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  • Sixth VAT Directive – Article 10(2) – Chargeability of VAT – Payment of amounts on account – Prepayments for future supplies of pharmaceutical products and prostheses.
  • Sixth VAT Directive – Article 2(1), Article 4(1) and (2), Article 5(1) and Article 6(1) – Economic activity – Supplies of goods – Supplies of services – Transactions designed solely to obtain a tax advantage.
  • VAT – Products subject to excise duty – Tobacco product tax stamps that go missing prior to use.
  • Thomas Fitzgerald, a partner in the firm's tax practice, will become managing partner of Winston & Strawn in August
  • An initiative to create a dynamic analyses division within the US Treasury to examine the impact of tax policy changes is included (link available) in the Blue Book – the explanations of the revenue proposals in the 2007 Budget – which was published on February 6
  • The UK tax authorities did win an appeal last week. The House of Lords decided that the compensation that a UK subsidiary of Pirelli, an Italian company, received from the UK for the advance corporation tax it paid on dividends paid to its parent should take into account the amount of tax credits received under the UK-Italy double tax treaty.
  • UBS, the Swiss-owned financial services group, has won its tax credit appeal against the UK tax authorities in the High Court in London. The court overturned last year's decision by the Special Commissioners which found that UBS was not unfairly discriminated against in the tax treatment of payouts, compared with a UK resident entity under the former advanced corporation tax regime.
  • Alejandro Escoda, of Cuatrecasas in Madrid, and David Hardy, a partner of McDermott Will & Emery in its New York office, have been elected co-chairmen of the International Bar Association's taxes committee for 2006
  • The Australian government will spend an additional A$305 million over the next six years in a crackdown against offshore tax schemes and fraud
  • Axa Asia Pacific is suing the Australian Taxation Office (ATO) over a A$127 million ($94 million) tax bill. The dispute originated from the ATO's treatment of the financial services company's income after the sale of Axa's health insurance business in 2002. Axa is now requesting that the court either reverses the authority's decision or reduces the company's taxable income for 2002 by A$383.1 million