ITR Search | International Tax Review

New Year brings tax overhaul

Significant tax reform has come into force in Spain effective January 1 2003. It affects personal income tax and some aspects of non-resident income tax and corporate income tax. In the October 2002 issue of International Tax Review, this column anticipated some aspects of the reform, which was then underway. All such changes have remained unaltered in the final wording of the law. Other changes worth mentioning are as follows.

February 01 2003

New rules on foreign exchange losses

Companies doing business in Argentina in 2002 were affected by a dramatic change of the applicable legal framework.

February 01 2003

Marks & Spencer loses group losses appeal

Retailer Marks & Spencer may have lost its tax appeal against the UK Inland Revenue, but it is not all bad news for companies looking for equal treatment throughout the EU.

February 01 2003

The Netherlands' participation exemption regime gets better

Michiel Sunderman of Freshfields Bruckhaus Deringer reveals how recent cases and legislation have improved the participation exemption regime in the Netherlands, particularly as it applies to options

February 01 2003

Special focus - Belgium: Understand the new DRD and withholding tax regime

As part of its tax reforms, Belgium has reworked its participation exemption and withholding tax regime. Kurt De Haen of PricewaterhouseCoopers analyzes the implications

February 01 2003

When professional services become a permanent establishment

Proposed revisions to the Commentaries to Article V of the OECD Model Treaty could increase the risk of double taxation for service providers whose employees spend significant time on the client's premises.

February 01 2003

Big four spared in SEC guidelines

Alenient Securities and Exchange Commission (SEC) has granted the big four permission to provide tax services to audit clients into the foreseeable future. Results of the US organization's January 22 open meeting on auditor independence indicate that accounting firms will not have to restructure operations and can continue providing tax services to audit clients with few limitations. The results shift the burden of deciding what is and what is not a permissible service to the company's audit committee.

February 01 2003

Big four turn to China

With China gradually opening up its market and joining the World Trade Organization, demand for tax advice is booming in the mainland. In the last month alone Ernst & Young (EY) has boosted its China tax practice with five partners and intends to triple its tax group in the next three years. The big four firm has relocated four partners from its Hong Kong office including Stephen Lau Sing-hung, the firm's chair of tax services in China and Alfred Shum with Shum going to Shanghai and Lau moving to Beijing.

February 01 2003

Group relief for European losses rejected

The Special Commissioners have recently denied Marks & Spencer the right to obtain group relief in respect of losses incurred by certain European subsidiary companies in Belgium, France and Germany and have declined to make a reference to the European Court of Justice (ECJ) (Marks & Spencer plc v David Halsey (HM Inspector of Taxes) (Special Commissioners 352) December 17 2002).

February 01 2003

How finance directors should deal with VAT

At the end of the financial year, value-added tax is likely to be on tax directors' minds around the clock. In the process of preparing the annual return, several VAT items are to be examined, the last quarterly declaration has to be drawn up and possibly provisions formed. These tasks require a series of steps, which in practice often are not considered or not dealt with systematically. Among others, the last quarter VAT return includes the following steps:

February 01 2003

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