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  • Gordon Brown, UK Chancellor of the Exchequer, announced a new tax break for the film industry in his March 17 2004 Budget. The measure will replace the so-called section 48 incentives, which will expire on July 1 2005.
  • Historically, Argentine-resident individuals have not been subject to domestic income tax on capital gains derived from the sale of shares, while foreign beneficiaries have been exempt under the provisions of Decree 2284 of 1991.
  • With only a month to go before 10 new countries join the European Union, companies are struggling to cope with EU VAT legislation and missing opportunities to take advantage of tax-enabled business opportunities.
  • Companies with operations in Brazil are calling for changes to Provisional Measure 164, which levies Program for Social Integration contributions (PIS) and Contribution for the Financing of Social Security (COFINS) on imports of goods and services
  • Austria's proposed Budget, scheduled to be effective from January 1 2005, introduces a new group tax regime that would simplify the pooling of profits and losses within a group.
  • New Zealand's banking industry faces increasing scrutiny from the country's tax authorities. The Inland Revenue Department is keeping an eye on the soaring profits of big banks and investigating whether the country's tax laws as applied to the banking industry call for improvement according to finance minister Michael Cullen.
  • A Mumbai tribunal has held in DCIT v. Reliance Industries Limited (81 TTJ 787) that the charges paid to a foreign company outside India for the hire of ships are not taxable in India
  • Gordon Brown, UK Chancellor of the Exchequer, announced a new tax break for the film industry in his March 17 2004 Budget
  • Investors holding shares of Enron, WorldCom and other companies that lost value in accounting scandals cannot claim a so-called theft loss deduction for the decline on their tax returns. The US Internal Revenue Service issued the statement on March 25 2004 after some individuals and news organizations advised investors to claim a loss if their stocks lost value due to the conduct of corporate officials.
  • The Organization for Economic Cooperation and Development (OECD) has welcomed the progress member countries have made to eliminate potentially harmful tax practices. But problems still persist over tax regimes in Switzerland and Luxembourg.