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  • Chinese update: Closer economic partnership with Hong Kong takes shape
    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
    January 11 2004
  • Chadbourne & Parke expands in Poland
    US law firm Chadbourne & Parke hired, on January 5 2004, five tax lawyers from Altheimer & Gray in Poland, which will join the EU with nine other countries on May 1 2004
    January 11 2004
  • Peru increases corporate tax rate
    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.
    January 11 2004
  • New EU law firm opens in Belgium
    Crosby Renouf, a new law firm based in Brussels, opened its doors on January 5 2003 specializing in EU law. The firm will also focus on tax services within the EU.
    January 11 2004
  • Argentinean update: New thin-capitalization rules released
    Argentina has recently launched new thin-capitalization rules by reforming the Income Tax Law, effective October 22 2003
    January 11 2004
  • Olson resigns from US Treasury
    Pamela Olson, assistant secretary of the treasury for tax policy, resigned her post on December 10 2003. Olson will continue in the post until after the budget for fiscal year 2005 to allow for a smooth transition.
    January 11 2004
  • Canada reduces corporate tax burden
    The general rate of corporate tax in Canada fell from 23% to 21% on January 1 2004 as part of a larger programme of tax cuts begun in 2000 when the corporate tax rate was 28%. The Canadian government also reduced the corporate tax rate on resource income from 27% to 26%.
    January 11 2004
  • Brazil approves changes to social security taxes
    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%.
    January 11 2004
  • Yukos formally charged with tax evasion
    Russia's tax authorities stepped up pressure on Yukos by formally charging the country's largest oil producer with tax evasion on December 30 2003. The company is alleged to have avoided $3.3 billion in taxes.
    January 11 2004
  • Australian update: Expatriate deal signed with the UK
    The Australian and UK governments signed a new Double Tax Agreement on August 21 2003, replacing the existing agreement
    January 11 2004
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