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  • Korea softens on transfer pricing audits
    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
    February 15 2004
  • US tax shelter amnesty yields $170 million
    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.
    February 15 2004
  • Germany’s effective tax rates among the highest in Europe
    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.
    February 15 2004
  • Austria joins tax competition race
    The government of Austria plans to cut its corporate tax rate from 34% to 25% next year to attract foreign investment into the country. The move mirrors similar rate cuts by Eastern European countries preparing to join the EU on May 1 2004.
    February 08 2004
  • Coca-Cola Amatil settles Australian tax dispute
    The Australian Taxation Office (ATO) has settled a dispute with Coca-Cola Amatil over the demerger of the company's European operations in 1998. Coca-Cola Amatil, the principal Coca-Cola licensee in Australia and a maker of its own soft drinks and mineral water, paid A$50 million ($38 million) to the ATO to resolve the issue.
    February 08 2004
  • Argentinian update: Government approves tax reform package
    One of the first measures announced by the new administration elected in 2003 was a tax reform package mainly intended to combat tax evasion
    February 08 2004
  • Rating agency demands assurance on withholding taxes
    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
    February 08 2004
  • Hong Kong considers tax treaty network
    The government of Hong Kong has said it intends to set up a network of double-taxation avoidance agreements with its major trading partners
    February 08 2004
  • ATO hits Bridgestone with A$52 million tax bill
    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.
    February 08 2004
  • Corrs Chambers Westgarth snaps up KPMG tax partner
    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.
    February 08 2004
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