The US' Internal Revenue Service (IRS) released its guidance priority list with 276 items for 2004-2005 in July 2004. Nicholas DeNovio, deputy chief counsel (technical) at the IRS, is responsible for overseeing this programme in collaboration with the Office of Tax Policy (OTP). DeNovio outlined the international priorities within the busy guidance programme to Sed Crest.
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The report is solid and balanced as it correctly underscores the ambitious institutional redesign that Brazil has undertaken in adopting a dual VAT model, experts tell ITR
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