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Changes to the employee benefit trust scheme announced in the UK pre-budget report could cost London’s financial community hundreds of millions of dollars

The electrical retail group Dixons in the UK fears that a change in the tax regime could cost the company around £20 million ($31.45 million) next year

Luxembourg has threatened to undermine the European Commission’s savings tax directive unless the European Commission forces Switzerland to abandon its banking secrecy

The Russian State Duma (the lower chamber of the Russian Parliament) has recently passed and the Federation Council (the upper chamber) has approved a set of laws ratifying double tax treaties and protocols between Russia and a number of countries, in particular, Austria, Indonesia, Kuwait, Norway, Portugal and Sri Lanka, as well as a new protocol to the double tax treaty between Russia and Finland.

The draft Tax Preferences Reduction Act (Steuervergünstigungsabbaugesetz or StVergAbG), which the German government announced in mid-October, released in early November, and then significantly modified just two weeks later, includes the most important changes in German transfer pricing law since the enactment of the Foreign Transactions Tax Act (Außensteuergesetz or AStG) in 1971. The new measures, passage of which is probable but not certain, represent a legislative response to the Federal Tax Court (Bundesfinanzhof) decision of October 17 2001, which held, among other things, that there is no basis in current German tax law for special transfer price documentation requirements (see articles by Alexander Vögele and William Bader in International Tax Review September 2001 p45 and February 2002 p22). The new rules would apply beginning with fiscal year 2003 (fiscal year 2003/2004 for non-calendar-year taxpayers) and hence take effect almost immediately.

In a recent decision, the Nancy Administrative Appeal Court (April 4 2002, 98-451, SA Maximo) had to decide whether the formation of a holding within the European Union could be regarded as an abuse of law under section L64 of the French Tax Procedure Code.

The Australian Taxation Office (ATO) has finalized its views on whether the key concepts of "asset" and "liability" in the new thin-capitalization rules should take on a legal or accounting meaning. Accounting is the answer.

With close to 700 tax partners and 5,000 professionals throughout the Americas, KPMG leverages an extensive network of tax resources and knowledge to help multinationals turn tax challenges into competitive advantage?fast.

There are a number of ways to keep your tax bills low when exporting from China. KPMG's Wendy Guo shares some of her secrets

Despite their growing popularity, advance pricing agreements often fail to tackle the real issues that cause disputes between taxpayers and tax authorities. Alexander Vögele of KPMG and Markus Brem of Harvard Law School unravel the APA story so far