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  • The European Court of Justice (ECJ) rendered its decision in the matter of Bosal Holding BV on September 18 2003
  • The largest Russian oil company Yukos said it would continue to minimize tax payments within the law. The announcement on November 4 2003 comes 10 days after chief executive Mikhail Khodorkovsky, who resigned on November 3 2003, was arrested for alleged tax evasion.
  • The US Internal Revenue Service (IRS) announced the first quarterly update of its 2003-2004 Priority Guidance Plan on November 3 2003. The plan reflects the IRS commitment to produce more timely published guidance on tax developments.
  • Treasury Secretary John Snow and the Japanese ambassador to the US Ryozo Kato signed the US-Japan income tax treaty on November 6 2003. The treaty will further reduce double taxation of companies operating in the two jurisdictions.
  • The UK government signed a protocol that amends the 1938 UK-New Zealand Income Tax Treaty on November 4 2003. The protocol updates provisions on business profits, dividends, interest, royalties, exchange of information, and treatment of capital gains.
  • The federal government issued a decree granting tax incentives and tax relief on October 30 2003. The decree includes measures on corporate income tax and VAT.
  • Konstantin Mettenheimer, a tax lawyer at Freshfields Bruckhaus Deringer, was appointed joint senior partner on November 7 2003. Mettenheimer will take up the position in the Frankfurt office from May 1 2004.
  • Much attention has recently been focused on the issuance of new regulations—the final regulations regarding stock-based compensation and proposed new regulations governing services—there has been no lack of important developments in the IRS’s advance pricing agreement (APA) programme
  • Tax payers have not responded well to the Belgian government’s tax amnesty to repatriate funds before the EU Savings Directive comes into force on January 1 2005
  • Legislation introduced into the Australian Parliament on foreign exchange gains and losses – contained in the New Business Tax System (Taxation of Financial Arrangements) Bill (No 1) 2003 (TOFA Bill) – overhauls the tax treatment of foreign exchange gains and losses for most taxpayers