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  • The big four accounting firms could be barred from offering non-audit services to audit clients under a law regulating the financial services industry (Loi de Securité Financière) announced in August 2003. The French government expects to introduce regulations that will provide more detail, possibly early next year.
  • More than 70 multinationals failed to reclaim hundreds of millions of pounds from the UK Inland Revenue in a high court group litigation case on advanced corporation tax (ACT)
  • Cynthia Mattson was promoted to division counsel, large and mid-size business, within the IRS. The move leaves the position of deputy open.
  • Argentina's Congress passed a grain tax reform bill on October 1 2003 that angered members of the country's powerful agricultural industry. The bill will force grain exporters to pay income taxes based on the value of the product at the time of shipment rather than when the grains are sold. It aims to end the practice of selling grain at submarket prices to third-country tax havens, which allows exporters to declare much lower taxable earnings.
  • The Greek government announced plans to cut the corporate tax rate from 35 to 25 percent for investments over ?30 million on October 6 2003. The plans are part of its drive to attract more foreign investors and would run for 10 years.
  • Despite the objections of central bank officials, the Portuguese government intends to press ahead with its corporate income tax cut. The rate will be cut from 30% to 25% in 2004.
  • The Russian Taxes and Levies Ministry has detailed plans to improve corporate income tax collections. The ministry has prepared modifications to chapter 25 (corporate income tax) of the Russian Tax Code, which include changes to securities transactions, financial instruments and trust and other fixed-term transactions.
  • Alexander Vögele and Markus Brem of Voegele Partner propose a step-by-step approach to translate the new law and regulations into a successful documentation package
  • Allen & Overy's Olaf van der Donk and Olaf Kroon explain why acquisition and finance structures will change dramatically
  • This note is aimed at providing a first preliminary overview of the main changes to the Italian tax system addressed by Law Decree 269 of September 30 2003, effective as of October 2 2003. This Decree must be converted into law by the Italian parliament within December 1 2003. Otherwise, it would be deemed as if it has never been enacted.