basis)?

2.4

What are the rules for taxing corporates with different functional or reporting currency from that of the jurisdiction in which they are resident?

2.5

How are intangibles taxed?

2.6

Are corporate-level deductions available for contributions to pensions?

2.7

Are taxpayers from different sectors (eg, banking) subject to different or additional taxes or surtaxes?

2.8

Are there other surtaxes (eg, solidarity surtax, education tax, corporate net wealth tax, remittance tax)?

2.9

Are there any deemed deductions against corporate tax for equity?

3.1

How is investment in capital assets treated – does tax treatment follow the accounts (eg, depreciation) or are there specific rules about the write-off for tax purposes of investment in capital assets?

3.2

Are there research and development credits or other tax incentives for investment?

3.3

Are inventories subject to special tax or valuation rules?

3.4

Are derivatives subject to any specific tax rules?

4.1

On what basis are non-resident corporate entities subject to tax in your jurisdiction?

4.2

What withholding or excise taxes apply to payments by corporate taxpayers to non-residents?

4.3

Do double or multilateral tax treaties override domestic tax treatments?

4.4

In the absence of treaties, is there unilateral relief or credits for foreign taxes?

4.5

Do inbound corporate entities obtain a step-up in asset basis for tax purposes?

4.6

Are there exit taxes (for disposed-of assets or companies changing residence)?

5.1

Are there anti-avoidance rules applicable to corporate taxpayers – if so, are these case law (jurisprudence) or statutory, or both?

5.2

What are the main ‘general purpose’ anti-avoidance rules or regimes, based on either statute or cases?

5.3

What are the major anti-avoidance tax rules (eg, controlled foreign companies, transfer pricing (including thin capitalisation), anti-hybrid rules, limitations on losses or interest deductions)?

5.4

Is a ruling process available for specific corporate tax issues or desired domestic or cross-border tax treatments?

5.5

Is there a transfer pricing regime?

5.6

Are there statutory limitation periods?

6.1

What are the deadlines for filing company tax returns and paying the relevant tax?

6.2

What penalties exist for non-compliance, at corporate and executive level?

6.3

Is there a regime for reporting information at an international or other supranational level (eg, country-by-country reporting)?

7.1

Is tax consolidation permitted, on either a tax liability or payment basis, or both?

8.1

What indirect taxes (eg, goods or service tax, consumption tax, broadcasting tax, value added tax, excise tax) could a corporate taxpayer be exposed to?

8.2

Are transfer or other taxes due in relation to the transfer of interests in corporate entities?

10.1

What are your top tips for navigating the tax regime and what potential sticking points would you highlight?