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  • Four months or so after the landmark signing of the Closer Economic Partnership Arrangement (CEPA) between Hong Kong and China, the two governments have signed six annexes further clarifying the terms of the arrangement
  • The Oslo County Court has found that the withholding tax Norway levies on dividends paid to foreign shareholders conflicts with the EU rule on free movement of capital
  • Directive 69/335/EEC – Indirect taxes on the raising of capital – Tax on stock exchange transactions – Tax on the delivery of bearer securities.
  • Sixth VAT Directive – Transitional arrangements for trade between member states – Supply of services – Intermediary services in intra-Community acquisitions of goods – Place where the service is performed – Interpretation of Article 28b(E)(3).
  • A tax amnesty designed to repatriate billions of Euros in Germany came into force on January 1 2004. Investors will face a 25% tax rate on assets repatriated by the end of 2004 compared to the 48% tax rate they would have ordinarily faced.
  • GlaxoSmithKline (GSK), the world’s second-largest pharmaceutical multinational, has rejected a claim from the US Internal Revenue Service (IRS) that the group owes $2.7 billion in back taxes and $2.5 billion in interest
  • The Chinese government has promised equal tax treatment for domestic and foreign-funded enterprises as part of its wide-ranging tax reform programme. In 2004 the government plans changes to value-added tax and corporate income tax.
  • Argentina has recently launched new thin-capitalization rules by reforming the Income Tax Law, effective October 22 2003
  • The government of Peru announced an increase in the corporate tax rate on December 18 2003. Corporation tax was increased from 27% to 30% as of January 1 2004.
  • Brazil's Senate on December 22 2003 approved Provisional Measure 135, which changes COFINS (the contribution for the financing of social security, levied on gross receipts) into a non-cumulative tax and increases its rate to 7.6%.