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New UK tax initiatives aim for dialogue with boardroom

HM Revenue & Customs in the UK has written to the country's top 500 companies to seek the boards' views on a dialogue with the authorities. The new initiative has been launched due to the "desire for greater engagement and discussion with businesses, particularly at board level" according to the HMRC.

December 01 2005

OECD makes progress on tax information

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.

December 01 2005

Greek Ministry of Finance proposes cost plus method

The Greek Ministry of Finance has drafted a law introducing a cost plus method to determine gross profits of Greek companies which are solely involved with providing services to their head offices or to associated foreign companies. All costs taken into account for the determination of gross profits will be considered to be tax deductible as long as the companies have obtained a special licence from the Ministry of Finance.

December 01 2005

Transfer pricing is priority tax issue for tax executives globally

Almost half of the European and Asia-Pacific tax directors questioned for a global survey have cited transfer pricing as the most important tax issue facing their organizations. Globally, 39% of tax directors identified it as the most important tax issue.

December 01 2005

Canadian minister promises corporate tax relief

The general corporate tax rate in Canada will be cut from 21% to 19% by 2010, Ralph Goodale, the country's minister for finance, has announced in his second Economic and Fiscal Update. The minister also revealed that corporate surtax and federal capital tax will be scrapped two years earlier than planned, in 2006. Canada is holding a general election on January 23.

December 01 2005

Hungary cuts taxes to increase competitiveness

The Hungarian parliament has approved a five-year package of tax cuts as part of a government plan to increase competitiveness. The tax package reduces the highest bracket of value added tax from 25 % to 20% and the move will mean a fall in government tax revenue by Ft1 trillion ($4.7 billion) over the next five years.

December 01 2005

Why Indian transfer pricing rules are lacking

By Markus Brem, GlobalTransferPricing Business Solutions, Munich

December 01 2005

Baker & McKenzie

December 01 2005

Hoet Pelaez Castillo & Duque

December 01 2005

PricewaterhouseCoopers

December 01 2005

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