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  • Edward Rowe Edmund Gill In anticipation of a federal election in the spring of 2008, the minority Conservative government pushed forward its fiscal agenda in December, enacting a number of tax related amendments before the parliamentary session adjourned. In particular, the final 2007 Budget Implementation Bill (C-28) enacted a variety of tax measures, the business and international highlights of which include:
  • Nélio Weiss Philippe Jeffrey The Brazilian senate rejected on December 13 2007, the proposal to extend up to December 2011 the application of the temporary contribution on financial activities (CPMF), which consequently expired on December 31 2007.
  • Veerle Coussee Wim De Pelsmaeker In a recent administrative decision, the VAT administration altered its point of view in respect of VAT deduction on rented passenger cars. This finally puts an end to the years of legal controversy concerning the prohibition on the full deduction of VAT on rental or replacement cars by companies other than mere leasing companies.
  • Kuwait: seeks more foreign investment Kuwait's parliament has adopted a law which has slashed corporate tax rates for foreign firms to 15% from 55% in an attempt to drive more investment into the emirate from abroad.
  • German law firm Luther Rechtsanwaltsgesellschaft is the latest member to join the international tax network Taxand. To coincide with this development it is expanding its tax resources.
  • Two TP Week surveys reveal critical importance of transfer pricing to tax directors in major industrial sectors
  • Tax legislation – Taxation of revenue and increases in share capital distributed by a company – Directive 90/435/EEC – Concept of ‘withholding tax’ – Company profit distribution set off against capital and reserves – Application of national provisions for eliminating or mitigating double taxation of dividends – Freedom of establishment – Free movement of capital.
  • The Chartered Institute of Taxation (CIOT) in the UK has announced the appointment of three new officers with effect from May 13 2008.
  • After 20 years at Deloitte, Verzi joins growing regional practice
  • Paul Welch and Fletch Heinemann, of Baker & McKenzie, provide a guide to the legal structure for transfer pricing documentation. Additional reporting from DLA Piper