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  • Six EU countries asked to amend outbound dividend rules
    The EU Commission has sent formal requests to Belgium, Spain, Italy, Luxembourg, the Netherlands and Portugal asking them to change the law on the taxation of outbound dividends. The six countries tax dividend payments to foreign companies more harshly than those paid to domestic companies, which contradicts EU law on the free movement of capital.
    July 30 2006
  • New trial date for ex-KPMG staff
    Judge Lewis Kaplan has postponed the tax shelter trial, which was to start on September 11, until January 2007. The judge said the new start date was to allow defendants to review government documents published after the October 5 2005 deadline.
    July 23 2006
  • UK business often unaware of tax incentives, finds PricewaterhouseCoopers survey
    Average awareness of nine tax incentives named in a survey by PricewaterhouseCoopers was just 41%. The best known of the incentives was the first year allowances for capital asset acquisition, which 64% of respondents were aware of. Only 14% knew of the least well-known incentive, the corporate venturing scheme. Three hundred and fifty- private UK-based companies took part in the survey.
    July 23 2006
  • Duff & Phelps adds to transfer pricing practice
    Tim Reichert became managing director of Duff & Phelps's Denver transfer pricing practice on July 20. Reichert was at Ernst & Young before joining his new firm.
    July 23 2006
  • EU asks Belgium to end discrimination against foreign shareholders
    The EU Commission has sent a formal request to Belgium asking the jurisdiction to end the practice of double taxation of foreign dividends. The Commission considered the treatment of foreign dividends unfair because there is no double taxation on domestic dividends.
    July 23 2006
  • Head of UK tax authority resigns
    Sir David Varney, chairman of HM Revenue & Customs, will stand down on September 1. Varney will become senior adviser on transformational government to Gordon Brown, the UK chancellor of the exchequer
    July 23 2006
  • EU wants repeal of Luxembourg financial holdings tax breaks
    The EU Commission said Luxembourg's laws on Exempt, Milliardaire and Financial Holdings of 1929 constitute illegal state aid and should be repealed before the end of 2010.
    July 23 2006
  • EU says no to German and Austrian reverse charge schemes
    The EU Commission has said the reverse charge schemes, which sought to cut VAT fraud, cannot be implemented because they are not in line with EU law.
    July 23 2006
  • Tax policy chief urges simplification
    In a statement to the Senate Finance Committee, Eric Solomon, the nominee to be US assistant secretary of the treasury for tax policy, said the US tax code needed to be simplified. Solomon also highlighted tax compliance as an important issue.
    July 17 2006
  • PricewaterhouseCoopers UK boosts tax partnership by 20
    Fourteen of the new partners are based in London. The new partners' specialist areas include corporate tax, transfer pricing, financial services, VAT and M&A
    July 17 2006
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