Search results for

Lazslo Kovacs A majority of pan-European businesses support the common consolidated corporate tax base, says a major new survey from KPMG.

Chinese manufacturing gets tax cut China's State Administration of Taxation (SAT) has announced that corporate taxes will be cut for companies in eight industry sectors, as part of its ongoing efforts to standardise the country's corporate tax system.

The Malaysian prime minister has announced further corporate tax cuts. Datuk Seri Abdullah Ahmad Badawi original said that an immediate cut to 27% would be followed by a further reduction to 26% next year.

The Washington DC office of McDermott Will & Emery has announced the addition of three tax partners to its practice. Blake Rubin, formerly head of Arnold & Porter's tax practice, along with Andrea Whiteway and Jon Finkelstein have joined the firm's tax department.

Mexico city On September 17 2007, the Mexican Congress approved a tax bill for 2008 which will, among other significant developments, introduce a flat business tax rate.

Linklaters has appointed Rui Palma, who specialises in international tax planning, as head of tax in its Lisbon office. He has joined the firm from Deloitte where he was international tax service manager in Lisbon.

Mike Bailey Mike Bailey has been appointed as the UK leader of indirect tax at PricewaterhouseCoopers. He replaces Patrick Walker who is moving Australia to lead the PricewaterhouseCoopers indirect tax practice there. Walker ran the UK VAT function for six years.

Sean Foley The Internal Revenue Service (IRS) has published final regulations concerning the determination of the earnings and profits attributable to the stock of controlled foreign corporations (CFCs)-or former CFCs-that are or were involved in certain non-recognition transactions (TD 9345). Under section 1248(a), a gain that is recognised upon the sale or exchange of stock in a CFC by a US shareholder (US person that owns, directly, indirectly or constructively, 10% or more of the total combined voting power of all classes of stock of the foreign corporation entitled to vote) is included in the US shareholder's gross income as a deemed dividend. This equates to the extent of the US shareholder's ratable share of the CFC's post-1962 accumulated E&P. The regulations are effective to income inclusions that occur on or after July 30 2007.

Jordi Domínguez As mentioned in our previous contribution to the International Tax Review, late in July the government released a first draft of new regulations. Its purpose is (i) developing law 36/2006 on measures for the prevention of tax fraud, and (ii) also amending the corporate income tax regulations.

Yishian Lin Taiwan's Ministry of Finance (MOF) released a tax ruling Tai-Tsai-Shuei number 09604530290 on June 29 2007. The aim was to mitigate the double business taxation issue arising from the triangular sales transaction located in tax-free zone from local supplier to foreign client.