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  • Intel faces IRS tax probe
    The US IRS has begun an audit into Intel's 2001 and 2002 tax returns. The dispute centres on whether the microchip manufacturer is eligible for a tax credit designed to encourage manufacturing. While most of Intel's manufacturing operations are in the US, the company sends chips overseas for testing and assembly. The IRS argues that the overseas work constitutes manufacturing and makes Intel ineligible for the tax credit.
    February 29 2004
  • Australian update: Tax consolidation: lost in transactions
    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
    February 29 2004
  • BDO Seidman cuts partners by 10%
    Second-tier, Chicago-based accounting firm BDO Seidman has announced a 10% reduction in partner numbers
    February 29 2004
  • Venezuela extends transaction tax to boost revenues
    The Venezuelan finance ministry announced on February 26 2004, an extension, until the end of the year, of the banking transaction tax due to expire on March 12 2004
    February 29 2004
  • Bolkestein presses for unified EU corporate tax base
    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.
    February 29 2004
  • UK film goes under after tax change
    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.
    February 29 2004
  • Tax controversy hits TPG results
    The Dutch postal and logistics group TPG had to delay the publication of its results on February 19 2004 because of a tax dispute involving a UK subsidiary. The dispute began in the late 1990s between a TPG-owned holding company and the UK Inland Revenue.
    February 29 2004
  • Deloitte Russia picks up Mitsubishi’s tax specialist
    Ekaterina Emelianova, formerly with Mitsubishi, joined Deloitte & Touche in Moscow on January 5 2004. Emelianova focuses on tax planning and international tax in an increasingly competitive Russian tax services market.
    February 29 2004
  • IRS beefs up on technical staff
    The US IRS on February 27 2004 appointed Bert DuMars, an electronic commerce expert and veteran of the information technology industry, as director, electronic tax administration. DuMars joins Nicholas DeNovio that the IRS hired as deputy chief counsel (technical) in the office of chief counsel the day before.
    February 29 2004
  • UK Crown dependencies cut corporate tax rates
    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
    February 22 2004
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