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EU tax commissioner warns member states over corporate tax

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.

December 01 2003

Double tax agreements promote air and shipping

The Hong Kong SAR government is making agreements to avoid double taxation on income from international transportation operations with other countries and is developing Hong Kong as an international logistic centre. The latest agreement, on shipping operations, was signed with Norway in October 2003. It was the fifth of its kind and the second this year. Another was made with Germany earlier this year.

December 01 2003

New foreign investment entity rules

The fourth draft of the foreign investment entity legislation (FIE legislation) was released by the Canadian Department of Finance on October 30 2003 and generally adheres to the structure of earlier drafts. Certain major changes, and a host of technical revisions, have been adopted. The FIE legislation is to be effective for taxation years beginning after 2002.

December 01 2003

European Commission surveys future EU members

In November 2003 the European Commission issued its latest comprehensive monitoring report on the state of preparedness for EU membership. Most acceding countries should have no particular difficulty in meeting the taxation requirements upon accession on May 1 2004, but the European Commission requires enhanced efforts on the part of Estonia, Malta and Slovenia to meet their obligations as far as direct taxation in general is concerned.

December 01 2003

New Bill removes time limits for carrying forward losses

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.

December 01 2003

How to manage transfer pricing risks

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

December 01 2003

How to reduce US tax on qualified dividends

Dividends from qualified foreign corporations received by US non-corporate shareholders will benefit from maximum reduced income tax rate of 15%. Oscar Teunissen, Oren Penn, Steve Nauheim and Puneet Arora of PricewaterhouseCoopers explain how it works

December 01 2003

India introduces national tax tribunal

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.

December 01 2003

European Commission to investigate Belgian VAT waiver

The European Commission announced an investigation into the fiscal settlement between the Belgian government and UMICORE, an international metals and materials group, after the Belgian government allegedly waived a ?20 million ($24.5 million) VAT liability.

December 01 2003

Chartered Institute of Taxation produces guide on setting up tax businesses

The UK Chartered Institute of Taxation has produced a CD-rom guide for tax advisers setting up new businesses. The guide covers key issues in establishing a tax practice along with advice on marketing, recruitment and best practice through quality controls.

December 01 2003

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