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  • American manufacturers could get a corporate tax cut of 3 percentage points by 2007. The tax rate cut from 35% to 32% proposed by Bill Thomas, Chairman of the House Ways and Means Committee, would deliver a $61 billion saving over the next ten years.
  • Hans-Martin Eckstein, formerly a tax partner with Haarmann Hemmelrath in Stuttgart, will join PricewaterhouseCoopers on November 1 2003. Eckstein focuses on M&A and transfer pricing.
  • The German Bundesrat approved a Law establishing transfer pricing documentation requirements on October 17 2003
  • In September 2003 the Mexican Congress approved the Mexico – Australia Tax Treaty (the Tax Treaty)
  • On September 9 2003 the Canada Customs and Revenue Agency (CCRA) released Draft Information Circular 71-17R5 - Request for Competent Authority Assistance Under Canada’s Income Tax Convention (the Draft)
  • The Antwerp Court of First Instance has sought a preliminary ruling from the European Court of Justice about the compatibility with EU law of Belgium's capital gains tax rules. The case relates to the sale to a foreign entity of a substantial participation in a Belgian company, which is subject to a 16.5% capital gains tax.
  • In a landmark judgment (Union of India v Azadi Bachao Andolan), the Supreme Court of India has upheld the validity of Circular 789 dated April 13 2000 issued by the Central Board of Direct Taxes (CBDT) clarifying that a Certificate of Residence issued by the Mauritian authorities would constitute sufficient evidence for accepting the status of residence as well as beneficial ownership for claiming benefits under Indo-Mauritian Double Taxation Avoidance Agreement (DTAA)
  • The Australian Taxation Office (ATO) announced a A$3 billion ($2.1 billion) increase in revenue in its annual report released on October 28 2003
  • The European Union will apply a minimum rate of taxation on all energy products used throughout the EU, such as mineral oils, coal, natural gas and electricity, under the Energy Tax Directive, adopted on October 27 2003
  • By virtue of the principle of non-interference in the management of companies (French Administrative Supreme Court, July 7 1958), French tax authorities are not allowed to assess the opportunity of a management decision in the place of the company manager