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KPMG in the US has sold its compensation and benefits tax practice to Smart & Associates, a Pennsylvanian business advisory, consulting, accounting, tax, and financial planning firm. KPMG in the US has to divest itself of its private client and compensation and benefits tax practices by the end of this month, according to the terms of its agreement with the US government in 2005 to settle tax-shelter investigations

Ernst & Young's worldwide revenues from tax services grew by 5% to almost $4.5 billion in 2005.

The Indian states of Delhi, Rajasthan, Uttar Pradesh and Gujarat have agreed to maintain uniform tax rates on bullion. All the four states agreed to impose 1% value-added tax or sales tax on the precious metals, providing a major relief to Delhi, which has been losing considerable amount of bullion trade to states where a lower tax regime prevailed

The Business Council of Australia has called for a "major review of Australia's growing corporate tax burden", in its budget submission.

The English Court of Appeal has upheld the High Court ruling in favour of Revenue & Customs against 50 large US and Japanese multinationals trying to reclaim tens of millions of pounds of advance corporation tax. The Court of Appeal found that while advanced corporation tax breached relevant terms in the tax treaties, that part of the treaties had not been implemented by UK legislation. The decision enables the companies to appeal to the House of Lords on domestic law issues or to take the case to the European Court of Justice on points of European law

A new comprehensive double taxation convention between the UK and Japan has been signed. The new treaty includes the complete elimination of source-country withholding taxes on all royalty income; certain interest income, including interest income earned by financial institutions; and dividend income paid to parent companies with a controlling interest in the paying company.

A committee of corporate bonds and securitization specialists has recommended a uniform rate of stamp duty throughout India. Link available

In its annual electronic filing report, the IRS Oversight Board has recommended that the IRS' e-filing goal be extended to 2011. According to the goal, at least 80% of all tax returns should be filed electronically by 2007.

Ireland's Finance Bill 2006 includes measures to restrict the tax deduction available on loans used by one company to buy shares in a related company; a general anti-avoidance provision which would allow the tax authorities take action to withdraw a tax advantage from a transaction and more scope for the tax authorities to impose VAT groups

The US Senate voted 66 votes to 31 on February 3 to pass a revised tax reconciliation Bill, allowing it to proceed to a conference with the House of Representatives on a definitive tax reconciliation package