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On February 27 2004 the minister of finance released Revised Draft Legislation and Explanatory Notes (the new proposals) that contains significant changes to Canada's foreign affiliate regime. The new proposals revise draft legislation that was originally released on December 20 2002 (the 2002 proposals), and introduce a number of new measures (most not dealing with foreign affiliates), including measures to tax payments for non-compete covenants and measures to allow public corporations to return capital without generating a deemed dividend.

Integration of newly acquired foreign businesses poses as many tax challenges as the acquisition itself, cautions William Chip of Deloitte & Touche

Acombination of previously-announced initiatives and government leaks took the tax sting out of the UK Budget, which was announced by Gordon Brown, the chancellor of the exchequer, on March 17 2004.

On May 1 2004 EU accession will force 10 new countries to fall into line with EU VAT rules. Simon Briault assesses the progress being made and the impact on multinational business and the EU tax landscape

Michael Hardwick: Tax ruling is part of a trend The European Court of Justice (ECJ) continues to exert a powerful influence on the domestic tax policies of EU member states after a landmark ruling on March 11 2004. The ECJ's ruling in favour of an individual French taxpayer could have wider implications for EU member states that impose company exit taxes.

By Ken Kies, Big Ticket Leasing Coalition

Toronto

Calgary