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There are a few changes for consumption tax rules, which mainly intend to improve the transparency of the consumption tax system and to diminish the number of the small vendors who enjoy beneficial treatments.

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.

The Korean government has passed wide-ranging revisions to its tax legislation. Don Yang and Jeremy Everett from Deloitte & Touche reveal where the new opportunities lie

Hong Kong faces a fiscal deficit of HK$70 billion ($8 billion) for the year 2002/03 exceeding the original estimated deficit by HK$24.8 billion. In order to eliminate the deficit, the government is prepared to cut the public expenditure to 20% of gross domestic product, increase tax rates and introduce new taxes.

Toronto

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.

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.

The Australian and New Zealand governments have reached agreement on a solution for the trans-Tasman triangular tax issue. This represents significant progress in addressing a vexing issue that has been on the agenda of both countries for a number of years - and affected businesses will be glad the long wait is over.

In a vote taken on March 14 2003, which came as no surprise, the Federal Council (Bundesrat) rejected the comprehensive tax Bill introduced by the German government in November 2002. The Tax Preference Reduction Act (Steuer-vergünstigungs-abbau-gesetz or StVergAbG) had cleared the German parliament (Bundestag) by a slim margin in late February. Even after being watered down several times in the course of the legislative process, the legislation still contained important revenue-boosting measures, such as a 50% limit on the offset of the profits of any single year in excess of €100,000 ($108,000) by losses carried forward (net operating losses).

French tax authorities have just released administrative guidelines (Official Tax Bulletin, 4 H-1-03, February 26 2003) regarding the inapplicability of a branch tax in France on the profit share due to the foreign partners of a partnership whose head office is in France.