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The OECD's Financial Action Task Force (FATF) is meeting in Paris this week to discuss new methods of terrorist financing and money laundering as well as reviewing developments in non-cooperative countries.

The Czech Ministry of Finance and the country's Chamber of Tax Advisers are testing electronic VAT returns. They are looking at issuing, filing, receiving and recording the forms electronically with the system due to be fully active in March this year.

UK accounting firm BDO Stoy Hayward, has predicted that its big four rivals could lose hundreds of millions of pounds as a result of the Sarbanes-Oxley Act. BDO has carried out research on the amount of fees at risk and estimates that in the UK alone, the big four could lose roughly £67 million ($108 million) purely on tax work while £252 million could be at risk in areas including valuation and forensic accounting work. Its research concluded that in total nearly £700 million in fees could be affected. While much of this will go to other big four firms, BDO is optimistic that mid-tier accounting firms could also benefit.

Ernst & Young has successfully struck out a £2.6 billion claim against it by Equitable Life and the judge described Equitable’s alternative bonus claim as ‘seriously flawed’

President George W Bush’s Budget announced last week includes measures aimed at cracking down on tax avoidance and non-compliance by both individuals and businesses

Sixth VAT Directive – Taxable transactions – Concept of ‘economic activity’ – Admission of a new partner to a partnership in consideration of payment of a contribution in case.

Sixth VAT Directive – Place of taxable transactions – Refund of VAT paid in another member state – Motor vehicle made available under a leasing contract – Fuel management agreement – Person having been supplied with fuel.

Measures announced by the UK trade and industry secretary last week to toughen up protection against business malpractice have spared professional services firms from drastic reform

The Pirelli tyre group won its case in the UK High court on January 22 against the Inland Revenue and the decision will leave the path clear for other companies claiming compensation for the UK revenue’s attempts to delay repaying businesses

Changes to tax law expected this week should make Ireland a viable location for issuing notes under synthetic securitizations