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  • 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
  • Corporates can expect some far-reaching changes in the tax arena in Spain. Among the initiatives recently announced, which will be embodied in legislative changes in the short term, reference may be made to the approval by the Council of Ministers on February 25 2005 of the first package of measures of the Plan for the Dynamization of the Economy
  • The United Nation's Economic and Social Council has passed a resolution to set up a new international tax body
  • In a one-on-one interview with International Tax Review in Washington, DC, Senator Connie Mack, chair of the President’s Advisory Panel on Federal Tax Reform, revealed his thinking so far on proposals to amend the US tax system
  • Baker & McKenzie, McDermott Will & Emery and Haarmann Hemmelrath have all expanded their tax groups in Germany by hiring tax specialists from accounting firms
  • 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
  • There has been significant change in Polish legislation on special economic zones (SEZs) that substantially increase their attractiveness to multinational investors
  • 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