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  • UK opposition party commission proposes business tax cut
    The Tax Reform Commission, set up by the UK's right-wing Conservative Party last year, has said the corporate tax rate should fall by five percentage points to 25%.
    September 25 2006
  • IRS makes new appointment for technical post
    Clarissa Potter will replace Heather Maloy, who is returning to private practice, as deputy chief counsel (technical) at the IRS. Since December 2005, Potter has been senior counsel to the chief counsel (legislation).
    September 25 2006
  • Japanese prime minister could cut corporate rates
    Shinzo Abe, Japan's new prime minister, will make ¥600 billion ($5.2 billion) worth of cuts a source close to Abe told Japanese newspaper The Yomiuri Shimbun. The country's corporate tax rate is the second highest in the OECD.
    September 25 2006
  • New Zealand corporate tax cut likely
    Michael Cullen, New Zealand's deputy prime minister and finance minister, predicted the business tax review that the government are now conducting would lead to a lower corporate tax rate. Cullen also said exporters were likely to see preferential levies.
    September 25 2006
  • Over half a million US corporate tax returns filed electronically
    More than 12,500 large businesses – defined as companies with $50 million plus worth of assets - e-filed this year by the September 15 deadline.
    September 25 2006
  • ECJ Cadbury-Schweppes verdict damaging for governments across EU
    The European Court of Justice (ECJ) ruled that regarding Cadbury-Schweppes' Irish subsidiary, the UK's CFC rules contravene EU law on freedom of establishment. Unless the UK authorities can show that the motive test – part of the UK's current CFC rules relating to whether a subsidiary has real economic purpose– is in line with the ECJ judgment. Germany and Sweden may also have to change their CFC legislation to comply with the ruling.
    September 17 2006
  • US and Australian firms make alliance
    US firm Alvarez & Marsal and Australian-headquartered McGrath Nicol + Partners announced their affiliation on September 12.
    September 17 2006
  • US authority and pharmaceuticals company settle largest-ever tax dispute
    GlaxoSmithKline, a pharmaceuticals company, agreed to pay the Internal Revenue Service (IRS) between $3.1 billion and $3.4 billion – the largest ever single payment to the IRS - and dropped its claim for a $1.8 billion refund.
    September 17 2006
  • Gibson Dunn & Crutcher recruits tax partner
    Romina Weiss is leaving the partnership at Troutman Sanders in New York to join Gibson Dunn & Crutcher as a partner in the same city.
    September 17 2006
  • ECJ rules against Portuguese territory's tax cut
    The European Court of Justice upheld an EU Commission verdict that tax cuts in the Azores islands in the mid-Atlantic went against EU law. Portugal had told the Azores it could cut income and corporate taxes to handle economic difficulties in 1999. The EU Commission said in 2002 that the tax cuts were illegal because they overcompensated for the economic difficulties.
    September 17 2006
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