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Ernst & Young to appeal Equitable decision

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.

November 01 2002

Interest deductibility relaxed

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.

November 01 2002

Inside Washington

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

November 01 2002

AOL's UK VAT relief under threat

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.

November 01 2002

Understand Japan's consolidated tax regime

Japan is facing up to a new consolidated tax regime. Andrew Ponting and Yumiko Arai of PricewaterhouseCoopers, Tokyo examine the impact that the new regime will have, its principal features and the implications during the period of transition and for the long term

November 01 2002

Paris hosts Transfer Pricing Forum 2002

Attracting delegates from over 50 multinationals and 24 countries, Paris’ Opera district was brimming with a very select group of tourists in late September when International Tax Review, together with sponsors KPMG, held its second annual transfer pricing forum. Georgina Stanley reports on the action

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

M&A

NetIQ acquires Pentasafe for $255 million

November 01 2002

A new scenario for cross-border acquisitions

The Italian tax authorities have addressed in a recent tax ruling (the Ruling) the envisaged merger (the Merger) of an Italian company (ItaCo) with a US company (USCo), both listed on the stock exchange of their respective countries.

November 01 2002

Deloitte & Touche CEO resigns

Jim Copeland, the global CEO of Deloitte & Touche and Deloitte Touche Tohmatsu has announced his resignation, at the firm's annual gathering.

November 01 2002

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