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The use of Entidad de Tenencia de Valores Extranjeros (ETVE)s by international investors has increased dramatically in the last few years. Both Spanish and non-Spanish newspapers and other publications have reflected this by emphasizing the fact that most large multinationals already have in place an ETVE structure (see the article in Cinco Días, a Spanish economic newspaper, on April 22 2003). More recently, Cinco Días also reported on May 24 2004, that a substantial part of foreign investment coming into Spain in the last few years was made through ETVEs.

Michael Cullen, New Zealand’s minister of revenue, has announced the start date for changes to the treatment of financial services under the country’s goods and services tax

Mukesh Butani, Ernst & Young’s national tax director in India since June 2002, is leaving the position on August 15 2004 amid talk of turmoil at the firm. A number of partners, including Jairaj Purandare, Ernst & Young India’s chairman, and Rajiv Dimri, the head of indirect tax, have resigned from the firm in the last two-and-a-half months. Purandare became chairman on April 1 this year.

Promoters of potentially abusive tax reduction schemes will have to declare them to the UK Inland Revenue from August 1 2004. Similar rules for value-added tax (VAT) also came into force. The VAT disclosure rules require businesses using VAT reduction schemes to notify Customs & Excise.

In a report released last Friday in Washington, DC, the International Monetary Fund (IMF) has recommended broadening the US tax base for businesses including a federal sales or value-added tax and higher taxes on energy use

The Greek parliament on July 30 2004 passed legislation to introduce a six-month tax amnesty. The tax authorities will impose a 3% tax on repatriated money. The Greek Accounting Office estimates the tax amnesty will generate about €20 billion ($24 billion).

As of January 1 2003, the Mexican tax authorities incorporated into the Mexican Income Tax Law tax incentives for Mexican real-estate trusts (MRET) where the primary activity is the construction or acquisition of real estate for sale or lease

The Italian tax authorities on July 28 2004 released details of the country’s new advance pricing agreement (APA) programme

The Indian finance minister has promised to resolve the controversy over the taxation of business process outsourcing (BPO), such as call centres and back-office services, by foreign multinational companies

Taxpayers in Singapore will have until August 11 2004 to submit comments to the country’s finance ministry on proposed amendments to four major pieces of tax legislation