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Worries that securities tax breaks might be cut were behind the weakness of the Japanese shares recently, Taizo Nishimuro, the head of the Tokyo Stock Exchange, told a news conference on November 20

UK corporate taxpayers will soon be able to find out the tax consequences of a transaction before the deal goes through, as a result of a proposal in the Varney Review

James Durling, whose trade regulatory practice includes transfer pricing, is one of a 14-strong international trade practice that has moved from Willkie Farr & Gallagher to Vinson & Elkins in Washington

US taxpayers are in a spin as they attempt to comply with the Accounting for Uncertainty in Income Taxes rules by the December 15 deadline

Merck, a US pharmaceuticals company, revealed it may be liable for up to $5.58 billion in tax on Tuesday.

The UK tax authorities have had to put back the introduction of reverse charge accounting for businesses trading in mobile phones, computer chips and other electronic products.

An international study has found that corporate tax forms 36% of the Total Tax Rate – a combination of the number of payments, the time taken to comply and the total tax payable – paid by business in 175 countries. Because of this, the authors believe company tax reform should consider all the taxes a company pays and not just income tax.

Romano Prodi, the Italian prime minister, has pledged to crackdown on tax evasion in the 2007 Budget but will open up the economy with reforms encouraging M&A.

Richard Nugent has become a special counsel in the New York office of Cadwalader, Wickersham & Taft. He advises clients on the tax aspects of public and private corporate mergers, acquisitions, spin-offs, cross-border tax planning strategies, the tax consequences of restructurings and bankruptcies, and financing transactions.

Government plans to impose a tax on income trusts in Canada seem set to become reality after receiving backing from the House of Commons. The amendment was supported by Conservative, Bloc Quebecois and New Democratic Party MPs in the minority parliament. The Liberals alone voted against the changes. Income trusts afford more favourable tax treatment compared with a conventional company structure, as federal and provincial income tax is avoided by paying out most of, or all earnings to investors, instead of retaining profits for future investment.