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The World Trade Organization granted the EU permission to apply sanctions worth $4 billion against the US in the ongoing Foreign Sales Corporation case on May 7. The EU wants the US to ensure compliance with the WTO rules before the beginning of next year and will review the US' progress in autumn this year. The most popular bill in the US to deal with the export subsidies is the Crane Rangel Bill which suggests replacing the FSC benefit with tax benefits for companies producing their good in the US rather than overseas.

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.

Internet service provider AOL is expanding its Luxembourg operations to reduce its value-added tax (VAT) liability. The move comes in anticipation of the EU's Taxation of Digital Sales Directive, which comes into effect on July 1 this year and means that the company will have to start charging customers VAT on digital downloads.

Basic International Taxation - gives insights into some of the nooks and crannies of international tax The author's preface declares Basic International Taxation to be a clarification of the basic principles of international taxation, and it succeeds very well. There are numerous books that look at subjects within the field of international taxation, but what Roy Rohatgi has produced is a work that spans the entire subject and places the various elements in context. For those who are looking for basic understanding, perhaps as a prelude to more in-depth analysis or as occasional practitioners of international tax, Basic International Taxation will be a useful addition to the bookshelf.

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.

The EU has said it intends to create a public oversight system similar to the US’s to prevent Enron-type scandals, threatening to heighten the argument between the two over where an audit firm should register

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.

Indian law firm Lexindia has launched a tax group in New Delhi attracting key big-four personnel and a corporate tax director

Matt Egger has joined Wiley Rein & Fielding's Washington business and finance practice. Egger joined the firm from the Washington tax practice of Dewey Ballantine. He specializes in corporate mergers, acquisitions and restructurings.

Companies operating in Europe might be able to offset overseas losses against other tax liabilities in the Europe Union if UK retailer Marks & Spencer (M&S) is successful in its appeal to the European Court of Justice (ECJ)