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Two years ago, the Dutch Supreme Court decided that gains and losses derived from options on 5% share interests qualify under the participation exemption. Basically, shareholders that sold an option on their 5% share interest could benefit from the exemption. Conversely, results made by the buyer of an option that gave the right to acquire a 5%-or-more share interest were also tax-exempt. One of the requirements set by the Supreme Court was that the option should relate to shares on which the participation exemption was applicable.

As from June 1 2005 several significant changes to the Value-added Tax (VAT) Act became effective. This is the first such an amendment to the new, post-accession Polish VAT law. Most important changes are as follows.

Michael Paine, president of the Corporate Tax Association, explains why change is the only constant in Australia's tax system

Pete Calleja and Helen Fazzino of PricewaterhouseCoopers' transfer pricing group explain how to get the most out of tax-efficient corporate restructuring

Ken Fehily and Heydon Miller of PricewaterhouseCoopers assess the country's value-added tax regime

By Frederick Barrett and Agustín Mercado, PricewaterhouseCoopers, Mexico City

Directive 69/335/EEC – Indirect taxes on the raising of capital – Notary’s charges – Notary employed as a civil servant – Payment to the State of a fixed portion of the charges.

Article 43 EC – Right of establishment – Articles 82 EC and 86 EC – Free competition – Abuse of dominant position – Article 87 EC – State aid – National rules granting certain organisations exclusive power to provide specified types of tax advice and assistance to employees and small undertakings in declaring income tax.

Deloitte & Touche Tax Technologies, part of the international professional services firm Deloitte, has launched the CORPTAX ETS Visual Org System, its latest piece of high-tech international tax software

Last Thursday Treasury and the Inland Revenue Service (IRS) made available the draft version of the 2005 schedule M-3, which deals with income and loss reconciliation for companies with assets over $10 million. They also released instructions for form 1120, the US corporate income tax return. For more information click here.