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One of McCarthy Tétrault's former tax partners has rejoined the firm.

Representatives of the member firms of Taxand An alliance of tax firms has come together in Europe, India and the US to provide their clients with independent tax advice on international tax. Taxand will be a non-exclusive network of tax firms which will work with each other when possible.

Andrew Needham, a former tax partner at Willkie Farr & Gallagher, has become Cravath, Swaine & Moore's first lateral hire for 62 years. His move is the first time since 1943 that Cravath, Swaine & Moore has recruited a partner from outside the firm. Needham has advised clients including Zurich Insurance Company, Midamerican Energy Holdings and Teva Pharmaceuticals. He will join his new firm on April 4 2005.

The minister of finance delivered his Budget speech to Parliament on February 23 2005. The Budget was reasonably expansionary, with additional funds being spent on social welfare and infrastructure development.

Interest on loans entered into by a foreign head office and allocated to a Russian permanent establishment (PE) is considered to be sourced from Russia under most double tax treaties (DTTs) concluded by Russia. Therefore such interest is subject to Russian withholding tax (WHT) at the rate of 20%. This rate is reduced to 0% under most DTTs (Russia's treaties with the US, UK, Luxembourg, the Netherlands and Cyprus). However, under certain DTTs (Russia's treaties with Italy and Switzerland), the WHT rate is reduced to 10% or 5% and therefore it is necessary to pay WHT.

The Philippine Chamber of Commerce and Industry (PCCI) has opposed a government tax proposal that would increase corporate income tax from 32% to 35%.