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  • The government of Vietnam plans to exempt foreign investors from paying taxes on profits transferred abroad. The plans announced on January 8 2004 are designed to encourage more foreign direct investment into the country and could be submitted to parliament for approval by the end of 2004.
  • Gordon Brown, Chancellor of the Exchequer, has made it clear in speeches and newspaper articles that the UK will resist proposals to harmonize direct tax regimes across the EU
  • The US Treasury Department and the IRS issued guidance for tax advisers as part of their campaign against abusive tax avoidance transactions
  • China will begin an overhaul of its tax system this year according to Xie Xuren, director of the State Administration of Taxation. The government will make changes to value-added tax (VAT), corporate income tax regimes and transfer pricing.
  • Dewey Ballantine launched a UK tax practice after poaching London-based Linklaters tax specialist David Blumenthal on January 14 2004
  • The government of Hong Kong published a long-awaited consultation paper on January 15 2004 on proposed tax amendments that will exempt offshore funds from profits tax. Interested parties have until February 13 2004 to respond to the proposals.
  • The US Treasury and the IRS took fresh aim at corporate tax shelters in a bid to increase tax revenues by over $40 billion in its Budget plan announced on January 14 2004. Plans to crack down on leasing transactions could bring in $34 billion of the $40.3 billion projected revenue increase over ten years.
  • Henry Tang, the financial secretary of Hong Kong, confirmed he will not raise taxes in 2004. Tang assured the business community that the government would not deviate from the territory's traditional low-tax environment, despite an increasing Budget deficit.
  • The government of Korea unveiled plans to use tax incentives to encourage project finance activity on January 14 2004
  • Argentina has recently launched new thin-capitalization rules by reforming the Income Tax Law, effective October 22 2003