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  • A report by the Federal Finance Office, an arm of the German Finance Ministry, revealed that the combined level of corporate taxes paid by German firms at the federal and regional level is around 40%. The figure arose despite Chancellor Gerhard Schroeder's efforts to cut the nation's tax burden.
  • On October 31 2003 the Brazilian government issued Provisional Measure 135/2003, which, among other things, altered the rules for the application of the social security financing (COFINS) tax
  • The government delivered an early Christmas present for business when it delivered on some of their concerns by renovating the new tax consolidation regime to tailor it more closely to their needs
  • The UK Inland Revenue launched a surprise attack on relief for trading losses through partnerships last week
  • The National Tax Service of Korea (NTS) is set to formally announce taxation policies designed to ease tax audits on foreign companies doing business in the country
  • The IRS announced the latest results of its offshore voluntary compliance initiative (OVCI) on February 10 2003. The OVCI is tax amnesty that allows taxpayers involved in illegal tax shelters to pay previously undeclared tax liabilities to avoid criminal prosecution and some penalties. The scheme, which ran from January 14 2003 to April 15 2003, produced more than $170 million in taxes, interest and penalties.
  • The oil company Chevron Texaco filed a petition in a North California court demanding over $118 million in tax refunds from the US government. The company says it is owed tax rebates for 1988, 1990, 1991 and 1992.
  • On December 22 2003 the European Council formally adopted a Directive amending the Parent-Subsidiary Directive
  • The Portuguese government on January 23 2004 enacted a new investment tax credit targeted at capital and R&D expenditures in the industrial and tourism sectors. Under the new rules, resident companies and permanent establishments of non-resident companies may withhold and set aside up to 20% of their 2003 and 2004 corporate tax liability for certain qualifying investment purposes.
  • The Czech Republic's coalition government on has agreed to cut the top VAT rate from 22% to 19% percent beginning May 1, the day the country is scheduled to join the EU. The bottom rate of VAT will remain at 5%.