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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.
  • Ecuador’s Supreme Court has ruled that the Canadian oil company EnCana has the right to a partial rebate in its lengthy battle over tax rights with the government, but refuted the company’s claims for a full refund
  • The government of Nigeria has accused Shell of unfairly exploiting tax loopholes and could be forced to hand back hundreds of millions of dollars to the authorities. The tax dispute relates to a reserves-addition bonus scheme that offered companies incentives for investing in oil and gas.
  • The fourth draft of the foreign investment entity legislation (FIE legislation) was released by the Canadian Department of Finance on October 30 2003 and generally adheres to the structure of earlier drafts
  • The law for setting up National Tax Tribunals (NTT) was promulgated recently to dispose of tax cases faster
  • The proposed section 482 services regulations change many aspects of the transfer pricing regulations for related-party services and the ownership of intangible property
  • Former Zini & Associates tax partner Luca Dezzani has left the firm, taking four members of the tax team with him
  • 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
  • On October 31 2003 the Brazilian government issued Provisional Measure (PM) 135/2003, promoting changes to the COFINS tax regulations