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  • Argentine update: Government releases new incentives to promote investment
    On April 9 2004 the Argentine Ministry of Economy announced several changes to the tax system mainly aimed at promoting investment in Argentina
    May 15 2004
  • South Africa tightens the tax exemption on offshore profits
    The South African Revenue Service has released new rules limiting the use of the tax exemption on offshore profits of multinational companies
    May 15 2004
  • UK announces chair of merged tax authority
    Gordon Brown, the UK chancellor of the exchequer, on May 13 2004 announced the appointment of David Varney as head of the country's new tax authority, which will be created when Customs & Excise and the Inland Revenue merge next year. Varney is the outgoing chairman of the telecoms company MMO2 and will take up his post on September 1 2004.
    May 15 2004
  • EU Savings Tax Directive moves forward with Swiss agreement
    Switzerland has reached an agreement with the EU that breaks the deadlock over the introduction of the Savings Tax Directive scheduled to enter into force on January 1 2005. Switzerland, which had been concerned that the Directive would compromise its banking secrecy, will tax interest on some financial instruments held locally by EU citizens, with 75% of the proceeds going to the account holders' domestic tax authorities and the remainder to the Swiss to cover running costs.
    May 15 2004
  • Israel cuts corporate tax and offers new incentives
    The Israeli government on April 25 2004 approved a Ministry of Finance plan to cut the country’s corporate tax rate from 36% to 30% over four years and introduce investment incentives for both foreign and domestic companies
    May 15 2004
  • Mexican update: Presidential Decree provides asset tax relief
    Under a Presidential Decree dated April 5 2004, the Mexican government exempts smaller companies from asset tax (a type of minimum tax)
    May 15 2004
  • New alliances stir up Italian tax market
    Italian firm Gianni Origoni Grippo & Partners has formed an alliance with Vitali Romagnoli e Associati, the latest in a string of moves and alliances among Italian tax lawyers and boutiques
    May 15 2004
  • Australian update: Bill heralds dramatic shift in taxation of foreign income
    On April 1 2004 the Australian federal government tabled legislation in parliament containing the most significant changes to emerge from the review of international tax arrangements
    May 08 2004
  • France pledges to reduce Budget deficit
    Nicolas Sarkozy, France's finance minister, has promised to cut the country's Budget deficit to meet the EU's target of 3% of GDP, which France has missed for three consecutive years. Sarkozy said the government would reduce the deficit by public spending cuts and eliminating unfair or inefficient tax breaks. He also pledged a crackdown on tax evasion.
    May 08 2004
  • French update: When a foreign parent charges central cost deductions to a French subsidiary
    Deduction of expenses by French subsidiaries, resulting from rebilling by foreign parent companies is likely to attract the attention of the French tax authorities
    May 08 2004
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