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UK issues ultimatum to Caymans on EU tax directive

The UK has demanded that the Cayman Islands drop its opposition to the EU Savings Tax Directive and comply with the EU crackdown on tax evasion. The Directive aims to tax cross-border interest payments to EU residents from 2005, prompting fears that the Caymans' lucrative financial services industry will suffer.

November 30 2003

Spanish update: Budget overhauls thin-capitalization and CFC rules

The first draft of the new 2004 State Budget Bill that has been made public contains a couple of relevant changes to the rules on thin capitalization and controlled foreign corporations (CFCs)

November 30 2003

Ernst & Young critical of UK tax plans

Ernst & Young has released its predictions for the UK pre-Budget report and warned that the government’s approach to UK tax issues could harm business and discourage investment

November 30 2003

Bonelli raids Deloitte & Touche for Italian tax launch

Italian law firm Bonelli Erede Pappalardo hired lawyer and tax consultant Andrea Silvestri from Deloitte & Touche. Silvestri will lead a team of seven individuals as head of the firms newly launched tax department.

November 30 2003

US-Inbound update: Cost-sharing regulations focus on stock options

The Treasury recently finalized an amendment to its regulations on qualified cost-sharing arrangements (QCSAs) requiring that the deemed cost of stock options and other stock-based compensation be treated as a development cost to be shared with the participants of a QCSA along with the cash-based compensation of the employees involved in the development of intangibles subject to the arrangement

November 30 2003

EU update: ECJ confirms freedom of establishment

On September 30 2003 the European Court of Justice (ECJ) ruled that certain obligations imposed by Dutch law on companies formed abroad but having their principal place of business in the Netherlands are incompatible with EC law (case c-167/01, Inspire Art Ltd)

November 30 2003

PricewaterhouseCoopers loses tax team in South Africa

South African law firm Sonnenberg Hoffman Galombik picked up four PricewaterhouseCoopers partners on December 1 2003

November 30 2003

New managing partner for Denton Salès Vincent & Thomas in Paris

Dominique Derveaux, manager of the tax and structured finance practice at Denton Salès Vincent & Thomas, was appointed managing partner of the firm’s Paris office on November 17 2003

November 30 2003

Commission v Italy; Commission v Finland; Commission v Germany; Commission v Sweden

Failure to fulfil obligations, Article 11 of the Sixth Directive (77/388/EEC) – Failure to impose VAT on subsidies granted pursuant to Council Regulation No 603/95 on the common organisation of the market in dried fodder – Concept of subsidies directly linked to the price.

November 27 2003

Zita Modes SARL v Administration de l'Enregistrement et des Domaines

Sixth VAT Directive – Article 5(8) – Transfer of a totality of assets – Continuation by the transferee in the same branch of business as the transferor – Legal authorisation to pursue the activity.

November 27 2003

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