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  • Two Brazilian courts of first instance have issued important decisions relating to the application of the Brazilian social contribution on net income (CSLL) for income derived from export transactions.
  • 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.
  • Hans van den Hurk of Deloitte explains the ramifications of the ECJ's Bosal decision
  • The OECD kept efforts at achieving a global level playing field for exchanging tax information alive at its Global Tax Forum in Ottawa on October 14 and 15 2003. But the organization faces perpetual resistance from a handful of so-called tax havens that oppose the plans.
  • 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.
  • Taxpayers in South Africa will be able to submit comments on the Draft Revenue Laws Amendment Bill published on October 8 2003. Proposed changes include repealing the tax on foreign dividends in the hands of resident recipients who hold a significant interest (25% or more) in the companies declaring the dividends.
  • The EU Savings Tax Directive may not apply to discretionary trusts in Jersey according to government officials in the offshore tax haven. High net worth individuals who establish discretionary trusts to manage their wealth stand to benefit.
  • The German government is set to make far-reaching changes to tax laws to boost the struggling insurance sector. The changes will allow insurers to deduct losses on the stock market from their taxable income and could save the industry as much as ?10 billion.
  • The Hong Kong Inland Revenue Department (IRD) has published two advance rulings made by the Commissioner of Inland Revenue (CIR). The taxpayers in these two cases have similar business operations, however, it is interesting to see that the CIR rulings are quite different.
  • On September 2003 the Mexican Congress approved the Mexico - Australia Tax Treaty (the Tax Treaty).