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  • Bush tax reform faces uphill struggle
    Despite its public aim to boost investment and strengthen the US economy, companies may not be able to benefit from President George W Bush’s tax reform proposals announced last week
    January 12 2003
  • European accounting body elects new president
    The Fédération des Experts Comptables Européens (FEE) has appointed David Devlin as its new president
    January 12 2003
  • Russia abolishes exchange tax
    Russian President Vladimir Putin has abolished a 1% tax on the purchase of foreign currency. The law became effective on January 1 and was introduced because the tax raised little revenue and had also allowed cowboy exchange outlets to benefit while bigger banks were forced to hand over the tax. Proceeds in 2002 came to only R3 billion ($100 million).
    January 12 2003
  • Venezuela opposition calls for tax uprising
    Venezuela's opposition party last week held a tax protest march in Caracas. The country has been crippled by an opposition led general strike for the last six weeks. Opposition leaders are now asking individuals and companies alike to refuse to pay taxes including income and value-added tax. President Hugo Chavez has condemned this action as illegal and threatened offenders with jail terms.
    January 12 2003
  • New Bill extends internet tax ban
    A joint Bill proposed by a Republican and a Democrat Congressman sets out to extend the ban on new and discriminatory taxes on the internet indefinitely
    January 12 2003
  • Cable & Wireless sets aside tax reserve
    Telecoms company Cable & Wireless has announced that has been forced to plough £1.5 billion of its diminishing £2.2 billion cash reserves into an escrow account
    January 12 2003
  • Mayer Brown advises on property acquisition
    Mayer Brown Rowe & Maw advised Key Property Investments on its £112 million ($180 million) acquisition and leaseback of a property portfolio from ALSTROM. The portfolio is made up of 19 properties in the UK. Peter Steiner of Mayer Brown advised Key Property Investments on tax matters while Lovells tax partner Philip Gershuny advised ALSTROM.
    January 12 2003
  • Herbert Smith advises on publishing sale
    Herbert Smith has advised SMG on its agreement to buy the publishing arm of Gannett UK. The deal is worth £216 million ($345 million) in cash. US media company Gannett publishes USA Today. Neil Warriner of Herbert Smith in London advised SMG on tax matters. Freshfields Bruckhaus Deringer advised Gannett UK.
    January 12 2003
  • Singapore ratifies Finland tax treaty
    A double tax treaty between Finland and Singapore was ratified at the end of December last year
    January 11 2003
  • Still hope for companies after Marks & Spencer case
    A special commissioners’ decision against UK retailer Marks & Spencer may have delayed companies fighting for equal treatment for losses incurred throughout the EU but the battle is not over yet.
    January 09 2003
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