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Advance pricing agreement programme launched

On January 1 2006 the provisions of the Tax Ordinance contained in a new section entitled "Agreements with respect to calculation of transaction prices" will come into force. The provisions introduce the possibility for taxpayers to enter into pricing agreements (APAs) with tax administration on application of selected transfer pricing method to transactions between related parties.

September 30 2005

Transfer pricing documentation requirements clarified

The enabling legislation to bring the transfer pricing and thin-capitalization rules into the South African Income Tax Act was passed in 1995.

September 30 2005

Value-added tax rules revamped

Anumber of significant developments occurred in Russian value-added tax (VAT) legislation recently. The amendments were introduced to the VAT chapter of the Russian Tax Code by three federal laws signed by the President of Russia on July 22 2005.

September 30 2005

R&D incentives updated

For several years a tax incentive has been in force in the Mexican Income Tax Law (MITL), which allows Mexican taxpayers to claim a credit for the expenses incurred in connection with technological research and development (TR&D) projects. The most recent update of the rules for the application of this benefit have been published in the Official Gazette providing some guidance for its application.

September 30 2005

Municipal business tax reduction planned

The Luxembourg corporate income tax rate, referred to 30.38% nowadays, is the result of three components. Two components are levied to the benefit of the state, that is, a 22% base rate increased by 4% due to the unemployment contribution, and a third component, the so-called municipal business tax (MBT), levied the benefit of the municipality where the taxpayer is established. This rate is in turn the result of various components.

September 30 2005

Directory of contacts

Torsten Fetzer (KPMG's regional contact for Latin America) – KPMG in Argentina

September 30 2005

Cross-border transactions and 2005's new tax rules

By Luis Liñero, Deloitte

September 30 2005

Singapore - Tax authorities pay more attention to transfer pricing

By Geoffrey Soh, KPMG in Singapore

September 30 2005

KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative.

September 30 2005

India launches VAT system

Although India's decision to introduce a VAT system on April fool's day was tempting fate, Bhavna Doshi of KPMG in India reports that, despite a few teething problems and some unresolved uncertainties, the new regime has been widely welcomed

September 30 2005

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