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  • Small business targets Channel Islands VAT loophole
    The Forum of Private Business (FPB) threatened to pursue judicial review over the low-value-consignment-relief (LVCR) scheme, which allows imports of items worth less than £18 ($35) from the Channel Islands to be free from value-added tax (VAT).
    January 15 2007
  • Proskauer Rose bag real estate lawyer
    Donald Lieberman has left Strook & Strook & Lavan to become senior counsel at Proskauer Rose.
    January 15 2007
  • US and China complete first Advance Pricing Agreement
    The agreement, which involves retailer Wal-Mart, was announced by the Internal Revenue Service on January 12.
    January 15 2007
  • Israel arrest US officer
    Following the arrest of Israeli tax chief Jackie Matza, the police have picked up the US representative of the country's fiscal authority, Yigal Saar. The arrests are part of an investigation into corruption within the authority.
    January 15 2007
  • IFA president switches firms
    Marcus Desax, president of the International Fiscal Association, has joined the Zurich office of Walder Wyss & Partners. Previously, Desax was with Pestalozzi Lachenal Patry.
    January 15 2007
  • India makes landmark offshore ruling
    The Indian Supreme Court has said that the offshore supply of goods and services by foreign companies cannot be taxed in the same way as those of an Indian firm.
    January 15 2007
  • Subpart F rules to be eliminated
    Taxpayers in the US must reassess their international tax planning after the shock removal of the Subpart F substantial assistance rules.
    January 15 2007
  • Commission calls for direct tax action
    The European Commission is proposing to work with EU member states on a binding dispute resolution mechanism to deal with double taxation.
    January 15 2007
  • Democrats want to clip oil breaks
    The Democratic party, who have recently taken charge of both houses of the US congress, have published a Bill which, if passed, will abolish tax relief that allows oil companies to claim a deduction for producing oil and gas and for refining oil. The relief is thought to be worth billions of dollars per year. Politicians in the House of Representatives will vote on the act, entitled 'Creating Long-Term Energy Alternatives For The Nation', on Jan. 18. It will then go to the Senate.
    January 15 2007
  • Northeast China gets tax breaks
    Businesses located in the provinces of Heilongjiang, Jilin and Liaoning will get their tax arrears waived so long as they have no record of dodging or evading taxes.
    January 15 2007
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