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New Zealand's tax policy work programme for 2006 will help "to ensure our tax arrangements remain competitive with trading parties like Australia to encourage investment and promote productivity.", the country's revenue minister has said. High on the list of priorities was a business tax review, measures to increase productivity and growth, and New Zealand's international tax rules. Peter Dunne outlined the blueprint when addressing the annual conference of New Zealand branch of the International Fiscal Association in Wellington.

Diagram 1: Tax contributions of all survey participants by tax A PricewaterhouseCoopers survey of most of the UK's top 100 companies has found corporate tax payments account for just half of their £18 billion ($31.2 billion) tax bill.

Treasury and the IRS have promulgated new temporary regulations to allow the making of late purging elections in order to eliminate the passive foreign investment company (PFIC) taint on ownership of shares in certain foreign corporations. This procedure, which requires IRS approval, should help taxpayers who have inadvertently fallen under the PFIC rules.

Mark Schofield: Would like more focus on tax risk management Around two-thirds of companies attending a tax risk management seminar in London did not have a written tax risk policy that was signed off by the board.

By Xavier Etienne, Landwell & Associés

By Heini Rüdisühli and Jean-Blaise Eckert, Lenz & Staehelin

VAT – Deduction of input tax – Capital goods – Immovable property – Adjustment of deductions.

Freedom of establishment – Freedom to provide services – Competition rules applicable to undertakings – State aid – Tax Advice Centres – Pursuit of certain tax advice and assistance activities – Exclusive right – Remuneration for such activities.

Directive 69/335 – Indirect taxes on the raising of capital – National legislation providing for the charging, in the case of a ‘reverse’ merger, of a proportional registration tax of 1% of the value of such a transaction – Classification as capital duty – Increase in capital – Increase in the assets of the company – Increase in the value of shares – Provision of services by a member – Decision to merge made by the members of the member.

Heather Gething stepped down as Herbert Smith's head of tax after four and a half years. She moves to the new role of head of tax planning and disputes. Neil Warriner, her deputy, who is real estate specialist, moves up to become head of the department. Bradley Philips will be his deputy.