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The Mexican government published the tax treaty with Australia and its protocol on February 13 2004. The treaty, signed on September 9 2002, became effective with respect to withholding taxes on dividends, interest and royalties for amounts paid or accredited on or after January 1 2004. The treaty's remaining provisions will be effective from July 1 2004.

A combination 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

Standard & Poor's tax flexibility ratings released on March 9 2004, show that South Korea, followed by Australia, Switzerland and Japan, has the most flexible tax system. The ratings firm assesses tax flexibility as part of its sovereign bond assessment, giving high tax-flexibility ratings for low tax rates, many exemptions and relatively lax tax administration. In times of economic difficulty, such tax systems have greater scope to increase taxes and improve their administration. According to the study, the most tax-inflexible countries were Sweden, Denmark, Belgium, Finland and Germany.

Tom DeLay, US House of Representatives' majority leader, announced on March 9 2004 that he expects the House to consider the Thomas Bill that will repeal the FSC Repeal and Extraterritorial Income Exclusion Act of 2000 (ETI Act) before April 5 2004. Senator Grassley's Bill, which is competing with the House Bill to replace the ETI Act, became mired in numerous amendments in the Senate last week but debate will resume on March 22 2004.

Tax avoidance schemes have risen to the top of the hit list of Gordon Brown, UK chancellor of the exchequer, just days before he reveals the annual Budget on March 17 2004

Corporate taxpayers in Hong Kong had few reasons to remember the Hong Kong Budget, which Henry Tang, the territory’s financial secretary, unveiled on March 10 2004

Senator Helen Coonan, Australia’s minister for revenue and assistant treasurer, announced on March 1 2004 that the government will introduce legislation to change the interest withholding tax (IWT) exemptions for payments relating to offshore borrowing

The UK Inland Revenue's powers to investigate taxpayers has received a boost after the Court of Appeal in London rejected the Bank of England's appeal in its case against the Three Rivers Council that legal advice privilege does not extend to strategic advice over how to present evidence. The appellants also failed to establish that the communications between the bank and its lawyers were covered by litigation privilege.

The country's parliamentary finance and economics committee has approved a Bill to reduce the top corporate tax rate from 55% to 25%. The Bill, part of an overall economic stimulus package focussed on encouraging foreign investment will soon go before parliament for approval.

Just 11 days after it came into effect, the 0.15% tax on banking transactions in Peru is having a marked negative effect on business in the country according to the Lima Chamber of Commerce. On March 4 2004 the chamber claimed that Peru's average foreign exchange volume has dropped by 43% since the introduction of the tax. Many companies complain they are forced to pay the tax over and over again through their supply chain.