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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

KPMG has set up a Japan tax centre of excellence in New York. The group will be led by tax partner Fumihiko Shimizu and will advise companies planning to invest or establish operations in Japan, as well as Japanese companies investing in the US.

The US House of Representatives last week voted through President Bush's 2004 Budget resolution complete with tax cuts. The House passed the entire $726 billion economic growth and jobs package with a narrow majority of 215-212 and approved a $2.2 trillion Budget for 2004. Many had feared the president would struggle to get the package approved as both Republicans and Democrats had criticized the package for being biased towards the wealthy and claimed that the country could not afford the cuts with an escalating Budget deficit and an expensive war with Iraq on the cards.

Martin Lynchehan, Elizabeth Conway and Richard Hawkins of Linklaters in London have advised Royal Bank of Scotland on the tax issues involved in the bank's acquisition of 80% of Southern Water. Nick Cronkshaw of Simmons & Simmons in London advised Southern Water on tax matters. The deal was valued at £4.8 billion ($7.5 billion).

Catherine Brayley, a partner and the leader of Canadian firm Gowlings' tax national practice group is leaving the firm for rival firm Davis & Company. Davis & Company is one of the biggest law firms in Western Canada and has a separate consulting arm dealing solely with alternative dispute resolution services. Brayley provides advice on the tax issues on mergers, acquisitions, employment compensation arrangements and personal tax issues.

UK Chancellor Gordon Brown has been accused of misleading high wage bracket earners about pension tax

Thirteen partners and 38 staff from DJ Freeman are joining Olswang on May 1 2003. As well as the majority of the firm's property practice and media experts, tax partner Graham Chase is joining the firm. Chase specializes in corporate tax, value-added tax (VAT) and stamp duty planning. DJ Freeman is rebranding as Kendall Freeman and focusing purely on insurance, corporate and litigation.

The European Commission has decided to refer Spain to the European Court of Justice (ECJ) for failing to comply with its decisions on tax aid in the provinces of Alava, Guipúzcoa and Vizcaya. The decisions made by the EC in July 2001 found that certain tax aid schemes granting tax credits and tax holidays introduced in the provinces were illegal because they did not comply with the rules on regional aid from the national government to small-to-medium-sized enterprises. Despite several reminders, Spain has not carried out the European Commission's instructions to discontinue the schemes and recover all aid already paid out.

With less that a month until the UK Budget is revealed, the Institute of Directors (IoD) has claimed that almost 80% of UK businesses are paying more tax than ever before

The Financial Accounting Standards Board (FASB) voted last week to reexamine stock options expensing, increasing the likelihood of major accounting changes for US companies