Search results for

The Italian Parliament passed a delegation law (Law 80 of April 7 2003), effective as of May 3 2003 pursuant to which the Italian government has been empowered to issue - within two years as from the entry into force of the Law - legislative decrees aimed at operating a wide reform of the Italian tax system (the Decrees), based on the principles outlined in same Law. The enactment of the Law represents a crucial step, since it is expressly intended to render the Italian tax system more efficient, and as such competitive with those of other European countries. The government has expressed its intention to enact most of the Decrees by the end of the year, so to have the reform effective as from January 1 2004.

The Finance Act 2003 (the Act), which became law on March 28 2003, effects important changes covering:

The Hong Kong Inland Revenue Department (IRD) issues employer's returns to companies carrying on business in Hong Kong on April 1 each year. Employers are required to submit details of remuneration paid to employees in the returns. The IRD uses employer's returns to scrutinize whether employees report their income correctly by matching the income disclosed in the individual's tax return with the payment of remuneration reported in the employer's return by his or her employer.

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.

Canadian tax considerations have recently given financial institutions (such as banks, credit unions, insurance companies and investment dealers) a reason to exercise dissent rights in respect of a merger or acquisition or corporate reorganization, even where the financial institution does not object, from a commercial perspective, to the transaction. Exercising dissent rights may in some circumstances provide an opportunity for the financial institution to exit its investment in a particular corporation on a tax-free basis.

Derek Jenkins and John Whiting of Pricewaterhouse-Coopers uncover what the 2003 Budget holds for international business

Greece has revamped its corporate tax system. Panagiotis Zafeiropoulos of Deloitte & Touche explains what it will mean for companies operating in the country

Type of deal

President Bush's US 2004 Budget contains a number of revenue-raising provisions aimed at earnings stripping, tax shelters and executive compensation. Christine Halphen, Oscar Teunissen, Steve Nauheim, Linden Smith and Larry Skor of PricewaterhouseCoopers explain what to look out for