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Irma Johanna Mosquera Valderrama explains what the reforms will mean for companies operating in the country

The London office of US-firm Hogan & Hartson has expanded to include a tax practice, headed by former McDermott, Will & Emery tax partner Jonathan Ivinson. The practice will be advising on the tax aspects of mergers and acquisitions, fund work and dispute resolution.

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.

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,

Firm details:

Greenwoods & Freehills Pty Limited is a specialist tax practice and Australia's largest advisory firm practising in revenue laws only. The amalgamation of our personnel qualified in the disciplines of accounting and law enables the firm to offer our clients an appropriate balance between the interpretation and the practical application of tax laws.

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 Initially, the first draft of the Bill merely repealed the provisions governing the exemption of holiday-passage benefits reimbursed by an employer.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.

Richard J Vann of Greenwoods & Freehills shows where the tax opportunities lurk under the latest US-Australia double tax agreement