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250 Yonge Street, Suite 2400,

Toronto

MILLAR MWK Tax Lawyers

Washington, DC

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.

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.

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.

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.

The Brazilian Central Bank issued on March 6 2003, the new Circular 3181. The circular updated the requirements for individuals and corporate entities resident, domiciled or with its headquarters in Brazil, to report annually to the central bank their receivables of any nature, assets in currency and assets and rights maintained abroad (such requirements were previously covered by Circular 3071 for the year 2001). The information must be disclosed through a declaration, which is available on the central bank website (www.bcb.gov.br).

At present, various factors influence the taxation of employee stock options in Switzerland. The main issues to consider are the following: