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  • A provision in Ireland's 2004 Finance Bill rewards companies who increase their R&D spending with a tax credit. The draft legislation, which was unveiled on February 4 2004, also exempts Irish resident companies from capital gains taxes on their disposed-of shareholdings in subsidiaries, whether they are foreign or domestic. There is also an exemption from stamp duty for transfers of intellectual property.
  • 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
  • More than a dozen Bills aiming to reform Germany’s labour market, public health insurance system, and tax laws were enacted in December 2003
  • The government of Hong Kong has said it intends to set up a network of double-taxation avoidance agreements with its major trading partners
  • The Ministry of Finance announced the tax reform plan for 2004 on December 19 2003
  • 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.
  • 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.
  • One of the first measures announced by the new administration elected in 2003 was a tax reform package mainly intended to combat tax evasion
  • The OECD has reached a compromise with Switzerland over tax practices deemed harmful by the organization in meetings held in Paris on January 27 and 28 2004
  • US multinationals will pay less tax this year, despite increasing profits and a concerted effort by the IRS to eradicate sophisticated tax avoidance schemes. International expansion, outsourcing of back-office services and manufacturing in countries with lighter tax burdens are thought to have contributed to the projected savings.