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  • China presses ahead with corporate tax reform
    Foreign companies in China are set to lose their preferential tax rate after a state official said that the process of equalizing tax treatment for foreign and domestic companies is “highly likely” to begin this year
    April 02 2005
  • Budget measures put on fast track
    The UK Finance Bill, which puts into effect much of what the chancellor of the exchequer announced in the Budget on March 16, has been published
    April 02 2005
  • India’s new VAT system already in trouble
    Companies with operations in India face mounting confusion and complexity over the introduction on Friday of the country’s new value-added tax (VAT) system
    April 02 2005
  • Belgian update: Notional interest deduction on the right track
    The introduction of the so-called notional interest deduction (as announced in the February edition) is on the right track
    April 02 2005
  • Austrian update: Exit tax regime catches up with Europe
    The Tax Amendment Act 2004 (Abgabenänderungsgesetz) has brought about considerable changes in Austria's exit taxation regime
    April 02 2005
  • Australian update: Transfer pricing audits become more frequent
    The Australian Taxation Office's (ATO) concern that multinationals are continually shifting profits has led to increased scrutiny of transfer pricing practices
    April 02 2005
  • Russia to continue tax clampdown
    There will be no let up in Russia's tough stance on tax evasion according to Igor Shuvalov, assistant to president Vladimir Putin. In a speech on March 29, Shuvalov said that reducing tax evasion and tightening the tax administration are Russia's paramount tasks.
    April 02 2005
  • IRS collects $3.2 billion from tax shelter programme
    The US Internal Revenue Service (IRS) has collected $3.2 billion from participants in a banned tax shelter scheme after a settlement programme announced last year. The complex shelters, known as Son of Boss, were created in the late 1990s and were designed to generate artificial tax losses to offset taxable income. When the IRS collects all the payments the total could reach $3.5 billion.
    April 02 2005
  • UK to renew tax agreement with China
    The UK Inland Revenue announced last Friday that discussions on a new double taxation agreement with China would be held soon and invited representations from interested parties. The existing double taxation agreement has been in place since 1984.
    April 02 2005
  • New rules for preferred tax regimes
    Until December 31 2004, Mexican tax law subjected Mexican taxpayers to immediate taxation on income generated indirectly in jurisdictions deemed to be tax havens. A list of countries deemed to be tax havens was included as an appendix to the law.
    March 31 2005
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