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PricewaterhouseCoopers announced the appointment of Stephen Camm as head of its UK tax investigations practice on January 28 2004

In an effort to increase the transparency of corporate tax return filings, the US Treasury and IRS on January 28 2004 released a new proposed draft form for use by certain corporate taxpayers. The new form affects corporations with total assets of $10 million or more and will help the IRS improve monitoring of corporate tax compliance.

The government of the People's Republic of China has decided on a timetable for payment of overdue export tax rebates and will pay the amounts owed by the end of May. The rebate mechanism was introduced in the mid-1980s, but growth in China's export sector outpaced the government's ability to pay the tax refunds.

The UK Inland Revenue has announced measures to crack down on a scheme to avoid income tax used by individuals that involves setting off strips of government bonds against other income. Strips are securities that pay the owner either the interest due on an individual bond or the principal due when a bond is redeemed. The new legislation was effective immediately when it was released on January 15 2004.

KLegal's UK operation will re-brand itself as McGrigors on February 1 2004. The move comes after accounting parent KPMG cut its links with KLegal in response to US regulatory restrictions on the provision of non-audit services to audit clients.

David Miller: New rules would mean more work for tax advisers The US Treasury Department and the IRS has issued guidance for tax advisers as part of their campaign against abusive tax avoidance transactions. The guidance provides a set of best practices to ensure that tax advisers adhere to the highest ethical standards and inform their clients of any potential risks in certain tax transactions.

David Blumenthal: Will offer a broad tax practice Dewey Ballantine launched a UK tax practice after poaching London-based Linklaters tax specialist David Blumenthal on January 14 2004. The move highlights a growing trend as US law firms expand their tax practices to cater for their clients' UK and European tax advice needs.

Debate is growing in India on the attribution of profits to business process outsourcing entities (BPOs) that are permanent establishments (PE) of foreign companies in India. Under Indian tax treaties, a non-resident has a PE if it carries on business through a dependent agent in India. A dependent agent is an entity in India that exercises authority to conclude contracts or secures orders on behalf of the non-resident and is legally or economically dependent on the non-resident. Treaties say profits attributable to a PE are taxable in India. There are conflicting views on the extent of the profits attributable to the PE.

The American Bar Association (ABA) has said that the IRS must aggressively promote tax simplification to improve service to taxpayers and ensure that tax laws are effectively enforced

The Ministry of Finance announced the tax reform plan for 2004 on December 19 2003. The emphasis is on taxing individuals. Corporation tax has not been drastically changed but notable changes are as follows.