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  • In February 2003 the European Commission published a consultation paper that discusses the possibility of using the introduction of international accounting standards (IAS) in 2005 to also introduce a consolidated tax base for companies with EU-wide activities.
  • The Ministry of Foreign Trade and Economic Cooperation recently issued amendments to the rules on foreign-invested holding companies or investment-type companies.
  • President Luiz Inacio Lula da Silva emerged from a meeting with Brazil's state governors on April 16 with a common agenda for extensive tax reform. Moves toward the harmonization of the value-added tax on sales and services (ICMS) could reduce the need for regional tax advice in Brazil.
  • The Securities and Exchange Commission (SEC) has selected William McDonough as its nominee to be the new chairperson for the Public Company Accounting Oversight Board (PCAOB). The PCAOB was set up as part of the Sarbanes Oxley Act. McDonough is the president of the Federal Reserve Bank of New York.
  • The new US accounting regulator has courted controversy with its very first act by voting last week to extend its registration requirements to non-US firms
  • A survey has revealed the market is frustrated with the Financial Accounting Standards Board (FASB)’s new rules on off-balance sheet financing
  • VAT exemptions – Services provided by public postal services.
  • Ernst & Young has lured the former global investment management tax leader from big four rival PricewaterhouseCoopers
  • Telecommunications firm Cable & Wireless (C&W) has finalized an agreement with the UK Inland Revenue, releasing £1.5 billion ($2.3 billion), which C&W paid into escrow on January 13 2003 in respect of the disposal of One2One to Deutsche Telekom in 1999
  • Guernsey has concluded that if and when the EU tax package, including the Savings Directive, is adopted it will recommend introducing a withholding tax on EU resident individuals’ savings interest instead of exchanging banking information