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France promises more 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. Chirac's centre-right government won a parliamentary majority in June last year and the president promised to reduce taxes by 30% over his five-year term in office.

January 12 2003

Jones Day grabs tax partner

Jones Day Reavis & Pogue in Paris has hired a tax and real estate partner from big four firm HSD Ernst & Young

January 12 2003

Ireland raises VAT

From January 1 this year the supply of certain goods and services in Ireland has been raised to 13.5% from a previous rate of 12.5%. The goods include fuels such as electricity and oil as well as immovable goods and printed matter. Affected services include the provision of hotel and guesthouse accommodation, restaurants, cinema and theatre tickets and sports facilities.

January 12 2003

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

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