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Comprehensive tax reform is set to transform how companies calculate how much they owe. Among the many changes is a cut in the tax rate, explain Manuel Solano, Federico Aguilar, Alberto Lopez and Terri Grosselin of Ernst & Young

As the UK High Court is about to give details of its referral of a thin-capitalization group litigation order to the European Court of Justice (ECJ), Philip Martin, formerly deputy head of tax at retailer Marks & Spencer, has abruptly left Dorsey & Whitney, the US law firm handling the order for claimants including Pepsi, Volvo and a subsidiary of Caterpillar.

The introduction of a capital gains tax (CGT) in Hong Kong would be deeply unpopular according to members of the tax community there. Henry Tang, Hong Kong's finance secretary has proposed the introduction of a CGT to increase tax revenues, reduce Hong Kong's spiralling fiscal deficit and broaden the tax base.

Two decisions from the House of Lords, the UK's highest court, have failed to give definitive guidance on tax avoidance in the UK. In the Scottish Provident case, which the Inland Revenue won, the law lords ruled on November 25 2004 that a court may need to consider a series of transactions when applying a tax law. But in a separate ruling on the same day, the Inland Revenue lost a verdict to Barclays Mercantile which confirmed that business purpose may not be necessary to enjoy a tax benefit. See the February 2005 issue for full-length feature.

By the end of 2004 Germany will have enacted two bills transposing major EU secondary legislation into German law:

The re-election of the coalition government has buoyed the business community with heightened expectation of further tax reforms. High on the wish list is completion of the present round of business tax reforms and a government commitment to personal tax reform.

Better tax planning from better-qualified advisers is one of the key ways tax services need to improve in Latin America. Sed Crest uncovers what else tax executives have on their minds

The JOBS Act has implications for how and when participants in some compensation plans can claim benefits. Companies should be ready to amend their plans, warns Joseph Yaffe of Latham & Watkins

A European Court of Justice ruling on value-added tax and investment funds in October 2004 has created opportunities for VAT deductions, reveal Keith O'Donnell and Laurent Grençon of Atoz Tax Advisers

An important (albeit often unnoticed) feature of Spanish tax law is the responsibility regime of representatives of permanent establishments and of foreign partnerships and similar entities with a presence in Spain. Since January 1 2003 these representatives are jointly and severally liable for the tax debts of their principals.