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  • After pressure from businesses, the UK government has said it may scrap a controversial anti-avoidance tax measure relating to overseas subsidiaries.
  • Source: www.vismedia.co.uk Multinational companies with operations in India have received some welcome clarification on the country's international tax rules after a Delhi tribunal delivered a decision in a tax case involving three mobile phone operators.
  • Nick DeNovio: will join Latham & Watkins'
  • A group of Mexican lawyers, all former colleagues at the full-service law firm of Ortiz, Sainz y Erreguerena, have set up their own independent tax boutique.
  • Transfer Pricing Associates, an international boutique headquartered the Netherlands, has set up operations in the US, France, Germany, Japan, Switzerland, Australasia and South Africa.
  • Jill Weise, a former New England transfer pricing leader and firm director at Deloitte in Boston, has left the firm to join CRA International.
  • The IRS has issued an audit checklist to guide IRS examiners when they audit cost-sharing arrangements (CSA). The audit checklist contains a detailed list of documents that IRS examiners should request on audit and provides extensive instructions on how examiners should approach common audit issues, such as the valuation of buy-ins and the treatment of stock options.
  • Wilhelm Haarman: has no plans to retire Wilhelm Haarmann, a founding partner of German law firm Haarmann Hemmelrath, has decided to leave the firm after internal disagreements about its future direction.
  • The Internal Revenue Service (the Service) has issued final and temporary regulations (the New Regulations) on the withholding obligations of a partnership under Internal Revenue Code (IRC) section 1446 with respect to US business income allocable to a foreign partner. They are generally effective for partnership taxable years beginning after May 18 2005 but partnerships may elect to apply them to partnership taxable years beginning after December 31 2004.
  • The Dubai International Financial Centre (DIFC), an onshore financial free zone to complement the several free trade zones already existing in the United Arab Emirates, offers a 50-year tax holiday, 100% foreign ownership and unrestricted repatriation of profits and dividends. It is almost a year since the ruler of Dubai enacted the centre's first laws on September 19 2004.