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Three months 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 arrangement covers three broad areas - trade in goods, trade in services, and trade and investment facilitation. For trade in goods, from January 1 2004 the CEPA permits exports of Hong Kong origin from 273 tariff classes to enjoy zero tariffs, as long as they meet CEPA rules-of-origin requirements. Included in the 270 classes are electrical and electronic products, textiles and clothing, jewelry and cosmetics. China has also agreed to apply a zero import tariff upon applications by local manufacturers for other tariff classes maintained in China's tariff system that meet the CEPA rules of origin. It will do this by January 1 2006 at the latest.

Richard Irwin of PricewaterhouseCoopers reveals a changing tax-landscape for multinationals investing in the country

Joseph Lee: Companies should arrange APAs after a transfer pricing audit The People's Republic of China plans to release an advanced pricing agreement (APA) programme, possibly before the end of 2003.

Belgian taxpayers could receive a tax amnesty to regularize their undeclared offshore savings. Marc Quaghebeur of Vandendijk & Partners reveals how

In a bid to clear the backlog of tax cases, the Indian government introduced a Bill to set up a national tax tribunal on December 8 2003. All pending cases on direct and indirect taxes before the High Courts will be transferred to National Tax Tribunal.

European Tax Commissioner Frits Bolkstein issued a warning to member states over corporate tax policies at an EU conference on tax reform on December 5 and 6 2003. National corporate tax policies face challenges from the European Court of Justice over cross-border investment in Europe.

Irish law firm Matheson Ormsby Prentice has elected the head of its tax practice Liam Quirke as managing partner. Quirke will retain a fee-earning role and remain head of the tax practice when he takes the top job on January 1 2004.

On November 6 2003, the United States and Japan signed a new income tax treaty and a protocol to the new treaty, and exchanged diplomatic notes concerning the interpretation of certain provisions of the treaty and protocol. The US Senate and the Japanese Diet should take up the treaty early in 2004, and ratification appears highly likely. If ratified, the new treaty will replace the existing treaty, which was entered into in1971.

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 UK will also resist any attempt to introduce majority voting on tax issues, insisting on retaining its veto.

The regulations published on October 17 2003 in the Official Gazette for Mexico contained new regulations to the Mexican Income Tax Law (MITL) which repealed and replaced the regulations previously published in 1984. These regulations became effective the day after their publication.