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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

Thanks to a recent decision by Germany's highest tax court, foreign employees temporarily transferred to a German group subsidiary will generally be entitled to receive government child support contributions (Kindergeld) for their children living in Germany if their income is subject to German social insurance contributions (Federal Tax Court judgment of October 30 2002 - VIII R 67/99).

Italy’s tax amnesty draws a line between the tax system of old and the new budgetary reforms. Francesco Florenzano and Barbara Faini of Baker & McKenzie explore taxpayers’ options

The region's ever-expanding tax treaty network is providing new tax-strategy opportunities. Nicasio del Castillo, Jorge A Gross, Eduardo Pupo and John A Salerno of PricewaterhouseCoopers show where

A new local enterprise taxation system will be introduced in Japan for tax years after April 1 2004, where a corporation will be taxed based on the size of its businesses measured by the value added, its capital, and its income. Under the new taxation system, a corporation with a tax loss will have to pay local enterprise tax. The new system is briefly summarized as follows.

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.

India's prime minister wants to introduce a tax on international currency transactions in order to protect developing economies. Atal Behari Vajpayee called for the tax after blaming currency speculators for the economic crises in Mexico, Southeast Asia, Brazil and Argentina. He reportedly claimed that it would help protect weak economies from capital volatility, enhance investor confidence through greater stability and generate developmental resources.

Despite the obvious advantages of a network when it comes to transfer pricing work, two leading transfer pricing professionals have left the big four for smaller consulting firms

Japan’s struggling banks have been granted a temporary reprieve after winning a High Court tax case against the Tokyo city government