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Japan's struggling banks have been granted a temporary reprieve after winning a High Court tax case against the Tokyo city government. The court ruled that taxes imposed by Tokyo city on banks were illegal and if this decision is upheld by the Supreme Court, the banks could see around ¥160 billion ($1.4 billion) returned to them.

Attempts to introduce a new income tax in Bolivia collapsed after violent strikes left more than 10 people dead and many more injured in the capital city, La Paz. The Bolivian president Gonzalo Sanchez, announced that he was abandoning his Budget in light of the violent demonstrations in the city. The country descended into violence after the government announced its intention to bring in a tax of 12.5% to reduce the budget deficit.

Proposals in Japan to allow the use of foreign company shares in stock-for-stock deals with domestic entities will be ineffective because the government will not remove prohibitive tax burdens.

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.

The first cut of the long-awaited reform to the foreign exchange (forex) rules has been released in draft by the Australian government. The draft legislation includes most of the measures announced in the 2002-2003 federal Budget concerning the taxation of foreign currency transactions, as well as changes designed to allow tax deferral on the conversion of traditional securities.

Treasury responds to the WTO decisions on the US extraterritorial income exclusion regime and the SEC adopts final rules to implement Title II of the Sarbanes-Oxley Act. By Margie Rollinson, David Benson and Peg O'Connor of Ernst & Young

The 2003 Finance Bill is likely to introduce new rules on corporation tax on UK branches of foreign corporations. Colin Clavey and Siân Morgan of Ernst & Young analyze the legislation and the Inland Revenue's plans

R&D tax credits, cost-sharing technology development agreements and capitalizing expenses for intangibles are all factors that should be part of an effective R&D tax strategy. Ronald B Schrotenboer of Fenwick & West puts it all into perspective

According to news reports, Bosnia is overhauling its customs system in the hope of finding millions of dollars of unpaid excise taxes. Paddy Ashdown, Bosnia-Herzegovina's High Commissioner, reportedly said that the county was losing KM1.4 billion ($770 million) a year to custom and tax fraud.