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Clifford Chance has chosen Douglas French for its new global practice area leader for the tax, pensions and employment practice

Professional services firm Ernst & Young has dropped its attempts to delay a joint disciplinary scheme investigation into its audit of Equitable Life

Ernst & Young in the US is being sued for $2 billion over its role in a US bank’s collapse last year

Torys has boosted its Toronto tax group with a lateral partner hire from Borden Ladner, Gervais.

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