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Turkey plans new tax incentives

The government of Turkey has released its draft of the Frame Law on State Assistance in Investments, which provides for income and corporate tax exemptions for up to 10 years. The Bill targets foreign investment particularly in the textile and iron and steel sectors.

September 30 2003

UK R&D credits in the spotlight

Andrew Packman and Diarmuid MacDougall of PricewaterhouseCoopers explain R&D incentives, including the policy background to recent changes in the UK, the approach of other countries and the issues that businesses will need to address

September 30 2003

Sarbanes Oxley ripples through the tax market

One year on and the Sarbanes Oxley Act in the US continues to have repercussions throughout the tax services market.

September 30 2003

Cayman Islands warned over EU tax compliance

The UK government warned the Cayman Islands, a British dependent territory and one of the world's largest offshore centres, that it could face regulatory changes to comply with EU savings tax rules. The proposed changes relate to exchanging information between tax authorities as a way of increasing revenue and tackling avoidance and fraud.

September 30 2003

Investing through multiple chains of ownership

Non-US companies investing in the US through multiple chains of ownership should be aware of certain potential US tax benefits in cases where they have a financially troubled US subsidiary. Sometimes difficulties arise inasmuch as the loss occurs in a less profitable chain of subsidiaries and cannot be used to offset income of a more profitable chain of subsidiaries.

September 30 2003

Increase in the profit rate on royalties received by non-residents

In March 2003, the previous financial secretary, Antony Leung, proposed in his Budget speech an increase in the assessable profits deemed rate on royalties received by a non-resident under section 21A of the Inland Revenue Ordinance (IRO) from 10% to 30%. The proposed amendment to the IRO was enacted in mid-July. At the same time the Commissioner of Inland Revenue (CIR) issued a revised Inland Revenue Departmental Interpretation and Practice Note 22 (DIPN 22) explaining the effects of the amendment.

September 30 2003

India decides on national tax tribunal

The Indian government has decided to establish a national tax tribunal to hear tax dispute cases. But professional bodies have criticized the tribunal, which will replace the system where tax disputes are heard in the High Court and the Court of Appeal.

September 30 2003

Korea plans tax breaks for foreign companies

The government of South Korea is planning to simplify the tax code and offer more tax breaks to foreign companies in a bid to increase inbound investment. In measures expected to take effect next year, manufacturing firms will receive tax breaks on investments of over $30 million (previously over $50 million).

September 30 2003

Reform proposals fail to deliver

The project to overhaul the Brazilian tax system is continuing to move forward in the political sphere. On September 4 2003, the House of Representatives approved the tax Bill, which will still be subject to further amendments and to the Brazilian senate's review before its final sanction.

September 30 2003

Business struggles with tax consolidation

After years of debate, several tranches of legislation and many delays, the implementation of Australia's new tax consolidation regime is upon us. However, many businesses are entering the new system in a state of tax reform fatigue - with many organizations finding that the implementation is taking longer and involving more resources than expected.

September 30 2003

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