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  • 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.
  • 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.
  • Sixty five of the countries reviewed for the OECD's Global Forum on Taxation have legal mechanisms in place that permit the exchange of information for both criminal and civil tax matters, according to a report published during the latest meeting of the forum in Melbourne in November.
  • By Markus Brem, GlobalTransferPricing Business Solutions, Munich
  • A member of the board of the Reserve Bank of Australia, which sets the country's interest rates, has resigned after it was revealed that his companies were the subject of a A$150 million ($113 million) tax evasion probe at the time he was appointed in 2003.
  • John O'Donnell: Objective to develop assets confiscation practice John O'Donnell, previously a senior manager with PricewaterhouseCoopers tax investigations practice, has joined UK tax consultancy firm, Chiltern.
  • Changes to oil tax regime The tax hike for North Sea oil and gas producers, announced in the UK's 2005 pre-Budget report, has been described as "almost beyond comprehension" by the UK Offshore Operators' Association.