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  • Standard & Poor’s Ratings Services (S&P) has published a legal criteria article that requires arrangers of structured finance transactions to provide written confirmation that such transactions will not be subject to withholding taxes
  • One of the first measures announced by the new administration elected in 2003 was a tax reform package mainly intended to combat tax evasion
  • 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 ATO (Australian Taxation Office) is planning to collect up to A$52 million ($39 million) from Bridgestone Australia over an issue dating back 14 years. The tax charges relate to two sale and leaseback transactions made in 1990 and are expected to be contested in the Federal Court this year.
  • Australian law firm Corrs Chambers Westgarth has hired former KPMG tax partner Kevin Reilly. Reilly joins as a senior consultant with the firm and will focus on international and domestic tax planning.
  • Philip Stoffregen was appointed to the newly-created position of international tax leader for industrial business at KPMG on February 4 2004. Stoffregen will focus on providing tax services to global manufacturers and automotive industries from the firm's Detroit office.
  • A provision in Ireland's 2004 Finance Bill rewards companies who increase their R&D spending with a tax credit. The draft legislation, which was unveiled on February 4 2004, also exempts Irish resident companies from capital gains taxes on their disposed-of shareholdings in subsidiaries, whether they are foreign or domestic. There is also an exemption from stamp duty for transfers of intellectual property.
  • The OECD has reached a compromise with Switzerland over tax practices deemed harmful by the organization in meetings held in Paris on January 27 and 28 2004
  • More than a dozen Bills aiming to reform Germany’s labour market, public health insurance system, and tax laws were enacted in December 2003
  • On December 22 2003 the European Council formally adopted a Directive amending the Parent-Subsidiary Directive