Search results for

The Treasury and Internal Revenue Service (IRS) have extended their taxpayer advocacy panel to 50 states and announced the selection of 102 members

The world’s two most influential accounting standards boards have signed a convergence agreement to create a single set of key international standards

Following the publication of Normative Instruction 167 (June 18 2002), the Brazilian tax authorities issued, on October 1 2002, Normative Instruction 200 (NI 200), which brings further details and clarification about the new requirements for legal foreign entity domiciled outside Brazil to obtain a taxpayer identification number. Under NI 200, non-resident companies owning goods and rights in Brazil, subject to public registration, are obliged to apply for and obtain a federal taxpayer identification number. This is known as the Cadastro Nacional da Pessoa Jurídica (CNPJ).

Germany's controlled foreign corporation (CFC) rules (section 7 ff AStG - Außensteuergesetz or International Transactions Tax Act) treat the passive earnings of foreign corporations in low-tax jurisdictions as distributed to German resident taxpayers (immediate deemed distribution) if German residents have a direct or indirect interest of more than 50% in the foreign corporation. Low-tax jurisdictions are those with an effective tax rate under 30% through fiscal year 2000 and under 25% from fiscal year 2001 onwards.

Australia has always had an unenviable reputation as a high-tax regime. While the recent introduction of a goods and services tax (GST) has moved the magnifying glass towards consumption taxes, income tax still remains uncomfortably high and this continues to be a major impediment to Australia's global ambitions.

New corporate restructuring rules mean companies need to look carefully at how they use losses and those of potential acquisition targets. For the nimble, Marcellin N Mbwa-Mboma, of Baker & McKenzie in New York, says the advantages can be significant

Ernst & Young failed to suspend a disciplinary investigation into its audit of insurance company Equitable Life. The High Court overruled Ernst & Young's claim that an inquiry would compromise its position in civil proceedings brought against it by Equitable. Ernst & Young has staunchly defended its 1999 audit of Equitable that led to the company suing the professional services firm as well as company directors on behalf of its policy holders.

The Canada Customs and Revenue Agency (CCRA) took the opportunity of the recent annual conference of the Canadian Tax Foundation to release the preliminary results of its review of its position on interest deductibility on income tax.

The IRS has been busy. It is now proposing new regulations that range from requiring tax ID numbers for transfers of real estate to new rules for those holding stock in passive foreign investment companies. By David Benson, Peg O'Connor and Lilo Hester of Ernst & Young

A High Court decision raises doubt over AOL's relief from VAT in the UK, which the internet service provider (ISP) received in March from the Customs & Excise Commission. The March decision exempts non-European ISPs from VAT in the UK, providing they mainly supply content, not telecommunications. Freeserve estimates that Treasury has lost £100 million ($157 million) as a result and plans to continue its campaign against what it sees as unfair competition.