Search results for

The UK Customs & Excise unique amnesty scheme closes on September 30 2003. The scheme allows businesses trading above the VAT threshold but not registered for VAT to register without incurring a penalty for late notification.

Uruguay's Executive Branch is expected to grant and/or extended tax benefits until May 31 2004. The decree, which has not yet been published, is designed to stimulate investment in the trade and service industries.

In May 2003 the US government passed The Jobs and Growth Tax Relief Reconciliation Act, significantly cutting taxes on dividends. Chief executives at some leading US firms now suggest the legislation is starting to reap rewards in terms of increased economic activity.

The European Commission has released a 338-page draft consultation paper, a recast of the Sixth VAT Directive. The European Commission has asked interested parties to submit comments on the paper by 26 September.

7th Floor, Wisma Hamzah Kwong-Hing,

13th Floor, Gloucester Tower

According to the transitory provisions of the Income Tax Law in effect in 2003, the executive branch should issue new regulations to the legislation no later than July 31 2003. To date, the final version of the new regulations has not been released but there is a draft that includes some new points applicable to parties resident abroad.

When the financial secretary Antony Leung delivered his first Budget speech in March 2003, he proposed to take away the exemption of holiday passages enjoyed under salaries tax. Initially, the first draft of the Bill merely repealed the provisions governing the exemption of holiday-passage benefits reimbursed by an employer. If an employer instead of reimbursement of an employee's holiday-passage expenses directly provided the benefits, such benefits were still exempt from tax under the principle of not being able to convert the benefit into cash. However, the Bill was subsequently amended to the effect that holiday passage benefits provided by an employer by whatever means are taxable under employees' salaries tax. If the holiday journey is partly for work purposes and partly for holiday purposes, the part for holiday purposes is taxable. The Legislative Council passed the law on June 25 2003, and the law takes effect from the year of assessment 2003/04.

Tax adjustments relating to the remuneration of inter-company administrative, technical and commercial support services are as frequent as the performance of such services is common.

UK plans to extend transfer pricing and thin-capitalization rules to domestic transactions