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  • US House Ways and Means Committee chairman, Bill Thomas, has blamed lobbying from Microsoft, Boeing and Caterpillar for delaying progress on his Bill designed to replace the export tax credits legislation averting $4 billion in WTO sanctions
  • Gordon Brown, UK Chancellor of the Exchequer, announced a new tax break for the film industry in his March 17 2004 Budget
  • 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
  • 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
  • Hong Kong’s Inland Revenue Department (IRD) has slapped a surprise tax bill that could total NZ$107 million ($69.9 million) on Air New Zealand (Air NZ)
  • 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.
  • 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 former head of Ernst & Young’s US practice in Europe, Ken Bransom, has moved to Deloitte
  • 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.