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Highlights and photos from the first-ever Asia Tax Executive Forum in Singapore in April

The Opinion from an advocate-general of the European Court of Justice in the Cadbury Schweppes case hints that the court could follow its recent trend of giving some hope to both national governments and taxpayers at the same time, when its decision is issued at the end of 2006 or early next year.

The Indian Authority for Advance Ruling (AAR) in the case of Morgan Stanley & Co v DIT recently examined whether a US company had a permanent establishment (PE) in India under the India-USA tax treaty (the treaty) on account of outsourcing certain services to its affiliate subsidiary in India and from deputation of personnel to the subsidiary. The personnel who were to be deputed to India were to be engaged either for providing stewardship services to the Indian company or were to be seconded to work under the control of the Indian company.

Several interesting court decisions regarding the taxation of corporations were issued recently. Some of them are highlighted below.

The Australian Taxation Office (ATO) continues to generate rulings and determinations, with regard to the foreign exchange rules (in Division 775 of the Income Tax Assessment Act 1997), which apply from July 1 2003. The highlights of these developments are set out below.

The European Court of Justice's ruling in the Abbey National case is a key decision for the asset management industry. The reaction of different member states will depend on what investment activities they have considered to be VAT exempt before now, according to Atoz Tax Advisers