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  • The OECD’s fiscal affairs committee finalized new guidelines last Friday for the exchange of information between national tax authorities under international tax treaty provisions
  • The US Treasury and IRS released the tax priority guidance plan for the next twelve months yesterday in Washington, DC
  • A government-appointed taskforce on tax reform has recommended that India should cut corporate tax and replace the variety of excise and services taxes that the central and state governments levy with a value-added tax (VAT) on goods and services.
  • The Interest and Royalty Directive of June 3 2003 was amended at the end of April 2004 in the context of the EU accession of 10 new member states
  • Donald Korb, the new chief counsel of the Internal Revenue Service (IRS) in Washington, DC, told International Tax Review’s Sed Crest what taxpayers need to do to protect themselves and what they should expect from their advisers
  • Germany's Ministry of Finance released on July 15 2004 the final version of an administrative decree providing tax authorities' interpretation of the thin capitalization rules that entered into effect for fiscal years starting on or after January 1 2004. The amended rules require a uniform debt-to-equity ratio of 1.5-to-1 and apply to both resident and non-resident companies.
  • The Brazilian tax authorities have for the past few months issued a number of rulings designed to preserve and/or modify the related tax base
  • The UK Inland Revenue is investigating the transfer pricing practices of two of Japan's biggest motor companies: Honda Motor Europe and Nissan Motor (GB).
  • Though the Minister of Finance’s Budget presented in February was described as bland, there was a shock which will affect banks and corporates
  • Hugo Chavez, the Venezuelan president, has said his government will repeal the business assets tax and reduce the value-added tax (VAT) rate from 16% to 15%. He also said that in August 2004, the government plans to pay 50% of the VAT refunds it owes to the private sector, with the remaining 50% to be paid in September.