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  • The Bush Administration's 2005 Budget proposal and the Treasury's so-called Blue Book (General Explanations of the Administration's Fiscal Year 2005 Revenue Proposals), both published in early February, seek to reform US international tax law in a number of ways.
  • Several EU member states have established attractive holding company regimes. Pat Cullen and Evelyn Forde of Deloitte consider a number of new measures in Ireland's new Finance Bill which will improve its atractiveness in this regard
  • Taxpayers must pay attention to proposals in new transfer pricing regulations, which give the IRS substantial discretion to override the method selected by a taxpayer, argue Ken Wood and David Canale of Ernst & Young
  • Governments in the Isle of Man and the Channel Islands are moving towards 0% rates of corporate tax in response to EU and OECD pressure on harmful tax practices and to compete with each other for essential foreign direct investment.
  • 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
  • Second-tier, Chicago-based accounting firm BDO Seidman has announced a 10% reduction in partner numbers
  • It may be the beginning of the end for the 30-year battle over the extraterritorial-income-tax regime (ETI) and its predecessors
  • On December 30 2003, the French Administrative Supreme Court rendered two important decisions with respect to French thin-capitalization rules
  • Filming on British production Tulip Fever has been cancelled because of an Inland Revenue clampdown on film partnerships. A press release issued on February 10 2004 said that partnership schemes (often used to fund UK films) manipulate tax relief to create claims for losses in excess of the capital at risk.
  • EU taxation commissioner Frits Bolkestein has called for a handful of member states to press ahead with harmonizing their corporate tax base. The proposals are designed to increase fiscal transparency and to allow for easier comparison of company performance throughout the EU.