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  • Big four accounting firm KPMG on January 19 reported double-digit revenue growth for the fiscal year to September 30 2003. Despite a challenging year for the tax and accounting services profession, member firm revenues were $12.16 billion.
  • 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 government made known its intention to reinforce the punitive legislation on tax crimes and submitted amendments to income tax.
  • The government has proposed generational changes to Australia's tax regime for both Australian resident and foreign multinationals. Alf Capito of Ernst & Young points out some of the benefits of the proposals
  • The 2003 Finance Act created a favourable tax status for publicly quoted property investment companies in France. Philippe Royou of Simmons & Simmons believes the advantages of corporate tax exemption and a stock exchange listing may encourage other European countries to follow France's example
  • Giuliana Polacco of Baker & McKenzie explains when the new rules will apply and how to escape them
  • Australia finalized double taxation treaties with the UK and Russia on December 17 2003. The Australia-UK treaty will go into effect on 1 July. The Australia-Russia treaty became effective on 1 January 2004.
  • By Tim Brown and Joanna Klaentschi, tax investigations, PricewaterhouseCoopers in London
  • US law firm Greenberg Traurig added Richard Petkun to its tax practice in Denver on January 7 2004. Formerly of Isaacson Rosenbaum Woods & Levy, Petkun's practice focuses on international tax, transactional and real estate tax matters.
  • Foreign corporations that have US subsidiaries selling tangible personal property within the US may be familiar with the concept that the commerce clause of the US Constitution, which serves to limit state action to the extent that it burdens national commerce, prohibits a state from requiring sellers who have no physical presence or a de minimus presence within the state (known as remote sellers) to collect sales tax on purchases of goods shipped to in-state customers.
  • Spain has put a favourable tax regime in place for foreign employees assigned to the country, effective January 1 2004. Individuals that transfer their tax residence to Spain can opt between being subject to personal income tax as Spanish residents and being treated as non-residents, provided that they meet certain requirements: