ITR Search | International Tax Review

Tax risks with brand royalty fees

The number of domestic patent applications last year reached the highest-ever figure of 439,175. The reason behind the increasing recognition of the importance of IP (intellectual property) may lie in the concerns from industry over declining competitiveness in global markets, as well as the urgent need of companies struggling to offer highly value-added goods or services to survive strong competition in the domestic market.

November 01 2002

US accountants improve standards for detecting fraud

The US accounting profession has announced a new standard for detecting fraud in company audits. The Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA) made the announcement on October 15 2002. The provisions include increased emphasis on professional scepticism, discussions with management about the risk of fraud, unpredictable audit tests and testing for management override of controls on audits.

November 01 2002

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

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

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

Irish companies lose exemption from the CFC rules

Companies resident in Ireland are no longer automatically excluded from the UK's controlled foreign companies (CFC) charge for accounting periods beginning after October 10 2002. This affects UK companies that rely on Ireland featuring on the UK's 'excluded countries' list in order to avoid a CFC charge in relation to their interest in an Irish company.

November 01 2002

Discriminatory capital gains concession to be dropped

For the first time since Spain joined the EU in 1986, the European Commission has issued a formal request to Spain to modify its individual income tax legislation.

November 01 2002

Foreign investors and tolling arrangements

Even though the chapters of the Tax Code covering the major taxes applicable in the Russian Federation have all recently come into force, the Russian legislature continues to make various amendments to tax legislation. Though most of these amendments are of a technical nature, some can seriously affect both foreign and domestic businesses.

November 01 2002

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