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  • The 2005 Australian federal Budget contained proposals to restrict the range of assets that will be subject to Australian capital gains tax (CGT) in the hands of non-residents.
  • Pete Miller of Ernst & Young argues that the European Company, Societas Europaea or SE, that is part of the EU Mergers Directive, is part of what is probably a move towards greater harmonization of company law and regulation throughout the EU
  • The highest court in Canada has delivered its first verdicts on the general anti-avoidance rule. How the judges came to the decisions is as interesting as the decisions themselves, explain Edward Rowe and David Spiro of Blake, Cassels & Graydon
  • The US House of Representatives finally caught up with the Senate in the first week of December, passing its own form of tax cut reconciliation legislation. The Senate had passed its own version before the Thanksgiving recess in November.
  • Joel Walters took over as head of tax for Vodafone, a mobile phone service provider, on November 17. He replaces Lynne Patmore who left the company in the summer. Patmore joined RSM Robson Rhodes' London office in December as an international tax practioner.
  • Clarissa Potter, the new acting senior counsel to the chief counsel of the Internal Revenue Service in the US, moves from another position in the Office of the Chief Counsel, that of special counsel.
  • Eric Roose: one can see why officials have been unhappy A Ministry of Finance official has revealed that the Japanese government is aiming to close a loophole in its tax code that foreign companies have used to avoid paying taxes on corporate bonds issued to finance their businesses in Japan.
  • Marks & Spencer has succeeded in convincing the European Court of Justice that it should be allowed to offset losses incurred by overseas subsidiaries against its UK tax bill. But it was not a total victory.
  • US taxpayers will be able to request an automatic, six-month tax-filing extension for certain business returns from January 1 2006. Businesses will be able to request a six-month tax-filing extension, without a reason or signature. This simplifies the existing two-step process, although a tax-filing extension does not alter the tax-payment deadline.
  • The Indian government has extended the withholding tax exemption for airplanes until March 31 2006, after Indian airlines made a representation stating that this would make leasing of aircraft from foreign companies more economical. The extension will reduce the cost of leasing aircraft and engines from foreign lessors by up to 40%.