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South Africa approves tax law changes Sunday, 17-Nov-02 00:00:00 GMT NewsInBrief 11497 The South African national assembly in Cape Town has approved draft legislation seeking to amend several South African tax laws. According to reports in the South African press the Revenue Laws Amendment Bill deals with corporate reorganizations, foreign currency rules and issues for individuals and aims at clarifying the previous legislation and closing loopholes.

The UK pre-budget report has been set for Wednesday November 27

Australia needs to reform its tax system in order to overcome the threat of being marginalized and missing out from the benefits of globalization

In a decision that threatens the securitization of non-performing assets, Italian tax authorities have ruled that special purpose vehicles set up under Italian law are taxable annually rather than over the life of a securitization

Hungary passes tax laws Sunday, 17-Nov-02 00:00:00 GMT NewsInBrief 11502 On November 12 the Hungarian parliament approved changes to the tax regime. The changes introduce simplified business tax for small partnerships and self-employed businesses. The government has also promised to abolish capital gains tax next year. The simplified business tax system will be open to partnerships and self-employed business with annual revenue of less that Ft15million ($62,275) with no outstanding tax arrears. To take advantage of the system businesses must register by December 20.

UK firms work on Caribbean deal Sunday, 17-Nov-02 00:00:00 GMT NewsInBrief 11504 Magic circle firms Freshfields and Clifford Chance advised on the creation of the Caribbean's biggest bank. First Caribbean International Bank was formed from the merger of the Canadian Imperial Bank of Commerce West Indies Holdings and Barclays Caribbean operations. Both Barclays and the Canadian bank have a 45% stake in the merged business which will have assets of $9.4 billion and over 700,000 accounts. The deal is also due to be extended to include the banks' operations in Grenada and the British Virgin Islands. Clifford Chance tax partner Douglas French provided tax advice to Barclays with corporate partner Roger Moore leading the team. Freshfields tax lawyers Jonathan Cooklin and Sebastian Lawson-Foia advised Canadian Imperial Bank of Commerce.

The International Monetary Fund (IMF) has urged France against considering tax cuts until public spending is under control

Clifford Chance has advised the online bank Egg on the securitization of its credit card receiva

Interpretation of Article 13A(1)(n) of the Sixth Council Directive 77/388/EEC on harmonisation of member state laws on turnover taxes – Common system of valued added tax: uniform basis of assessment – ‘Other cultural bodies’ recognised by the member state concerned – Soloist (included thereunder?) – ‘Activities in the public interest’ – Concert with primarily commercial aims (included thereunder?).

CMS Bureau Francis Léfèbvre (BFL) has been hit by the departure of a group of six tax lawyers led by Renaud Streichenberger