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  • European tax specialists have said that the opinion of the advocate-general in the Marks & Spencer (M&S) case at the European Court of Justice (ECJ) leaves many questions about the future of international taxation within the EU unanswered
  • Turnover tax – Common system of value added tax – Article 17 of Sixth Directive 77/388/EEC – Deduction of input tax – Amendment of national legislation – Retroactive effect – Principles of the protection of legitimate expectations and legal certainty.
  • The main issue in dispute between the taxpayer company, a life assurance company, and the Inland Revenue, was how double tax relief is calculated where the receipt that has been subject to overseas tax is included in trading profits taxed on schedule D-case I principles
  • The United Nation's Economic and Social Council has passed a resolution to set up a new international tax body
  • There has been significant change in Polish legislation on special economic zones (SEZs) that substantially increase their attractiveness to multinational investors
  • Until December 31 2004, Mexican tax law subjected Mexican taxpayers to immediate taxation on income generated indirectly in jurisdictions deemed to be tax havens
  • The UK government launched HM Revenue & Customs (HMRC), the new tax body formed after the merger of the old Inland Revenue and Customs & Excise on April 18 2005
  • The EU Council of Economic and Finance Ministers (ECOFIN) announced last week that the EU Savings Tax Directive is ready to be introduced on July 1 2005. The announcement follows the ratification of agreements on savings tax with Andorra, Liechtenstein, Monaco, San Marino and Switzerland. ECOFIN ministers plan to meet on June 7 2005 to review any last-minute problems with the directive.
  • The Tax Executives Institute (TEI), a professional organization of business executives, has formally created an Asian chapter
  • Germany's corporate and trade tax consolidation rules were significantly modified in 2003. In February 2005, the tax authorities released proposed administrative guidance on the new rules