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As a preliminary matter, the Tribunal noted that, like Art. 9 of the OECD Model Convention, s. 147 focused on the “two” enterprises to the transaction, rather than third parties. ...

BlackRock HoldCo 5, LLC v Commissioners for His Majesty's Revenue and Customs, [2024] EWCA Civ 330-- summary under Article 9 Summary Under Tax Topics- Treaties- Income Tax Conventions- Article 9 to make a cross-border inter-affiliate loan comparable in risk to the hypothetical independent enterprises’ loan, risk-protection covenants were to be imputed to the latter The structure for the acquisition by the BlackRock group of the U.S. target (“BGI”) entailed a BlackRock LLC (“LLC4”) lending US$4 billion to a wholly-owned LLC (“LLC5”) as well as injecting substantial equity into LLC5, with LLC5 using most of those proceeds to subscribe for preferred shares of the transaction Buyco (“LLC6” – which acquired all the shares of BGI). ...

Commissioners for His Majesty's Revenue and Customs v GE Financial Investments, [2024] EWCA Civ 797-- summary under Article 4 Summary Under Tax Topics- Treaties- Income Tax Conventions- Article 4 deemed US residence of UK corporation under US stapling rules did not cause residence for Treaty purposes A US company (“GEFI Inc.”) and UK company (“GEFI”) in the GE group formed a Delaware LP (“LP”) with GEFI Inc. as the 1% general partner and GEFI as the 99% limited partner. ...

Methanex Trinidad (Titan) Unlimited v The Board of Inland Revenue (Trinidad and Tobago), [2025] UKPC 20-- summary under Article 10 Summary Under Tax Topics- Treaties- Income Tax Conventions- Article 10 dividend which was on-paid immediately nonetheless benefited from the Trinidad-Barbados Treaty exemption The appellant (Methanex Trinidad) paid U.S.$85.4 million in dividends to its Barbados parent (Methanex Barbados), which promptly paid dividends to its Caymans parent which, in turn, promptly paid dividends to the ultimate Canadian parent (Methanex Canada). ...

Revenue Commissioners v Susquehanna International Group Ltd & ors, [2025] IECA 123-- summary under Article 4 Summary Under Tax Topics- Treaties- Income Tax Conventions- Article 4 a US LLC was not a resident of the US for purposes of the US-Ireland treaty The taxpayers were Irish resident companies, which were part of a group whose ultimate parent was a single member LLC (“SIH LLC”), which was fiscally transparent for U.S. tax purposes. ...

Cour Administrative (2025), Case no. 50602C (Luxembourg High Administrative Court)-- summary under Article 5 Summary Under Tax Topics- Treaties- Income Tax Conventions- Article 5 a PE can ambulate within an office complex A Luxembourg company (PSC), was used by a corporate group to acquire the shares of two companies. ...

PepsiCo, Inc v Commissioner of Taxation, [2024] FCAFC 86, aff'd [2025] HCA 30-- summary under Article 12 Summary Under Tax Topics- Treaties- Income Tax Conventions- Article 12 concentrate purchases by an Australian soft drink bottler could not be recharacterized as trademark royalties for withholding tax purposes A U.S. company (PepsiCo) entered into an “exclusive bottling appointment” (“EBA”) with an independent Australian bottling company (the “Bottler”). ...

No. 9766 of 2025 (Supreme Court of India)-- summary under Article 5 Summary Under Tax Topics- Treaties- Income Tax Conventions- Article 5 a Hyatt UAE company providing hotel supervisory services had a PE in India The taxpayer, which was a corporation resident in the United Arab Emirates, entered into two consultancy agreements, labeled Strategic Oversight Services Agreements (“SOSAs”), with an Indian company in respect of two hotels situated in Delhi and Mumbai. ...