ITR Search | International Tax Review

How Germany will fulfil election promises on tax

Germany's new government wants to change the country's much-criticized tax regime. Dieter Endres and Andrew Miles of PricewaterhouseCoopers, Frankfurt look at what taxpayers and investors should expect and explain why there are reasons to be optimistic

November 01 2002

Brazilian companies hit as CPMF continues

Companies operating in Brazil have lost their battle to have a 90-day respite from the CPMF (provisory contribution on financial operations) transaction tax. The Supreme Court decided against taxpayers' claims that the cumulative tax of 0.38% on all financial transactions should not be charged for a 90-day period starting from mid-September. The decision means that companies which have failed to pay must now do so while others will not have money returned.

November 01 2002

EC upset by French budget with tax cuts

European Commissioner Pedro Solbes has expressed his concern at France's 2003 budget, which he believes will prevent the country from reaching a balanced budget position by 2006. The budget includes proposals to cut income tax by 1% and there is speculation that the French government plans to cut corporate tax rates in the future.

November 01 2002

US Treasury specifies tax shelter regulations

The US treasury has updated disclosure rules for corporate and individual taxpayers participating in potentially abusive tax avoidance transactions. The new regulations also improve the rules forcing promoters to maintain customer lists for potentially abusive transactions. Under the revised regulations which come into effect in January 2003, taxpayers must disclose, and promoters must maintain investor lists for, six different categories of transactions.

November 01 2002

KPMG loses 15-lawyer team in South Africa

KPMG has been hit by the loss of 15 tax lawyers in South Africa to local law firm Sonnenberg Hoffmann Galombik.

November 01 2002

PDGB builds tax group with big four hire

French law firm PDGB has boosted its Paris tax practice with a senior partner hire. Bernard Pigalle joined the firm on October 14 from Landwell, the associated law firm of Pricewaterhouse-Coopers.

November 01 2002

Shearman & Sterling expands Paris tax group

Paris managing partner Emmanuel Galliard and Niels Dejean: Dejean wanted a global firm US firm Shearman & Sterling has continued the expansion of its international tax team by hiring its fifth lateral partner in the past year.

November 01 2002

Financing

Carlyle Group sets up $600 million venture capital fund

November 01 2002

M&A

NetIQ acquires Pentasafe for $255 million

November 01 2002

R&D deductions expanded

In December 2001, the Norwegian government introduced new regulations that mean that small and medium-sized companies can benefit from a NKr1.6 million ($210,000) research & development (R&D) tax deduction every year. This change takes effect from the 2002 income year onwards.

November 01 2002

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