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  • A revolutionary Bill, which could mean no more federal income tax in the US, is gaining support from lawmakers.
  • Royal Dutch Shell has paid the Venezuelan tax authorities (the Seniat) $13.7 million in income taxes that went unpaid during the 2005 fiscal year. The Seniat said it charged Shell additional taxes because the company inflated some of its costs in the country.
  • Canada's biggest business group, the Canadian Chamber of Commerce, is warning that a controversial Budget measure to abolish the deductibility of interest incurred when investing abroad could cost the private sector C$2 billion ($1.8 billion) a year.
  • Grant Thornton and BDO Dunwoody have agreed to discuss a merger as they seek to become more competitive with the big-four accounting firms.
  • A report on business taxation in Australia has found that the country's business sector is being held back by a tax system which is inefficient and complicated.
  • More than 1 million US business taxpayers have filed their tax returns electronically so far this year.
  • Two London tax lawyers, Nick Mace and Mark Persoff, and Frankfurt-based Thorsten Sauerhering join the 619-strong partnership.
  • Belgium's tax breaks for patent income are simpler, broader, and more cost-effective than those the Netherlands plans to introduce.
  • The Financial Accounting Standards Board (FASB), which sets US accounting rules, has appointed Lawrence Smith. Smith, a former FASB staff member and partner at accounting firm KPMG, will serve for five years from July 2007 and is replacing Edward Trott who is retiring.
  • Domenico Borzumato from the Rome office, Düsseldorf-based Michael Dettmeier, and Philip Harle who works in London, will join the partnership.