Direct Tax

Archive: Direct Tax

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Saudi Arabia cuts company tax rate by one-third

The government of the Kingdom of Saudi Arabia has approved a new income tax bill which cuts the corporate tax rate on foreign investors from 30% to 20%
January 25 2004
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UN calls for new international tax body

A UN meeting of tax experts has proposed setting up a new body covering international tax called the UN Fiscal Committee
January 25 2004
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Brazil slashes excise tax on capital goods

President Luiz Inacio Lula da Silva signed a Decree on January 15 2004, cutting excise tax on capital goods, including machinery and equipment by up to 33%
January 25 2004
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Treasury hits out at abusive transactions

Tax leasing fiddles are costing the US almost $34 billion over 10 years, according to Pamela Olson, assistant treasury secretary for tax policy
January 25 2004
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Mexican update: Taxpayers encouraged to donate not destroy

The regulations published on October 17 2003 in the Official Gazette for Mexico contained new regulations to the Mexican Income Tax Law (MITL) which repealed and replaced the regulations previously published in 1984
January 25 2004
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Japanese update: What the US tax treaty offers

On November 7 2003 (Japan time), the Japanese ambassador to the US and the US secretary of the treasury signed a new income tax treaty
January 25 2004
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US Budget plan targets tax loophole to raise revenues
January 18 2004
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Vietnam plans tax exemption for foreign investors
January 18 2004
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Argentinian update: New thin-capitalization rules released

Argentina has recently launched new thin-capitalization rules by reforming the Income Tax Law, effective October 22 2003
January 18 2004
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Hong Kong committed to low tax
January 18 2004
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UK update: Chancellor rejects tax harmonization

Gordon Brown, Chancellor of the Exchequer, has made it clear in speeches and newspaper articles that the UK will resist proposals to harmonize direct tax regimes across the EU
January 18 2004
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Korea offers project finance tax incentives

The government of Korea unveiled plans to use tax incentives to encourage project finance activity on January 14 2004
January 18 2004
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US law firms target UK tax market

Dewey Ballantine launched a UK tax practice after poaching London-based Linklaters tax specialist David Blumenthal on January 14 2004
January 18 2004
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Norwegian update: Why withholding tax conflicts with the EU agreement

The Oslo County Court has found that the withholding tax Norway levies on dividends paid to foreign shareholders conflicts with the EU rule on free movement of capital
January 18 2004
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IRS tightens reins on tax advisers

The US Treasury Department and the IRS issued guidance for tax advisers as part of their campaign against abusive tax avoidance transactions
January 18 2004
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Brazil reduces industrial goods tax
January 18 2004
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Tax uncertainty clouds UK film industry
January 18 2004
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Chinese update: Closer economic partnership with Hong Kong takes shape

Four months or so after the landmark signing of the Closer Economic Partnership Arrangement (CEPA) between Hong Kong and China, the two governments have signed six annexes further clarifying the terms of the arrangement
January 18 2004
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China to overhaul tax system
January 18 2004
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Hong Kong proposes amendments for taxation of hedge funds
January 18 2004
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EU eyes shift in VAT rules for services
January 11 2004
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Canada reduces corporate tax burden
January 11 2004
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IRS tightens reins on tax advisers
January 11 2004
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Olson resigns from US Treasury
January 11 2004
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EU update: European Commission surveys future EU members

In November 2003 the European Commission issued its latest comprehensive monitoring report on the state of preparedness for EU membership
January 11 2004
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Germany launches tax amnesty
January 11 2004
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EY Law loses tax talent in France
January 11 2004
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Peru increases corporate tax rate
January 11 2004
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Yukos formally charged with tax evasion
January 11 2004
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China promises equal tax treatment to domestic and foreign firms
January 11 2004
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Indian business process outsourcing tax exemption clarified

The Indian government has clarified which business process outsourcing (BPO) activities are tax-exempt for foreign companies in India
January 11 2004
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Argentinean update: New thin-capitalization rules released

Argentina has recently launched new thin-capitalization rules by reforming the Income Tax Law, effective October 22 2003
January 11 2004
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Berwin Leighton Paisner hires Weil Gotshal partner

Gary Richards, formerly of US law firm Weil Gotshal & Manges, joined Berwin Leighton Paisner (BLP) as a corporate tax partner on January 5 2004
January 11 2004
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GSK fights $5.2 billion in back taxes

GlaxoSmithKline (GSK), the world’s second-largest pharmaceutical multinational, has rejected a claim from the US Internal Revenue Service (IRS) that the group owes $2.7 billion in back taxes and $2.5 billion in interest
January 11 2004
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Chinese update: Closer economic partnership with Hong Kong takes shape

Three months after the landmark signing of the Closer Economic Partnership Arrangement (CEPA) between Hong Kong and China, the two governments have signed six annexes further clarifying the terms of the arrangement
January 11 2004
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Chadbourne & Parke expands in Poland

US law firm Chadbourne & Parke hired, on January 5 2004, five tax lawyers from Altheimer & Gray in Poland, which will join the EU with nine other countries on May 1 2004
January 11 2004
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Landwell to shed tax lawyers in France

A voluntary redundancy programme at Landwell in France could see the PricewaterhouseCoopers-associated law firm lose many of its tax specialists
January 11 2004
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Brazil approves changes to social security taxes
January 11 2004
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Australian update: Expatriate deal signed with the UK

The Australian and UK governments signed a new Double Tax Agreement on August 21 2003, replacing the existing agreement
January 11 2004
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New EU law firm opens in Belgium
January 11 2004

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