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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

UK companies face probe into tax avoidance scheme

The UK Inland Revenue is investigating more than 30 leading UK companies that used a controversial tax planning scheme involving currency swaps to deliver big reductions in corporation tax. The Inland Revenue claims the scheme has cost up to £1 billion ($1.8 billion) in lost revenue.

May 08 2004

Belgium v Temco Europe SA

Sixth VAT Directive – Exemptions – Leasing and letting of immovable property – Meaning of leasing of immovable property – Licence for the use of a building without allocation of a specific area, granted by a company to three other companies in the same group, for a price determined by reference to the size of the area occupied, and the turnover and number of employees of each company.

May 03 2004

US Senate begins internet tax debate

The US Senate voted on Monday April 26 2004 to begin discussion on a bill that would prevent states from taxing internet access. The Senate voted 74 to 11 to begin debate on the bill to make permanent a ban on access taxes that expired in November 2003.

May 02 2004

Call for EU members to coordinate tax strategy

The EU’s member states should devise a common strategy to address the consequences for national tax systems of European Court of Justice decisions in tax cases, according to Philip Gillett, group taxation controller of ICI, the British specialty chemicals and food ingredients group

May 02 2004

US to review tax dispute procedures

The US Supreme Court agreed to review the process to resolve large tax disputes after complaints that taxpayers can be hit with multi-million-dollar judgments without knowing how the decision was reached. The April 26 2004 decision relates to cases involving more than $50,000.

May 02 2004

UK law firm muscles in on Italian tax market

Osbourne Clarke, the UK law firm, has secured an alliance with the Milan-based boutique Abbatescianni e Associati that will see the firm’s international tax capability expand further

May 02 2004

Deloitte severs tax and legal arm in France

Last week Deloitte Touche Tohmatsu, one of the big-four professional services firms, announced that it has separated its tax and legal arm in France, Deloitte & Touche Juridique et Fiscal, in order to comply with French regulations

May 02 2004

European Commission proposes transfer pricing code of conduct

The European Commission on April 27 2004 proposed a code of conduct to eliminate double taxation in cross-border transfer pricing cases. The proposal, based on the work of the EU Joint Transfer Pricing Forum, would apply in cases where an EU member state's tax administration increases the taxable profits of a company from its cross-border intra-group transactions, for example by making a transfer pricing adjustment.

May 02 2004

UK tightens tax-relief rules for film co-productions

From July 1 2004 any film from France, Italy, Denmark or Iceland applying for tax relief on the grounds that it is a British co-production must increase the proportion of their budgets spent in the UK from 30% to 40%. The announcement on April 27 2004 is designed to stop so-called co-productions with British filmmakers benefiting from tax relief without providing proportional benefits to the UK economy.

May 02 2004

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