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  • New Zealand reforms goods and services tax
    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
    August 07 2004
  • Gibson, Dunn & Crutcher boosts German tax practice
    US law firm Gibson, Dunn & Crutcher hired Hans Martin Schmid from Shearman & Sterling in Munich on July 29 2004. Schmid, who specializes in corporate and international tax law, was at Shearman & Sterling from 1999.
    July 31 2004
  • French update: New way of claiming reduced withholding tax benefit
    On May 25 2004 the French tax authorities released new administrative guidelines (Instruction 14 B-4-04) concerning the simplification of the procedure US partnerships need to follow to benefit from the French-US tax treaty's reduced withholding tax on French source interest, royalties and dividends
    July 31 2004
  • Taxpayers seek end to Indian outsourcing confusion
    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
    July 31 2004
  • Singapore opens consultation on tax proposals
    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
    July 31 2004
  • UK’s tax disclosure rules take effect
    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.
    July 31 2004
  • Greece launches tax amnesty
    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).
    July 31 2004
  • IMF recommends the US increase taxes
    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
    July 31 2004
  • Mexican update: Officials reform tax system for real-estate trusts
    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
    July 31 2004
  • US Inbound update: Congressional differences remain over internet tax freedom
    In October 1998, the federal Internet Tax Freedom Act (ITFA) was enacted calling for a three-year moratorium on state and local taxes on internet access
    July 31 2004
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