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Brazil slashes excise tax on capital goods

President Luiz Inacio Lula da Silva signed a Decree on January 15 2004, cutting excise tax on capital goods, including machinery and equipment by up to 33%

January 25 2004

Brazil reduces industrial goods tax

Brazilian President Luiz Inacio da Silva signed a decree on January 15 2004 cutting the country's industrial goods tax on capital goods by 30%. The move cuts the tax on most capital goods such as machinery and equipment from 5% to 3.5%.

January 18 2004

Tax uncertainty clouds UK film industry

The UK film industry enjoyed a record year of growth in 2003, thanks to the section 48 tax incentives. The tax break, introduced in 1997, allows 100% tax relief on production costs and script development. But the present system is to be scrapped in 2005, leaving an uncertain future for the industry.

January 18 2004

Vietnam plans tax exemption for foreign investors

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.

January 18 2004

UK update: Chancellor rejects tax harmonization

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

January 18 2004

IRS tightens reins on tax advisers

The US Treasury Department and the IRS issued guidance for tax advisers as part of their campaign against abusive tax avoidance transactions

January 18 2004

China to overhaul tax system

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.

January 18 2004

US law firms target UK tax market

Dewey Ballantine launched a UK tax practice after poaching London-based Linklaters tax specialist David Blumenthal on January 14 2004

January 18 2004

Hong Kong proposes amendments for taxation of hedge funds

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.

January 18 2004

US Budget plan targets tax loophole to raise revenues

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.

January 18 2004

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