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  • CFC taxation
  • US manufacturing multinational Ferro has hired Thomas Gannon as corporate vice president and CFO. Gannon will be responsible for overall financial management including accounting, tax and budgeting. Before joining Ferro he worked at Riverwood International, Rockwell International, Pilkington and PricewaterhouseCoopers. Ferro produces performance materials for industrial coatings and performance chemicals and has operations in 20 countries.
  • Jeffrey Friedman and Glenn Walsh of KPMG analyze efforts to streamline US sales and use taxes in the face of projected Budget deficits
  • Attorneys ? Tax Advisors
  • Zurich, Switzerland
  • Larry Gafinowitz and Peter McCullough of Deloitte & Touche discuss the potential benefits for Australian and non-resident companies in the 2003 Budget
  • On May 23 the US House of Representatives agreed $350 billion of tax cuts. The Senate gave its final approval to the proposals the following day. The Jobs and Growth Tax Relief Reconciliation Act of 2003 will lower the top tax rate on dividends and capital gains on the sale of assets held for over a year to 15% until 2008. At present, dividends are taxed at standard income tax rates, while the rate on most capital gains is 20%.
  • The Czech coalition government will cut corporation tax from 31% to 24% by 2006 as part of a new reform package. The gradual decrease in the corporate income tax rate will be accompanied by a large increase in VAT on most services from 5% to 22% and increases in excise taxes.
  • The EU is strengthening its audit requirements. On May 21 the Commission set out 10 auditing priorities to improve quality and protect investors. The objectives are intended to prevent conflicts of interest and Enron-type scandals.
  • Dave Rutges, Eduard Sporken and Miodrag Verwoert of KPMG Meijburg & Co investigate how advance pricing agreement practice has changed in the Netherlands