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Corporate tax rates across the EU Existing members Austria 34% Belgium 33% Denmark 30% Finland 29% France 29% Germany 20% Greece 35% Ireland 12.5% Italy 34% Luxembourg 22% Netherlands 34.5% Portugal 30% Spain 35% Sweden 28% United Kingdom 30% New members Cyprus 10% Czech Republic 28% Estonia 35% Hungary 18% Latvia 15% Lithuania 15% Malta 35% Poland 19% Slovakia 19% Slovenia 25% Source: Ernst & Young's Worldwide Corporate Tax Guide (as at January 1 2004). Note the method of calculation varies from country to country The Franco-German push for harmonized corporate tax rates across the EU's 25 members gained momentum on May 18 2004 when Robert Verrue, director-general of taxation and customs union, gave support to a single, EU-wide company tax base.

The National Tax Service of Korea (NTS) plans to cut back on the number of corporate tax audits and shorten their length this year. NTS commissioner Lee Yong-sup announced the plans on May 21 2004 as part of the government's efforts to reduce the compliance burden for companies with clean tax records.

José Abascal, 45

Brigitte van Dijk-Hoogvliet and Daniël Lierens, both transfer pricing economists, joined Baker McKenzie's Amsterdam office on May 1 2004. The move follows the hire of two economists from big-four firms in the US in April. Baker & McKenzie is one of the few global law firms to hire economists to support its transfer pricing practice.

EU member states should consider a common policy on tax rates and reliefs. It may help them deal with treaty issues raised by the European Court of Justice, argue Timothy Jarvis, Jens-Uwe Hinder and Dirk Koehler of Hammonds

The US Senate's JOBS Act repeals the FSC/ETI provisions and retains the international tax reforms from previous versions, reveal Margie Rollinson, David Benson and Michael Mundaca of Ernst & Young

The Israeli Ministry of Finance's plan to cut the country's corporate tax rate from 36% to 30% government will occur over four years and introduce investment incentives for both foreign and domestic companies. The existing investment incentive regime will be replaced with three new regimes to encourage investment in specific regions and sectors of the economy.

Television coverage of the Olympic Games in Athens could be limited outside the EU if Greece refuses to refund value-added tax (VAT) paid by broadcasters. Greece has only guaranteed VAT refunds for television broadcasting companies with registered affiliates in the EU. The European Broadcasting Union said in a statement that Asian broadcasters would be hit hardest.

Ernst & Young's US business confirmed on May 24 2004 that federal prosecutors are again investigating its tax services. The investigation follows a $15 million civil settlement in 2003 between the big-four firm and the US Internal Revenue Service. The US attorney for the southern district of New York, the Manhattan branch of the Department of Justice, has a grand jury looking at allegations that Ernst & Young improperly sold tax products to clients.