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  • Deutsche Bank profits cut by tax probe
    Deutsche Bank announced on March 9 that it would lower profits by €250 million ($298 million) because of the US investigation into the bank's part in the KPMG tax shelter scandal. The cut represents 6.6% of the €3.8 billion expected profit.
    March 14 2006
  • Large US corporates complete online filing
    Over 450 companies with assets of $50 million or more have e-filed their tax returns before the initial March 15 deadline, the Internal Revenue Service (IRS) said on March 8.
    March 14 2006
  • UK stops film tax relief exploitation
    HM Revenue & Customs announced on March 10, that an avoidance scheme involving tax relief for film production would now be illegal.
    March 14 2006
  • Simmons & Simmons opens Amsterdam office
    The Dutch financial markets group will move from Rotterdam to Amsterdam. The group comprises 18 lawyers and tax advisers including tax partner Rene van Eldonk.
    March 14 2006
  • Corporate tax cut wouldn't affect revenue
    The UK's Institute of Directors (IoD) has said that a 2% cut in the corporate tax rate could be paid for by ending tax relief and increasing economic activity. Though a reduction from 30% to 28% would cost the UK Treasury £3 billion ($5.2 billion), the IoD predicted cancelling 10 forms of tax relief would raise £2.7 billion and the increase in economic activity because of the cut would raise £300 million.
    March 14 2006
  • EU launches online VAT consultation
    An EU consultation will look at businesses views on new EU legislation affecting VAT treatment for financial services and insurance.
    March 14 2006
  • Axel Kittel v État Belge and État Belge v Recolta Recycling SPRL
    Value added tax (VAT) – Deduction of input tax – ‘Carousel’ fraud – Abuse of rights – Transactions effected with the sole aim of obtaining an unlawful tax advantage – Loss of the right to deduct.
    March 14 2006
  • Banca Popolare di Cremona v Agenzia Entrate Ufficio Cremona
    VAT – Internal taxation – Regional tax on production.
    March 14 2006
  • Firms chosen for US debt collection
    Three companies have been chosen for the first phase of the controversial privately-run tax debt collection initiative, the Internal Revenue Service announced on March 9
    March 14 2006
  • Ministre de l’Économie, des Finances et de l’Industrie v Gillan Beach Ltd
    VAT – Place of taxable transactions – Fiscal connection – Services provided in connection with boat shows.
    March 09 2006
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