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Category: Series of Related Transactions

Norway vs. ConocoPhillips, October 2016, Supreme Court HR-2016-988-A, (case no. 2015/1044)

In this case a tax assessments based on anti-avoidance doctrine “gjennomskjæring” were set aside. The case dealt with the benefits of a multi-currency cash pool arrangement. The court held that the decisive question was whether the allocation of the benefits was done at arm’s length. The court dismissed the argument that the benefits should accure to the parent company as only common control between the parties which should be disregarded. The other circumstances regarding the actual transaction should be recognized when pricing the […]

Spain vs. Bicc Cables, July 2012, Supreme Court case nr. 3779/2009

In this case an adjustment was made by the tax authorities based on the non-recognition of the tax effects of a series of related-party transactions as part of a leverage acquisition of shares. The Court found that the transaction would not have been agreed by independent companies and accordingly the transaction in question was not performed in accordance with the arm’s length principle. Click here for translation Share:

South Africa vs. NWK LtD, Dec. 2010, Supreme Court of Appeal, Case No. 27/10

Over a period of five years, from 1999 to 2003, the respondent, NWK Ltd, claimed deductions from income tax in respect of interest paid on a loan to it by Slab Trading Company (Pty) Ltd (Slab), a subsidiary of First National Bank (FNB), in the sum of R 96.415.776. The deductions were allowed. But in 2003 the appellant, the Commissioner for the South African Revenue Service, issued new assessments disallowing the deductions and refusing to […]