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Sixth VAT Directive – Article 21(1)(c) – Persons liable to tax – Person mentioning the tax on an invoice – Tax paid in error by a non-taxable person and included in the invoice established by that person.

Removal from the register.

The International Primary Market Association (IPMA) has released standard tax exemption clauses to take into account the new EU Savings Directive.

Gerald Kafka and Rita Cavanagh joined Latham & Watkins' tax controversy practice in Washington DC on September 9 2003. Both partners left McKee Nelson to make the move and will concentrate on tax controversy litigation.

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.

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 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.

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. In many cases the effect will be to require greater cost contributions by the foreign participants in QCSAs and an increase in taxable income to the US participants. Taxpayers have rarely treated any part of the cost of stock options as a cost to be shared under a QCSA and have vociferously objected to the new rules.

The firm has promoted no fewer than seven tax specialists at its offices in Chicago and New York. Kevin Chen, Jack Bernstein, David Kung, Natalie Hoyer Keller, Gregory Gallagher, Kevin Coenen and Lee Allison became partners as of October 1 2003.

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).