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  • The EU VAT rules will apply to 10 new member states from May 1. Enterprises trading in all 25 countries of the new EU must prepare for this expansion. Ariane Beetschen of CMS Bureau Francis Lefebvre says enterprises must promptly harness their resources because of the importance of the task to be completed.
  • Eric Coffill of Morrison & Foerster explains the new rules on abusive tax shelters and presents response strategies for taxpayers in California
  • The US has filed a case with the WTO against China, charging that its value-added tax (VAT) rebates for domestic producers of semiconductors violate global trade rules.
  • The Japanese parliament has approved the tax treaty signed with the US on November 6 2003. The treaty would eliminate source-country withholding taxes on all royalty income, dividends paid to parent companies owning a majority stake in the paying entity, and some interest income. Japan and the US are expected to exchange instruments of ratification on March 30 2004 in Tokyo, at which point the treaty will enter into force.
  • The Chinese State Administration of Taxation has announced a tax amnesty that will allow foreign residents who are taxable in China to pay their overdue or underreported tax liabilities without penalties. The amnesty allows foreign residents or their withholding agents to remit overdue tax payments on or before June 30 2004, without penalties.
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