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  • US Treasury issues final rules for abusive tax avoidance transactions
    The US Treasury and Internal Revenue Service (IRS) last week issued final regulations forcing taxpayers to disclose participation in potentially abusive tax avoidance transactions
    March 02 2003
  • EY names US director of state & local taxes
    Ernst & Young has named Gary LeDonne as the new national director of the firm's US state and local tax practice. LeDonne will be based in New York and takes over from Steve Starbuck.
    March 02 2003
  • UK enforces Taiwan and South Africa tax treaties
    A double tax convention between the UK and South Africa and the double tax agreement between the UK and Taiwan have come into effect. The agreements aim to eliminate the double taxation of income and gains flowing between the countries. The South African convention was signed in July 2002 and its provisions apply from April 1 2003 for corporate tax and from April 6 this year for income and capital gains tax. It replaces an existing convention, which was concluded in 1968.
    March 02 2003
  • South African budget axes tax on foreign dividends
    The South African budget announced February 26 introduced tax measures aimed at stimulating business and encouraging investment into the country. One of the most important measures is the removal of tax on some foreign dividend repatriations
    March 02 2003
  • Public oversight board considers registration system for accounting firms
    The Public Account Oversight Board (PAOB) is to vote on March 4 on whether to adopt a registration system for accounting firms
    March 02 2003
  • Czech Republic discusses VAT changes
    The Czech government is discussing an amendment to its Value-Added Tax Act (VAT) to harmonize the country's laws with EU law. If approved the proposals will become effective in July this year. The changes will simplify VAT record-keeping, amend the list of exempt supplies, and allow foreign businesses to claim VAT on goods and services purchased in the Czech Republic with certain exceptions.
    March 02 2003
  • Sarbanes-Oxley claims first European success
    The recent admission of accounting irregularities at Ahold shows Sarbanes-Oxley is having a positive effect on audit and corporate governance standards
    March 02 2003
  • EU draws up US sanctions list
    The EU has taken another step towards imposing sanctions against the US in the ongoing trade war between the two countries over unfair tax breaks for US exporters
    March 02 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 02 2003
  • WJB Chiltern boosts customs team
    WJB Chiltern has expanded its customs and excise team with a former HM Customs & Excise official. Allan Brown has joined WJB Chiltern's value added tax (VAT) and customs & excise investigations team which advises the accounting and legal profession and clients on litigation and fraud investigations by customs & excise.
    March 02 2003
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