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  • A low tax rate and membership of the EU are part of what makes Cyprus attractive for corporate tax planning, believes Pavlos Aristodemou of Michael Kyprianou & Associates
  • Charlie McCreevy, the Irish finance minister, has identified the country's tax policy as the key to its economic success in recent years. In a speech on June 24 2004 McCreevy reiterated the government's opposition to French and German calls for greater EU tax harmonization, saying that Ireland remains committed to maintaining its tax sovereignty and its low corporate tax rates.
  • The French tax authorities use the abuse-of-law theory as an obstacle to oppose tax avoidance schemes when the latter are deemed excessive
  • 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.
  • The Australian parliament has approved changes to the country's controlled foreign corporation (CFC) regime as part of a comprehensive review of the tax system. Regulations published on June 18 2004 will eliminate attribution for most of the income of CFCs (and foreign branches) resident in countries that are taxed comparably to Australia.
  • The Hong Kong Legislative Council last week passed long-delayed Inland Revenue tax laws designed to crack down on anti-avoidance
  • After introducing transfer pricing documentation requirements in 2003, the Hungarian government is drafting legislation to introduce advance-pricing agreements (APAs) by 2005
  • Brazil's House of Representatives' Commission of Finance and Taxation on June 23 2004 approved a law project that extends the time period for filing protests or appeals against federal tax assessments from 30 to 60 days.
  • Tax lawyers and accountants last week welcomed a relaxation of the proposals on disclosing potentially abusive tax schemes to the UK Inland Revenue
  • The Italian tax authorities have issued guidelines on the new dividend tax regime that came into force on January 1 2004