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  • A new Ley General Tributaria (General Taxation Law) was published on December 17 2003 (Law 58/2003)
  • The cover story of the September issue of International Tax Review analyzes the responses from more than 380 tax directors, chief financial officers and other in-house tax executives doing business in Asia
  • Investors in Brazil will get a better return on their money after the government reduced capital gains tax (CGT) on long-term financial investments and abolished social contribution taxes (PIS and COFINS) on financial revenues
  • Ceteris, the North American transfer pricing boutique, has announced a new alliance with Europe’s Transfer Pricing Associates
  • During the last decade, large Argentine companies were able to obtain access to medium- and long-term financing at attractive rates through the issuance of corporate securities (Obligaciones Negociables, ONs)
  • Commissions paid to intermediaries – with the exception of certain payments made to government officials within the scope of international transactions (section 39-2 bis of the French Tax Code) – are, in principle, deductible under the conditions of standard tax rules
  • New Zealand banks may have to pay more tax after internal government reports revealed that the country’s Inland Revenue Department (IRD) is concerned that they didn’t pay enough in 2003
  • Multinationals with operations in Saudi Arabia will benefit from a one-third reduction in their corporate tax burden (20% from 30%) after the kingdom’s Finance Ministry on August 15 2004 published changes to an income tax law that has remained unchanged since 1948
  • Motorola, the multinational telecomunications company, could face an extra tax bill of up to $500 million after investigations by the US IRS into its tax returns for 1996 to 2000. A further probe for the years since then is still under way. The investigations centre on the company's transfer pricing practices.
  • The Supreme Court of India has held that business income and capital gains earned by an Indian resident from immovable property in Malaysia cannot be taxed in India under the India-Malaysia tax treaty