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The Australian government has implemented many incentives to encourage VC investment. Rick Taylor and Max Persson of Deloitte, reveal what it means for foreign investors and fund managers

With its tax rate of 12.5% and a tax system that since 1997 has aimed to make securitization deals effectively tax-neutral, Ireland is already a popular onshore location for securitization. But changes announced in its Finance Bill in February 2003 should make the country even more attractive. The Bill announced changes to simplify and update the securitization rules to take into account a much wider range of transactions. It is due to be enacted by April 4 this year and changes are possible until then but it will be effective from February 6.

Tax obstacles to securitization are to be abolished in Germany but true-sale transactions will require careful structuring. Florian Schultz and Martin Krause of Linklaters Oppenhoff & Rädler explain why

There seems to be no escape for the big accounting firms in the US. Just after their fears were alleviated by the final wording of the Sarbanes-Oxley Act, which seemingly guarantees that they can continue providing tax services to audit clients, they face another attack. This time, the US government is cracking down on tax shelters offered by accounting firms and the big four, and other professional services firms are hitting the headlines once again.

The effects of Sarbanes-Oxley have spread to Europe as PricewaterhouseCoopers' associated law firm Landwell, last month lost the majority of its tax litigation group in the UK as a result of the US legislation. A six-lawyer team and support staff have joined US firm Dorsey & Whitney in London because of fears that the US legislation would leave them unable to work with their biggest clients. But while Landwell, UK, has suffered, most of big four's associated law firms' litigation groups have escaped unscathed.

The last Russian update informed readers on approval of a set of laws by the Russian parliament ratifying new double tax treaties and protocols between Russia and a number of countries.

A January 22 memorandum to Internal Revenue Service (IRS) field examiners from the commissioner of the large and mid-size business (LMSB) division promises changes in the conduct of IRS transfer pricing audits.

The Commissioner of Inland Revenue (CIR) announced in the January 2003 issue of The Hong Kong Accountant, the official journal of the Hong Kong Society of Accountants (HKSA) that the Inland Revenue Department (IRD) would initiate prosecution action whenever it is warranted to combat tax evasion. This is a result of the tough approach taken by the court in delivering judgment against those who were wilfully intended to evade tax, and the court put them in prison.

The ECJ has held that Swedish tax law relating to the taxation of certain share transfers is illegal under EC law.

In terms of refinancing, the transfer of receivables can play a key role. In groups of companies, the transfer of receivables can also make it possible to transfer the burden of the financing of a subsidiary from one shareholder to another. The tax consequences of a receivable transfer may significantly differ from the expectations of companies.