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One of the most basic responsibilities of boards is to balance risk and return so that shareholder value grows and is protected

A Latvian with a reputation for euroscepticism will become the commissioner for taxation and customs union when the new EU Commission takes office on November 1 2004

Five Australian-owned banks are facing scrutiny over their tax payments from New Zealand's Inland Revenue Department. National Bank, ASB, Westpac, BNZ and ANZ could be forced to pay up to NZ$600 million ($399 million) more tax after Michael Cullen, the New Zealand finance minister, announced that work was under way to meet concerns the banks do not pay tax in proportion to their profits.

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

Donald Korb, chief counsel of the US IRS, on August 13 2004 hired a senior counsel to focus on eradicating abusive tax transactions. Jonathan Zelnik will work with the IRS and the Department of Treasury's office of tax policy to identify, analyze and issue administrative guidance to address abusive transactions.

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.

Last Tuesday a team of five former Andersen partners left Ernst & Young in Luxembourg to join a team of 30 to set up a high-end, new international tax firm called Atoz

The success of Deloitte’s UK tax practice in the last year has boosted average partner profits across all the firm’s service lines. Figures released on August 5 2004 show that partners earned an average of £621,000 ($1.13 million).

Two months after announcing plans to address certain "inappropriate foreign tax credit transactions," (see International Tax Review, US Outbound Update, April 2004, p97), the US Treasury Department and the Internal Revenue Service (IRS) issued long-anticipated temporary and proposed regulations governing partnership allocations of creditable foreign taxes under Internal Revenue Code section 704(b). Under these regulations, an allocation of creditable foreign taxes cannot have substantial economic effect and as such the taxes must be allocated in accordance with the partners' interests in the partnership.

New York is rife with rumours of two different groups of former Andersen tax partners looking to set up specialized corporate tax boutiques in the US. After the demise of Andersen in 2002, most the firm’s tax advisers in the US joined Deloitte and Ernst & Young.