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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

Shearman & Sterling advises Deutsche Bank on tax deal Sunday, 10-Nov-02 00:00:00 GMT NewsInBrief 11437 Shearman & Sterling has represented Deutsche bank on the sale of parts of its Global Securities Services business to State Street. State Street will pay up to $1.5 billion in cash or a combination of cash and stock for the business though the price is subject to adjustment.

The European Commission is putting Italy before the European Courts of Justice for delaying the return of VAT

The European Union is no closer to ending its dispute with the Swiss over tax on the savings of EU residents