ITR Search | International Tax Review

US to consider fundamental tax reform

After putting tax reform as a top priority in his campaign for a second term and winning greater majorities in the both the House of Representatives and the Senate, President George Bush looks well-placed to further advance the tax reform agenda, which could include a new federal consumption tax

November 14 2004

Italian update: Commission deems tax incentive to be illegitimate State aid

The Official Journal of the European Union of September 9 2004 contained the European Commission's invitation to submit comments to its letter to the Italian Government of May 7 2004 where it claimed that a certain Italian tax incentive should be treated as an illegitimate State aid pursuant to articles 87 and following of the EU Treaty

November 14 2004

Australian update: IFRS tax rules challenge thin cap safe harbours

A rapidly emerging issue is the impact that International Financial Reporting Standards (IFRS) will have on the thin capitalization "safe harbour" which is measured with reference to Australia's Generally Accepted Accounting Principles (AGAAP)

November 14 2004

Hong Kong proposes capital gains tax

Henry Tang, Hong Kong’s finance secretary, on November 1 2004 proposed the introduction of a capital gains tax to increase tax revenues, reduce Hong Kong’s spiralling fiscal deficit and broaden the tax base

November 14 2004

German update: Germany revises international tax regulations

In May 2004, the German Federal Ministry of Finance issued an updated and revised version of the comprehensive regulations that guide the tax authorities in their application of the Foreign Transactions Tax Law (Aussensteuergesetz - AStG). The revised regulations (published in the German Federal Gazette Part I 2004, special issue 1/2004) supersede those of December 1994 and reflect subsequent legislation and high court decisions

November 14 2004

UK update: Inland Revenue changes disclosure arrangements significantly

The new UK tax disclosure rules, which oblige promoters and in some cases users of tax planning arrangements involving financial products or related to employment to notify details of the arrangements to the Inland Revenue, came into effect on September 30 2004

November 14 2004

Baker & McKenzie poaches Landwell tax partner

The French tax practice of Landwell, the PricewaterhouseCoopers-affiliated law firm, has lost a high-profile, value-added tax (VAT) partner to Baker & McKenzie

November 14 2004

Tax advice wins clearance from Three Rivers opinion

The UK Inland Revenue can not compel a tax lawyer to reveal advice he gives to a client after the House of Lords ruled on November 11 2004 that communications between a lawyer and his client qualify for legal professional privilege

November 14 2004

UK government hints at cuts in business taxes

Gordon Brown, the UK Chancellor of the Exchequer, hinted last week that his government might reduce business taxes in an effort to ensure the country maintains its international competitiveness

November 14 2004

Optiver BV, Optrix BV, Optra BV, Robeco Obligatie Dividend Funds NV and others v Stichting Autoriteit Financiële Markten, successeur en droit de Stichting Toezicht Effectenverkeer

Free movement of capital – Indirect taxation – Tax on the raising of capital – Directive 69/335/EEC – Scope – Securities market – Companies authorised to deal on that market – Annual levy calculated on gross profits, the aim of which is to finance the public supervisory body for the securities market.

November 09 2004

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