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  • Brazilian authorities have released new legislation that significantly increases the overall tax burden on import transactions in Brazil.
  • The new tax consolidation regime was to deliver simplicity and flexibility for business but a survey by PricewaterhouseCoopers Australia last year found that the environment for corporate transactions has become more, rather than less, complex.
  • The Bush Administration unveiled its 2005 budget proposal in February. It comes up with suggestions, but no solutions, for international tax issues, explain Margie Rollinson, David Benson and Michael Mundaca of Ernst & Young
  • Bill Ramirez, director of PMI Asia/Pacific taxes, points out some differences between tax practice in Europe and Asia
  • The government of Lithuania has amended the country's value-added tax (VAT) law to harmonize it with EU legislation. The law provides an expanded list of services for which a VAT service provider must calculate VAT. The new law will be effective from May 1 2004, the date that Lithuania joins the EU with nine other countries.
  • Peter Rowe joined KPMG's international tax and finance group in London on February 9 2004. Rowe brings experience in structured finance and international tax from positions at Citigroup and UBS.
  • The Russian State Duma received the draft agreement creating the Unified Economic Territory (UET) on February 16 2004. It brings Russia, Ukraine, Kazakhstan and Belarus together into a free economic zone. Proposed unified customs rules and state regulation procedures would ensure the free circulation of goods, services, capital and labour.
  • French law firm Hammonds Hausmann has hired a corporate tax lawyer from Ernst & Young in Paris. Philippe de Saint-Bauzel joined the firm as a partner and brings tax experience from both PricewaterhouseCoopers and KPMG. De Saint-Bauzel has experience in broad range of industry sectors, including healthcare, pharmaceutical, distribution, service industries and telecommunications, media and technology.
  • Mihaela Mitroi: Clients are pleased with
  • Under standard provisions in US income tax treaties, a foreign company that is conducting business in the US through a branch is subject to regular US income tax on its US income attributable to a permanent establishment (PE) maintained in the US. Under Treasury Regulation section 1.882-5, in determining the branch's taxable income, interest expense for the US branch is determined by apportioning the taxpayer's worldwide interest expense under a three-step apportionment formula.