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A bi-partisan group of US lawmakers is seeking to permanently ban taxes on internet access. Democrats and Republicans have joined forces to highlight growing support for permanently extending the existing Cox-Wyden moratorium on new internet access taxes and any discriminatory taxes that unfairly target the internet. The lawmakers want to extend the existing ban before it expires in November this year.

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.

Ernst & Young has lured the former global investment management tax leader from big-four rival PricewaterhouseCoopers. Lynne Ed is joining the firm in London on July 1 and will be an international tax partner in Ernst & Young's investment management practice. Ed has spent 23 years at PricewaterhouseCoopers and specializes in the tax implications of fund products including offshore investment funds and limited partnerships.

The High Court has overturned the Inland Revenue's position on the tax treatment of share buy-backs. Ian Bowler and Mike Hardwick of Linklaters reveal the implications of the decision

Margie Rollingson, David Benson and Peg O'Connor of Ernst & Young analyze the Dow decision involving business purpose and corporate-owned life insurance where the court found in favour of the taxpayer

Proposed rules on preferred shares have a lot to offer foreign credit institutions in Spain. Carlos Albiñana of Allen & Overy shows where and how

For many years the Brazilian government has failed to enact fiscal reforms and to revise its inefficient indirect tax system, which imposes several types of taxes collected by the federal, state and local governments. Over the last decade this situation has developed into a serious tax competition between the different layers of the Brazilian government. The current tax system is characterized as a maze of complicated tax rules, which greatly increase the cost of products and services in the country. The result has been that Brazilian taxpayers are among those with the highest tax burden, representing 36.45% of the country's gross domestic product (only below Sweden - 47% and Germany - 36.7%).

Biotech company ImClone has delayed announcing its financial results and may be forced to restate its earnings from 2001 onwards to cover the unpaid taxes of its former chief executive.

The European Venture Capital Association (EVCA) has said that differences in national tax and legal regimes across Europe are hampering the development of Europe's private equity and venture capital sector.

Craig James - Integral Energy, Mark Tafft - Ernst & Young and Steve Vesperman - ATO: