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  • US Department of Justice The conviction of a New York banking executive for tax evasion could be critical to any case that the US authorities' might take against KPMG for selling illegal tax advice, according to news reports. At the same time, FT.com reported on August 22 that the big-four accounting firm and the authorities were in the final stages of agreeing a legal settlement over the sale of tax shelters by KPMG.
  • 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.
  • Investment partnerships or professional partnerships that do not register their business domicile will have to pay the municipal tax in the district corresponding to the domicile recorded before the IRS.
  • Spain recently enacted a new set of regulations clarifying the tax treatment of certain securities lending transactions. However, this new legislation is unclear and there are several issues open to interpretation, points out Miguel Baz of Lovells
  • Simon Briault speaks to corporate tax directors to investigate the pros and cons of increasingly long and complicated tax systems
  • New Zealand taxpayers have negotiated two significant advance pricing agreements (APAs) - one with Japan by a major produce exporter and one with the US by a leading manufacturer. According to Ernst & Young, which advised on both deals, the bilateral agreements are firsts for New Zealand with each jurisdiction, respectively.
  • Multinational companies with operations in the United Arab Emirates (UAE) could face higher tax bills after the country asked the IMF to help it to develop a value-added tax (VAT) system.
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  • Drew & Napier is one of the largest legal firms in Singapore.