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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
  • Chevron Texaco sues US for $118 million
    The oil company Chevron Texaco filed a petition in a North California court demanding over $118 million in tax refunds from the US government. The company says it is owed tax rebates for 1988, 1990, 1991 and 1992.
    February 15 2004
  • EU update: Parent-Subsidiary Directive amended
    On December 22 2003 the European Council formally adopted a Directive amending the Parent-Subsidiary Directive
    February 08 2004
  • Portugal gives tax credits for research and development
    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.
    February 08 2004
  • Czech republic to cut VAT rate in time for EU accession
    The Czech Republic's coalition government on has agreed to cut the top VAT rate from 22% to 19% percent beginning May 1, the day the country is scheduled to join the EU. The bottom rate of VAT will remain at 5%.
    February 08 2004
  • US releases 2005 fiscal budget plans
    President George Bush released his budget proposals for 2005 on February 2 2004. The proposals include suggestions to replace the Extraterritorial Income Exclusion Act, reform corporate tax law to benefit US-based companies and crack down on abusive tax transactions.
    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
  • KPMG appoints tax specialist for automotive industry
    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.
    February 08 2004
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