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Hungary's draft 2004 Budget raises taxes

The Hungarian Finance Ministry submitted the government's draft 2004 Budget on October 1 2003. The document proposes raising revenue next year through VAT hikes and new taxes, but still envisions a fiscal deficit of 3.8% of GDP next year.

November 01 2003

What the Bosal case means for Europe

Allen & Overy's Olaf van der Donk and Olaf Kroon explain why acquisition and finance structures will change dramatically

November 01 2003

VAT victory for financial services outsourcing

EDS has scored a victory in the Court of Appeal which, relying very heavily on European Court of Justice (ECJ) case law, has held that outsourced loan arrangement and execution services (in practical terms, representing the contact point between the bank and actual or potential customers) were exempt financial transactions.

November 01 2003

IRS marches on in war on tax shelters

Senate Finance Committee hearings in Washington DC, reveal that while the US Internal Revenue Service (IRS) is unrelenting in its initiative to crack down on so-called abusive tax shelters, it still has its work cut out.

November 01 2003

France separates tax and audit services

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.

November 01 2003

New tax Treaty with Australia

On September 2003 the Mexican Congress approved the Mexico - Australia Tax Treaty (the Tax Treaty).

November 01 2003

UK R&D credits fail to attract

Tax breaks for research and development (R&D) in the UK could save domestic and multinational companies millions of dollars each year but many companies are not making R&D tax relief claims because of unclear guidelines and cumbersome procedures.

November 01 2003

How to outsource financial services tax-effectively

Nick Cronkshaw and Martin Shah of Simmons & Simmons focus on the practical tax aspects when outsourcing in the banking, asset management and insurance sectors

November 01 2003

US IRS releases treaty list for reduced dividend tax rates

The IRS issued a list of the US tax treaties that meet the requirements for reduced capital gains rates on certain dividend payments under the Jobs and Growth Tax Relief Reconciliation Act 2003 on September 30 2003. The notice lists 52 treaties and is effective for taxable years beginning after December 31 2003.

November 01 2003

Visa liable to tax in India

The competent authorities of India and the US agreed that the credit card organization Visa International is subject to tax in India because the company's server constitutes a permanent establishment in the country. Visa International had resisted attempts by the Indian revenue authorities to tax the company for the portion of its profits attributable to Indian operations.

November 01 2003

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