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  • Large businesses need better tax accounting systems, according to KPMG survey
    Less than one in five tax departments at some of the world's largest firms have tax software linked to financial accounting systems, a KPMG survey has found. This is despite almost three-quarters of tax executives surveyed believing they need links their company's accounting systems or better integration of tax technology. KPMG surveyed 120 senior tax executives from multinational corporations.
    May 21 2006
  • New tax lawyer for Lovells' Prague team
    Vera Pastikova has joined Lovells' Prague tax practice from Mazars, where she was responsible for corporate income tax, real estate tax and VAT.
    May 21 2006
  • EU to get improved procedures
    The European Commission plans to continue to modernize its customs and fiscal procedures if its proposal to renew the Customs 2007 and Fiscalis 2008 programmes from the end of 2008 to 2013 is accepted
    May 21 2006
  • Spain hastens corporate tax cut
    Spain's government will cut 5 percentage points off the corporate income tax rate in two to three years not five years, as was originally proposed. Spain announced on January 20 that the corporate rate would be reduced from 35% to 30% by 2011.
    May 21 2006
  • German lower house passes VAT hike
    The German Bundestag, the lower house of parliament, passed the increase of three percentage points on May 19. The hike, if passed by the upper house – the Bundesrat, will bring the German VAT rate to 19%. At almost one-fifth, it is the biggest tax increase since the last World War.
    May 21 2006
  • Morgan Lewis adds tax controversy lawyer to Palo Alto office
    William Colgin Jr has joined Morgan Lewis' Palo Alto practice from Fenwick & West. Colgin, who will be a partner at the firm, will focus his practice on federal tax controversy.
    May 21 2006
  • President Bush signs US tax reconciliation bill
    George W Bush signed the tax reconciliation bill on May 17. The bill sees the US cancel the foreign sales corporation/extra territorial income (FSC/ETI) tax benefits, which the EU had wanted scrapped. The bill also proposes a two-year extension to the subpart F exception for active financing and insurance income. There is also a new subpart F exception for certain cross-border payments.
    May 21 2006
  • Magpar VI BV v Staatssecretaris van Financien
    Indirect taxes on the raising of capital – Directive 69/335/EEC – Article 7(1)(b) and (bb) – Capital duty – Exemption – Requirements – Retention for a period of five years of shares acquired.
    May 17 2006
  • Two new hires expand TP practice for Duff & Phelps
    Victor Miesel and Vinay Kapoor have joined the transfer pricing practice of Duff & Phelps, the financial advisory firm, in the New York office.
    May 14 2006
  • Chávez doubles Orinoco oil tax
    Venezuelan president Hugo Chávez raised royalty taxes for energy companies working in the oil-rich Orinoco belt from 16.6% to 33.3% on May 7. Chávez believes that the tax hike will bring $885 million in extra revenue.
    May 14 2006
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