ITR Search | International Tax Review

When minority shareholders attack transfer prices

Transfer pricing professionals face a new challenge. Francois Vincent, Steven D Harris and Paul Burns of KPMG report on the case that is changing the landscape in North America

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

Nine New Year resolutions for tax directors

1. Corporate tax compliance

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

Budget committed to 12.5% corporate tax

Despite a very tight budgetary backdrop, Ireland's Minister for Finance has used the occasion of his annual Budget to confirm the introduction of the much-heralded 12.5% corporate tax rate on trading profits with effect from January 1 2003.

February 01 2003

France promises tax cuts

French president Jacques Chirac has reportedly promised to continue cutting income tax and social security charges even though growth is lower than predicted. According to the Reuters news service Chirac promised the cuts in his New Year's address to the French National Assembly and Senate.

February 01 2003

KPMG hires IRS official

KPMG has hired Sean Foley, former director of the US Internal Revenue Service's (IRS) advanced pricing agreement (APA) programme. Foley will split his time between New York and Washington.

February 01 2003

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

US Protocol amends dividends and income rules

An additional Protocol to the existing US-Mexico Income Tax Treaty was signed recently in an effort to bring the treaty relationship with Mexico into closer conformity with US treaty policy and certain domestic legislation, as well as to take into account the recent changes in the laws and policies of both Mexico and the US.

February 01 2003

Search results for