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Deborah Harrington, an attorney adviser in the US Treasury’s office of tax legislative counsel, has returned to the Washington, DC office of Deloitte, the big-four professional services firm

Abolishing the Internal Revenue Service and replacing taxes on income and investment with a flat national sales tax on consumption are some of the radical ideas gaining support in Washington, DC

Revenue Ruling 2004-83 holds that the sale of one subsidiary to another subsidiary followed by the liquidation of the purchased subsidiary as part of an integrated plan qualifies as a reorganization under Internal Revenue Code (IRC) section 368(a)(1)(D) and is not subject to IRC section 304, whether or not the subsidiaries are part of a consolidated group

The tax authorities have sent the Congress a tax bill including proposed legislation concerning additional interest deductibility restriction to be effected through a series of thin capitalization rules that would enter into force on January 1 2005

The Greek government plans to introduce a wide-ranging corporate tax bill that will cut the rate of corporate tax from 35% to 25% by 2007

Application of Sixth VAT Directive as it applies to public bodies. Whether a body governed by public law has a right pursuant to Article 20 of the Directive to adjust the VAT paid in respect of the acquisition of a capital good, which it has used for activities in which it engages as a public authority, when it subsequently sells that good as a taxable person. Also, whether a body governed by public law has the right wholly to exclude from its capital assets a capital good used partly for activities engaged in as a taxable person and partly for activities engaged in as a public authority, as in the case of taxable natural persons.

Sixth VAT Directive – Article 13B(b) – Exempt transactions – Letting of immovable property – Licence to occupy.

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

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

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)