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UK Treasury rebukes Inland Revenue for tax haven deal

A transaction carried out by the UK Inland Revenue has come under fire by the country’s Treasury. The government has formally admitted that the Inland Revenue made a series of mistakes when it sold its entire property portfolio to a company based in the tax haven of Bermuda in 2001

May 17 2003

PCAOB names KPMG chief auditor

The US Public Company Oversight Board, created by last year's Sarbanes-Oxley Act has named a KPMG partner as deputy chief auditor. Thomas Ray will work with the board as it oversees the accounting industry. Before joining KPMG Ray worked at the American Institute of Certified Public Accountants.

May 17 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 – Andorra , Liechtenstein, Liberia, Monaco, The Marshall Islands and Nauru.

May 17 2003

LECG hires ex-Andersen transfer pricing trio

International consulting firm LECG has hired a group of former Andersen staff to develop a European transfer pricing group in London

May 17 2003

Cameron Rider joins Shaddick & Spence

Leading Australian tax boutique Shaddick & Spence has hired a former partner of law firm Allens Arthur Robinson

May 17 2003

Elliniko Dimosio v Maria Karageorgou, Katina Petrova and Loukas Vlachos

Tax paid in error by a non-taxable person and mentioned on the invoice issued by such a service provider.

May 14 2003

Wolfgang Seeling v Finanzamt Starnberg

Sixth VAT Directive – Articles 6(2)(a) and 13B(b) – Private use by the taxable person of a dwelling in a building forming, in its entirety, part of the assets of the business – Such use not equivalent to the leasing or letting of immovable property.

May 07 2003

Commission v France

Failure of a state to fulfil obligations – Sixth VAT Directive – Article 12(3)(a) and (b) – Supplies of gas and electricity delivered by the public networks – Standing charge for supply networks – Reduced rate.

May 07 2003

Courts clarify the CFC motive test exemption

In December 2002 the Special Commissioners published their decision in the case of Association of British Travel Agents Limited v Commissioners of Inland Revenue (Special Commissioners decision 359). The case concerned the application of the UK-controlled foreign companies (CFC) legislation in the context of two captive insurance companies.

April 30 2003

Understand Italy's hidden and multiple PE concepts

Multinationals doing business in Italy have been confused by recent Supreme Court decisions on permanent establishments, including the Philip Morris case. Piergiorgio Valente and Gianpaolo Valente of Studio Legale Tributario GEB Partners focus new light on blurry concepts

April 30 2003

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