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  • BT Group, the UK telecoms company, has carried out a £1.3 billion ($2.37 billion) sale and leaseback of its ageing telecoms business that could cut the company’s tax liabilities by as much as £300 million ($546 million) over a number of years
  • The law for setting up National Tax Tribunals (NTT) was promulgated recently to dispose of tax cases faster
  • On December 22 2003 the European Council formally adopted a Directive amending the Parent-Subsidiary Directive. The changes include:
  • On October 31 2003 the Brazilian government issued Provisional Measure (PM) 135/2003, promoting changes to the COFINS tax regulations
  • Proposed amendments to the Income Tax Act (Canada), released on October 31 2003, will have a significant impact on planning and structuring for the acquisition of businesses and properties in Canada. The draft proposals will be the subject of "extensive consultations" but, if enacted, will be applicable for taxation years beginning after 2004 with no grandfathering for existing structures.
  • 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.
  • Jayme Archinto: The cut may be controversial President Luiz Inacio Lula da Silva signed a Decree on January 15 2004, cutting excise tax on capital goods, including machinery and equipment by up to 33%. The Decree reduces the excise tax on industrialized products, imported or local, for 643 capital goods.
  • Spain has introduced a new tax and regulatory regime to deal with foreign capital movement. Carlos Albiñana of Allen & Overy believes the law could be strengthened
  • A UN meeting of tax experts has proposed setting up a new body covering international tax called the UN Fiscal Committee.
  • UK magic-circle law firm Allen & Overy (A&O) has taken over a top Italian tax boutique to boost its European tax practice in Milan and Rome. Andrea Manganelli and Francesco Parisi, co-founders of Andrea Manganelli e Associati, joined A&O as partners on January 29 2004 and brought 15 tax associates with them. A&O also hired Quirino Imbimbo as of counsel in the Milan office.