ITR Search | International Tax Review

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

Who is best to deliver tax services in North America?

With unprecedented political pressure on corporate governance, scope of services and tax shelter transactions as well as the absorption of Andersen people, tax advice is in a sea of change. Sed Crest speaks with tax directors at leading multinationals to work out how this affects their tax advice needs

March 31 2003

Alston & Bird

90 Park Avenue, New York, NY 10016

March 31 2003

Final PATA package released

Harmonization of conflicting transfer pricing documentation rules has been a topic of much analysis and commentary in recent years. Multinational enterprises have expressed strong interest in reducing the burden imposed on them by the current welter of inconsistent standards.

March 31 2003

Share buy-backs offer new opportunities for corporate investors

The High Court has held that, on a share buyback, any amount paid to corporate shareholders in excess of the sum subscribed for the shares is exempt from UK tax.

March 31 2003

EY raids PwC's global VAT team

PricewaterhouseCoopers (PwC) has lost a trio of value-added tax (VAT) professionals specializing in providing companies with global strategic advice on indirect taxes. Ernst & Young (EY) has poached the team to further globalize its indirect tax service in response to what it sees as growing realization by multinationals of the importance of indirect taxes.

March 31 2003

New tax rules from 2005

A tax committee (the Skauge committee) has recently presented a draft for new tax rules from 2005 to the Ministry of Finance. The committee proposes tax relief on employment income and reduction in the wealth tax by 50%. At the same time the committee proposes increased housing and property taxes.

March 31 2003

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