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Latin America: overview

By Jorge Gross and Marc Schwartz, PricewaterhouseCoopers, Miami, and Nicasio del Castillo and Eduardo Pupo, PricewaterhouseCoopers, New York

April 01 2003

EC labels Belgian, Dutch and Irish tax arrangements as prohibited state aid

In a decision published February 18 2003, the European Commission (Commission) decided that the Belgian coordination centres (BCCs), the Dutch international financing activities arrangements (IFA) and the Irish tax exemption for certain foreign dividends and foreign branch profits gave tax advantages that were contrary to the EU rules on state aid.

March 31 2003

European auditors upset by US plans for foreign registration

Plans by the SEC's newly-created Public Company Accounting Oversight Board (PCAOB) to make foreign audit firms register with the body when auditing companies issuing in the US are stirring up strong emotions in Europe. While the US body insists that the measure is necessary, those in Europe are arguing that not only is the policy unnecessary as existing national standards are sufficient but that it could even breach human rights.

March 31 2003

Business lifted by Singapore budget

Singapore companies with overseas branches and subsidiaries were given a boost last month when the government announced a Budget which, according to the country's Finance Minister, Lee Hsien Loong, will exempt 90% of Singaporean companies' overseas income from tax.

March 31 2003

Venezuela delays transaction tax drop

The Venezuelan government has decided to extend its tax on financial transactions by another year to help repair the country's damaged economy. A two-month strike, which began at the end of last year, virtually brought the country to a standstill with the oil industry, businesses and the stock exchange shutting their doors. The transaction tax will gradually fall from 1% to 0.5%.

March 31 2003

US-UK tax treaty approved

The US Senate Foreign Relations Committee has approved the new US-UK double tax treaty. When adopted, the treaty will abolish the 5% US withholding tax on dividends. The treaty was signed in July 2001 and was ratified by the UK in November last year.

March 31 2003

New Advocate General opinion on freedom of establishment

A European Court of Justice (ECJ) Advocate General opinion on a personal tax case could lead to similar cases being brought by businesses. The case related to the French residential exit tax due by Hughes de Lasteyrie du Saillant, transferring his tax residence from France to Belgium. The ECJ Advocate General ruled that the French exit tax is against the EC freedom-of-establishment principle in the EC Treaty.

March 31 2003

White House economic adviser resigns

Glenn Hubbard has resigned from his role as chairman of the White House Council of Economic Advisers. Hubbard, who played a key role in President Bush's tax-cutting programme, is expected to return to Columbia University where, until joining Bush's government in 2001, he was a professor of economics. Bush intends to nominate Nicholas Gregory Mankiw, an economics professor at Harvard University, to replace him.

March 31 2003

Haddad leaves KPMG to lead law firm's tax group

Gustavo Haddad: wants to strengthen tax group The Brazilian law firm Goulart Penteado, Iervolino e Lefosse Advogados, which is associated with Linklaters, has lured a tax partner from KPMG. Gustavo Haddad, who joined KPMG in 1994 started working at Goulart Penteado in São Paulo on March 17 2003 and will lead the firm's tax group. He joined with fellow KPMG lawyer Bruno Carramaschi.

March 31 2003

Thorsteinssons, Tax Lawyers

Toronto

March 31 2003

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