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  • Vispi T Patel of Deloitte Haskins & Sells explains how expatriates are taxed after a key decision and legislative change
  • Hong Kong signed an agreement for the avoidance of double taxation with Belgium on December 10 2003 in Hong Kong. The pact is the first income tax treaty Hong Kong has signed with a country other than the People's Republic of China.
  • The Korean National Tax Service (NTS) announced on December 10 2003 it will only conduct transfer pricing audits of foreign-owned companies when there is a clear indication of transfer pricing manipulation. The NTS plans to ease its tax audits on foreign companies to provide a more favourable environment for foreign investors.
  • The Treasury announced that Robert Carroll was appointed deputy assistant secretary for tax analysis on November 28 2003. Carroll will provide economic advice and analysis for the office of tax policy with regard to all aspects of the economics of federal taxation.
  • The UK will introduce a domestic transfer pricing regime on April 1 2004. Groups of companies face a huge compliance burden in documenting and justifying asset transfers within the UK. Companies will have a further consultation period until February 10 2004 to respond to the plan, which were confirmed in the pre-Budget report on December 10 2003.
  • The draft Finance Bill for 2004 provides for the carry forward of tax losses without any time limit. Accordingly, the distinction between ordinary losses, which can be carried forward for five years, and deemed deferred depreciation allowances, which can be carried forward with no time limit, will most likely no longer exist.
  • Ernst & Young's Philip Anderson and Robert Miall reveal the findings from the firm's global transfer pricing survey revealing which firms are most at risk
  • New Zealand should implement a broad-based corporate tax cut according to the OECD's annual survey of the country released on December 10 2003. The survey also said the country's tax rates, while on par with OECD averages, may not be attractive enough to stimulate increased foreign direct investment.
  • UK law firm Masons has joined forces with Economic Laws Practice (ELP), a tax boutique in Bombay. Masons is targeting Indian Public Private Partnership and Private Finance Initiative work and will use ELP to offer tax advice.
  • On November 7 2003 (Japan time), the Japanese ambassador to the US and the US secretary of the treasury signed a new income tax treaty. If both countries ratify it before December 31 2004, the new treaty would generally have effect as of January 1 2005.