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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.

Mark Penney, a tax partner at rival big-four firm Ernst & Young, joined KPMG in London on May 7 2004 to head-up the firm's international tax group. Penney specializes in cross-border mergers and acquisitions and advised on Walmart's acquisition of Asda and Scottish Power's purchase of PacifiCorp.

Although Irish tax law imposes an obligation on companies generally, and on others who pay interest to persons whose usual place of abode is outside Ireland, to withhold tax from certain payments of interest, there are extensive carve-outs from this withholding obligation in the case of outbound interest payments. Among these carve-outs, sections 246(3)(ccc) and (h) of the Taxes Consolidation Act 1997 (TCA) provide that withholding tax is not to be deducted from certain interest payments where the recipient of the interest is, by virtue of the law of a relevant territory, resident for the purposes of tax in the relevant territory. A relevant territory means a member state of the European Community (other than Ireland) or a territory with which Ireland has a double taxation treaty, for example, the US.

by Richard Collier-Keywood, UK head of tax, PricewaterhouseCoopers

On April 23 2004 the Italian Ministry of Finance issued an ad hoc Decree implementing the necessary detailed rules to make the so-called transparency regime fully effective. Indeed, articles 115 and 116 of the Italian Tax Code (ITC) provide for an optional regime pursuant to which a resident corporation, under certain conditions, can be deemed as transparent like a partnership, for the purpose of the 33% corporate tax (the Transparent Corporation).

Kevin Phillips, an international corporate tax partner at Ernst & Young in London, left to join Baker Tilly on May 19 2004. Phillips specializes in cross-border tax issues, particularly in US-UK international tax matters. He was at Ernst & Young since 1986.

Mexico is now in negotiations with several countries to sign tax treaties. According to the Mexican tax authority's (Hacienda) webpage, negotiations are currently in process with the following countries:

Massimo Agostini: Cross-border deals are

The remuneration schemes for partners in law and accounting firms in Australia has come under intense scrutiny after KPMG agreed a A$100 million ($69 million) payout to the Australian Taxation Office (ATO) for allegedly breaching anti-avoidance tax rules.