Search results for

The US Internal Revenue Service (IRS) and the Treasury Department issued revisions on May 18 to the standards for written tax advice that were released at the end of last year.

Peter Costello, the Australian Treasurer, announced in the country's budget of May 10 that Australia will no longer impose capital gains tax on most Australian-source capital gains made by non-residents, a measure that will benefit foreign investors. Other international tax changes in the Budget include measures to simplify the foreign loss quarantining regime.

The Tax Department is currently made up by eight partners and three senior associates, assisted by around thirty other tax lawyers from the offices of Madrid, Barcelona, Bilbao, Valencia, Lisbon, Porto and New York. The Department advises on all Spanish and Portuguese direct and indirect taxes, but has particular expertise in mergers and acquisitions, financial products and capital markets, International tax planning, real estate transactions and project finance, assurance and pension funds, internet and electronic business, high net worth individuals, stock options plans and alternate schemes and tax investigation and disputes.

Edmund Cohen, former head of Coudert Brothers' global tax practice, has left the firm for Winston & Strawn (W&S). He joined W&S' New York office last Monday, May 9.

Barbara Mace, formerly a partner and head of the US financial services transfer pricing practice at Deloitte, has moved to big-four rival Ernst & Young. Mace joined Ernst & Young's New York office on May 3 and will head the firm's financial service office's transfer pricing practice.

On March 1 2005 the legislation relating to reportable arrangements became effective. Under this legislation parties to transactions that have the potential for tax avoidance are obliged to make disclosure of the details, including a description of all the steps and key features, a list of the parties involved, copies of the signed documents and financial models, to the South African Revenue Service (the SARS).

Daniel Chan, formerly of Baker & McKenzie's Hong Kong tax practice, has joined DLA Piper Rudnick Gray Cary as head of tax for Asia. Chan specializes in the tax aspects of inbound investment into China. His practice covers corporate tax planning, tax incentives, M&A and indirect taxes.

When considering business acquisitions, it will always be an important factor to determine the tax basis of the goodwill involved. Under Spanish tax law, this issue is treated differently where the business acquisition takes the form of an asset or a share deal.