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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)

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

During the ECOFIN meeting of September 10 and September 11 2004, the European Commission presented a non-EU-wide solution for profit determination rules for cross-border companies

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