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  • 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
  • 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
  • Ceteris, the North American transfer pricing boutique, has announced a new alliance with Europe’s Transfer Pricing Associates
  • 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
  • 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)
  • Tonucci, the Italian law firm, will increase its tax capability on September 1 2004 when it will merge with Studio Grimaldi & Associati, a renowned tax boutique. The move will see the boutique's 10 tax professionals, who specialize in domestic and international tax planning, join Tonucci under the leadership of Piero Alonzo and Gian Marco Committeri.
  • The Indian Central Board of Direct Taxes (CBDT) released a draft circular last Mondaythat refines the hazy definitions over the taxation of business process outsourcing (BPO) by multinational companies
  • The Chinese State Administration of Taxation (SAT) has issued guidance on how the country should select companies for fiscal year 2004 transfer pricing audits. The circular instructs local tax officials to select at least one suspected big target company and report it to the SAT before August 31 2004.
  • Section 245 of the Income Tax Act (the Tax Act), enacted in 1988, contains a general anti-avoidance rule (the GAAR) that incorporates a modified business purpose test into Canadian tax legislation
  • Almost all of Germany’s 16 regional Länder have rejected calls to centralize tax collection in the country