ITR Search | International Tax Review

Responding to the new age of transparency

by Timothy J McCormally, Executive Director, Tax Executives Institute

May 31 2003

Ernst & Young

Visit our website at: www.ey.com/internationaltax

May 31 2003

Lovells

The Lovells tax practice comprises 18 tax partners and 35 associates. Lovells provides a comprehensive range of international and domestic business and corporate tax planning services. The firm has its own tax capacity in the offices listed below.

May 31 2003

Simmons & Simmons

Our international tax team comprises over 40 practitioners in seven European jurisdictions. We advise on M&A tax planning, international group structuring, capital markets and banking taxes, employment taxes, real estate taxes, VAT and other indirect taxes, tax investigations and disputes, all as a matter of course. In addition, we have recognised experts in the areas of trusts and private capital tax planning, share incentives and employee benefits and onshore and offshore collective investment schemes.

May 31 2003

Cross-border loss utilization referred to the ECJ

In a ruling released in April this year, Germany's highest tax court has referred a case to the European Court of Justice (ECJ) that gives this body the opportunity to decide whether EU member states may deny their taxpayers a deduction for losses incurred in another EU member state (German Federal Tax Court ruling of November 13 2002 - IR 13/03).

May 31 2003

Ahold reveals further accounting irregularities

The Dutch grocery group Ahold revealed on May 26 that "intentional accounting irregularities" and "misapplications of generally accepted accounting principles" mainly at their Tops Markets US subsidiary, had forced it to reduce predicted pre-tax earnings by $29 million. The company was forced to restate its earnings for 2001 and 2002 and reduce its profits by $500 million earlier this year after irregularities were found in the accounts of its US subsidiary.

May 31 2003

Taxation of representative offices standardized

The State Administration of Taxation (SAT) recently standardized the tax treatment of representative offices, effective from July 1 2003. The circular clarifies that tax treatment shall be based on the activities carried out by the head office:

May 31 2003

Vanuatu removed from OECD blacklist

Vanuatu has been removed from the OECD's list of uncooperative tax havens after the country committed to improving the transparency of its tax and regulatory systems and to establishing effective exchange of information for tax matters with OECD countries by the end of 2005. The list was published in April 2002 and the Vanuatu is the first to be removed. Six jurisdictions remain on the list.

May 31 2003

Canada refines rules on non-resident trusts

Otto-Hans Nowak and Grant J Russell of Borden Ladner Gervais analyze how the Canadian government has amended its proposed scheme for non-resident trusts

May 31 2003

Tax-efficient real estate investment in Spain

Foreign investments in Spanish real estate have increased considerably in the past few years, requiring proper tax planning. José Maria Cusí and Carmen Gómez de Cadiñanos of Clifford Chance reveal how to do it tax-efficiently

May 31 2003

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