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  • High court backs retailer in UK VAT case
    A test case brought by Debenhams, a UK retailer, could cost Customs & Excise as much as £300 million ($549 million) in lost revenue
    July 03 2004
  • Global task force against tax avoidance meets in secret
    Representatives of the governments of the UK, the US, Canada and Australia met in secret in London to set up a global computer database listing taxpayers who use tax avoidance schemes and their advisers. The four countries will share detailed information on companies and individuals that avoid tax.
    July 03 2004
  • Spanish update: What inheritance tax can mean for investors
    When a non-resident individual is planning to make long-term investments in Spain, they should not forget to analyze the tax implications that may eventually arise for the heirs
    July 03 2004
  • Indian update: Tribunal rules on professional services fees
    The Mumbai Tribunal in Maharashtra State Electricity Board v. DCIT (83 TTJ 325), examined applicability of the old India-UK Double Tax Avoidance Treaty (DTAA), which was substituted by new DTAA in 1994, to fees received by a UK-based firm of solicitors for legal services provided to an Indian company
    July 03 2004
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    US corporates welcome new international tax rules
    US multinationals and their tax advisers strongly support the overhaul of international tax rules contained in bills which the US Senate and House of Representatives passed in recent weeks. However, differences still remain between both bills, which repeal foreign-sales-corporation/extraterritorial-income (ETI) legislation and offer new tax breaks.
    June 30 2004
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    Indian summer
    When the largest democracy in the world unexpectedly changes its government, you might expect corporate tax directors to examine their strategies anxiously. But in an interview with Rupak Saha, country tax leader at GE in New Delhi, Simon Briault discovers a period of stability and optimism in India that has been unaffected by political change and looks set to continue
    June 30 2004
  • China piles pressure on foreign companies
    Tax officials in China have been stepping up efforts to combat tax evasion by foreign-invested companies that is estimated to cost the country Rmb30 billion ($3.62 billion) in lost revenue every year. Investigations and transfer pricing audits will this year focus on foreign-invested firms that are expanding their presence in China while continuing to register losses.
    June 30 2004
  • ECJ flexes its muscles over Belgian capital gains tax
    The European Court of Justice (ECJ) has ruled against Belgium imposing capital gains tax on the sale of a substantial participation in a Belgian company to a foreign entity. In a preliminary ruling the ECJ found the tax to be incompatible with the EC Treaty.
    June 30 2004
  • US and China negotiate to end semiconductor row
    The US and China have ended their four-month dispute at the WTO over what the US alleged was China's illegal support, through its tax system, of its indigenous semiconductor makers and designers.
    June 30 2004
  • ConocoPhillips faces tax fraud claims
    The US energy company ConocoPhillips is facing a law suit in a US district court from Oceanic Exploration Co and its subsidiary, Petrotimor Companhia de Petroleos over claims that ConocoPhillips committed tax fraud and other crimes in gaining its Timor Sea oil fields in south-east Asia. Oceanic is seeking $10.5 billion in damages.
    June 30 2004
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