ITR Search | International Tax Review

Corporate income tax and VAT lowered

To encourage spending, the Argentine government has temporarily lowered VAT through Decree 2312/2002 published on November 15 2002. The Decree reduces the general VAT rate from 21% to 19% for the taxable events between November 18 2002 and January 17 2003 inclusive.

December 01 2002

Clifford Chance advises on Homebase sale

Clifford Chance is advising on the sale of Homebase Group in the UK to Argos (GUS plc) for approximately £900 million ($1.411 billion). Clifford Chance is advising the Permira Funds and management shareholders on the sale. Permira acquired Homebase from J Sainsbury last year. Clifford Chance associate James Plummer advised on tax matters and Jonathan Beastall led the corporate team. Linklaters advised Argos.

December 01 2002

Make debt-to-equity swaps tax-efficient

A debt-to-equity swap (DES) is a term used for an exchange between a debt and an equity resulting from an agreement between the creditor and the debtor. It is performed when the debtor needs positive net equity or needs to improve its financial condition by reducing interest-bearing debts. The DES may take place as a result of a legal requirement, a private agreement between the debtor and creditor, or both.

December 01 2002

Harsh new rules for non-resident trusts and foreign investment entities

In the 1999 budget, the Canadian government announced new rules to prevent the use of non-resident trusts and foreign-based investment funds to avoid Canadian tax. The changes were to apply beginning in 2000. Canadian tax advisers reacted swiftly, condemning the broad reach of the new rules.

December 01 2002

Financing deals

Type of deal

December 01 2002

New rules target inversions in the US

Ken Branson: rules will not stop inversions The US treasury has taken its first steps towards cracking down on corporate inversions more than six months after it first announced its intention to do so. On November 12 the Treasury announced temporary and proposed reporting regulations affecting inverted companies and companies involved in other taxable transactions. Previously there was a loophole in the law that allowed foreign, and therefore inverted companies, not to report to the IRS.

December 01 2002

McDermott, Will & Emery

227 West Monroe Street

December 01 2002

Ernst & Young

Under the direction of Manuel Solano, Ernst & Young's International Tax Services Latin America Network dominates the industry. Our experience in advising clients, combined with our extensive knowledge of Latin American tax systems, is unparalleled. We understand the diversity of countries in the region and the cultural singularities of each jurisdiction.

December 01 2002

Why the ECJ is the most powerful tax force in Europe

The ECJ is striking down some well-established national tax principles. PricewaterhouseCoopers' Peter Cussons and Michele Frankland work out what it means for companies in Europe

December 01 2002

Branco Consultores

International Tax Consultants

December 01 2002

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