This content is from: Direct Tax Venezuela extends transaction tax to boost revenues The Venezuelan finance ministry announced on February 26 2004, an extension, until the end of the year, of the banking transaction tax due to expire on March 12 2004 February 29 2004
This content is from: Direct Tax Bolkestein presses for unified EU corporate tax base February 29 2004
This content is from: Direct Tax BDO Seidman cuts partners by 10% Second-tier, Chicago-based accounting firm BDO Seidman has announced a 10% reduction in partner numbers February 29 2004
This content is from: Direct Tax Time running out to ratify US-Japan treaty The US and Japanese governments need to ratify the double tax treaty the two countries by April 1 2004, to allow provisions on reduced withholding tax on dividends, interest and royalties to take effect from July 1 20... February 29 2004
This content is from: Direct Tax UK tax advisers face new personal liabilities from today Tax advisers in the UK will be personally liable for failing to report to the National Criminal Intelligence Service (NCIS) suspicions of financial irregularities February 29 2004
This content is from: Direct Tax French update: Freedom of establishment trumps thin-capitalization rules On December 30 2003, the French Administrative Supreme Court rendered two important decisions with respect to French thin-capitalization rules February 29 2004
This content is from: Direct Tax US Outbound update: Ending the extraterritorial-income-tax regime It may be the beginning of the end for the 30-year battle over the extraterritorial-income-tax regime (ETI) and its predecessors February 29 2004
This content is from: Direct Tax Australian update: Tax consolidation: lost in transactions The new tax consolidation regime was to deliver simplicity and flexibility for business but a survey by PricewaterhouseCoopers Australia last year found that the environment for corporate transactions has become more,... February 29 2004
This content is from: Direct Tax Deloitte Russia picks up Mitsubishi’s tax specialist February 29 2004
This content is from: Direct Tax French update: New incentives for expatriates The French government has introduced incentives in the 2003 Supplementary Finance Bill to promote the French business environment for executives of multinationals February 22 2004
This content is from: Direct Tax Russia promotes UET and tax harmonization The Russian State Duma received the draft agreement creating the Unified Economic Territory (UET) on February 16 2004 February 22 2004
This content is from: Direct Tax UK Crown dependencies cut corporate tax rates Governments in the Isle of Man and the Channel Islands are moving towards 0% rates of corporate tax in response to EU and OECD pressure on harmful tax practices and to compete with each other for essential foreign dir... February 22 2004
This content is from: Direct Tax Sarbanes-Oxley drives transfer pricing moves Strong demand for transfer pricing services post-Sarbanes-Oxley legislation in the US continues to stir the delivery of such services, with another transfer pricing boutique springing up February 22 2004
This content is from: Direct Tax Bush Budget to reform international tax The Bush Administration’s 2005 Budget proposal and the Treasury’s so-called Blue Book (General Explanations of the Administration’s Fiscal Year 2005 Revenue Proposals), both published in early February, seek to reform... February 22 2004
This content is from: Direct Tax US Outbound update: Treasury releases 2005 Budget proposals In January, the US Treasury Department released its Budget proposal for 2005 fiscal year. The Budget includes six proposals that relate particularly to outbound corporate and individual planning February 22 2004
This content is from: Direct Tax Spanish update: New expatriate tax regime takes effect Spain has put a favourable tax regime in place for foreign employees assigned to the country, effective January 1 2004 February 22 2004
This content is from: Direct Tax Mexican update: Changes to tax-free mergers and demergers On January 1 2004 various reforms to the Mexican tax legislation were effective. The most significant changes approved by Congress were made to the Federal Fiscal Code (FFC), which was substantially modified. Almost a... February 22 2004
This content is from: Direct Tax Italian update: Corporate tax reforms become effective A broad reform of the Italian corporate tax system has been carried out by Legislative Decree 344 of December 12 2003, which amended Presidential Decree 917 of December 22 1986 (the Italian tax code or ITC) pursuant t... February 15 2004
This content is from: Direct Tax Korea softens on transfer pricing audits The National Tax Service of Korea (NTS) is set to formally announce taxation policies designed to ease tax audits on foreign companies doing business in the country February 15 2004
This content is from: Direct Tax Germany’s effective tax rates among the highest in Europe February 15 2004
This content is from: Direct Tax Canadian update: New reasonable-expectation-of-profit rule Proposed amendments to the Income Tax Act (Canada), released on October 31 2003, will have a significant impact on planning and structuring for the acquisition of businesses and properties in Canada February 15 2004
This content is from: Direct Tax Australian update: Tax consolidation – the monster clean up The government delivered an early Christmas present for business when it delivered on some of their concerns by renovating the new tax consolidation regime to tailor it more closely to their needs February 15 2004
This content is from: Direct Tax China plans to increase foreign corporate income tax Liao Luming, the director of the Chinese finance ministry’s general office has outlined a new unified corporate tax law, which aims to treat domestic and foreign corporations on equal footing, effectively raising corp... February 15 2004
This content is from: Direct Tax Changes to partnership losses hurt UK films The UK Inland Revenue launched a surprise attack on relief for trading losses through partnerships last week February 15 2004
This content is from: Direct Tax Brazilian update: Social security financing tax updated On October 31 2003 the Brazilian government issued Provisional Measure 135/2003, which, among other things, altered the rules for the application of the social security financing (COFINS) tax February 15 2004
This content is from: Direct Tax Romania reveals corporate tax reforms Romanian Finance Minister Mihai Tanasescu has announced the Public Finance Ministry’s tax amendment plans up until 2006, which include lowering corporate income tax and VAT rates February 15 2004
This content is from: Direct Tax OECD wins Swiss tax concessions The OECD has reached a compromise with Switzerland over tax practices deemed harmful by the organization in meetings held in Paris on January 27 and 28 2004 February 08 2004
This content is from: Direct Tax KPMG appoints tax specialist for automotive industry February 08 2004
This content is from: Direct Tax Argentinian update: Government approves tax reform package One of the first measures announced by the new administration elected in 2003 was a tax reform package mainly intended to combat tax evasion February 08 2004
This content is from: Direct Tax Portugal gives tax credits for research and development February 08 2004
This content is from: Direct Tax Hong Kong considers tax treaty network The government of Hong Kong has said it intends to set up a network of double-taxation avoidance agreements with its major trading partners February 08 2004
This content is from: Direct Tax Czech republic to cut VAT rate in time for EU accession February 08 2004
This content is from: Direct Tax Rating agency demands assurance on withholding taxes Standard & Poor’s Ratings Services (S&P) has published a legal criteria article that requires arrangers of structured finance transactions to provide written confirmation that such transactions will not be subject to ... February 08 2004
This content is from: Direct Tax German update: What the year-end tax changes mean More than a dozen Bills aiming to reform Germany’s labour market, public health insurance system, and tax laws were enacted in December 2003 February 08 2004
This content is from: Direct Tax EU update: Parent-Subsidiary Directive amended On December 22 2003 the European Council formally adopted a Directive amending the Parent-Subsidiary Directive February 08 2004
This content is from: Direct Tax Japanese update: New year tax reforms revealed The Ministry of Finance announced the tax reform plan for 2004 on December 19 2003 February 08 2004
This content is from: Direct Tax Brazilian update: New changes to the COFINS rules On October 31 2003 the Brazilian government issued Provisional Measure (PM) 135/2003, promoting changes to the COFINS tax regulations February 01 2004
This content is from: Direct Tax US Inbound update: Pricing related-party services The proposed section 482 services regulations change many aspects of the transfer pricing regulations for related-party services and the ownership of intangible property February 01 2004
This content is from: Direct Tax ABA brands US tax system too complex The American Bar Association (ABA) has said that the IRS must aggressively promote tax simplification to improve service to taxpayers and ensure that tax laws are effectively enforced February 01 2004
This content is from: Direct Tax PwC appoints new head of tax investigations in the UK PricewaterhouseCoopers announced the appointment of Stephen Camm as head of its UK tax investigations practice on January 28 2004 February 01 2004
This content is from: Direct Tax Canadian update: New foreign investment entity rules The fourth draft of the foreign investment entity legislation (FIE legislation) was released by the Canadian Department of Finance on October 30 2003 and generally adheres to the structure of earlier drafts February 01 2004
This content is from: Direct Tax Dezzani starts new tax practice in Milan Former Zini & Associates tax partner Luca Dezzani has left the firm, taking four members of the tax team with him February 01 2004
This content is from: Direct Tax BT cuts tax with sale and leaseback transaction BT Group, the UK telecoms company, has carried out a £1.3 billion ($2.37 billion) sale and leaseback of its ageing telecoms business that could cut the company’s tax liabilities by as much as £300 million ($546 millio... February 01 2004
This content is from: Direct Tax EnCana wins rebate in Ecuador Ecuador’s Supreme Court has ruled that the Canadian oil company EnCana has the right to a partial rebate in its lengthy battle over tax rights with the government, but refuted the company’s claims for a full refund February 01 2004
This content is from: Direct Tax Indian update: National Tax Tribunals set up The law for setting up National Tax Tribunals (NTT) was promulgated recently to dispose of tax cases faster February 01 2004
This content is from: Direct Tax Australian update: Expatriate deal signed with the UK The Australian and UK governments signed a new Double Tax Agreement on 21 August 2003, replacing the existing agreement February 01 2004
