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  • A Moscow court has agreed with city tax authorities that PricewaterhouseCoopers assisted Yukos in committing tax evasion. The decision cited that audit agreements between the two establishments between 2002 and 2004 were invalid and constituted illegal and unethical deals. PricewaterhouseCoopers may now face losing its license and employees could be prosecuted.
  • Finance Minister Jim Flaherty cut the corporate tax burden and announced a plan to boost Canada's standing in global capital markets in the 2007 Federal Budget, released on March 19.
  • Joan Hortala has joined Cuatrecasas as head of tax in Barcelona. He was previously in charge of PricewaterhouseCoopers' Spanish tax desk in New York
  • The European Commission is holding a conference in Brussels on March 29 to discuss a common VAT fraud strategy based on a communication issued in May 2006
  • Significant guidance provisions in transfer pricing, inbound and outbound transactions and subpart F deferral matters are among the progress reported in the IRS' priority guidance plan update, issued on March 12.
  • The National People's Congress (NPC), China's legislature, voted today to remove tax breaks for foreign companies.
  • Eighth VAT Directive – Articles 2 and 5 – Taxable persons not established in the territory of the country – Tax paid in error – Arrangements for reimbursement.
  • The European Court of Justice (ECJ) has said the UK's thin capitalisation rules, which deal with the deductibility of loan interest from a firm's corporate tax bill, contravene EU laws on freedom of establishment. However, the rules can apply to purely artificial arrangements.
  • The UK's most prominent business lobby, the CBI, think tank Reform, and Ernst & Young have warned that the UK's tax competitiveness is in decline and are demanding urgent action to rectify the situation.
  • Nicola Lemay joins the tax practice from WilmerHale.