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  • Venezuela has reduced its value added tax for the second time this year. In March the rate was reduced to 11% from 14% and on July 1, it fell again by two percentage points, to 9%, making it the lowest in Latin America.
  • The revenue generated by tax authorities across Europe has begun to rise again. New figures published by Eurostat, the EU's statistical agency show.
  • Andrés Edelstein Ignacio Rodríguez The Argentine tax authority (AFIP) has been focusing, over the past few years, on the deduction of interest and foreign exchange losses arising from loans granted by foreign related lenders.
  • Deloitte in India has snatched four senior tax people from a rival. Roopen Roy, a former managing director at PwC, Joydeep Datta Gupta, Jaideep Ganguli and Arindam Guha, all senior executives with PwC, have joined as senior partners with Deloitte barely months after PwC acquired tax practice firm RSM Ambit.
  • International law firm Orrick, Herrington & Sutcliffe has announced that tax lawyer Isabelle Chauvet will join the firm's Paris office as a partner. Previously, she was a partner at Shearman & Sterling in Paris.
  • Jordi Domínguez The Spanish parliament has approved an amendment to the provisions governing the accounting principles under which Spanish companies elaborate their annual accounts (not yet published in the Spanish official Gazette). The amendment follows the provisions of article 5 of regulation (EC) no. 1606/2002, of the European Parliament and of the Council, on the application of international accounting standards.
  • Lily Hsu The Ministry of Finance on April 9 2007, issued a tax ruling Tai-Tsai-Shui no.
  • Edward Tanenbaum Notice 2007-48, expanding on Notice 2006-85, shuts down the variation of the Killer B transaction in which a controlled foreign corporation (CFC) acquires stock in its parent from the parent's shareholders for use in a triangular reorganisation. Like the classic Killer B transaction in which the CFC paid the parent for its stock, this transaction is also apparently seen as a way for the CFC to repatriate foreign earnings without drawing US corporate level income tax.
  • Ilarion Lemetyuynen Marina Malakha The Russian Ministry of Finance recently issued two interesting letters, indicating the tax authorities' view of the following areas of application of the tax law:
  • By Gianni De Robertis (Italy), Eduardo Goldszal (Portugal), Erica Howard (UK) and Justin Kyte (UK)