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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

Italy aims for tax competitiveness

Italy's proposed new tax reform sets out to learn from other EU country's experience and be innovative, competitive and simple to apply. Stefano Serbini and Lorenza Fiori of Ashurst Morris Crisp, Milan examine the proposals and explore the implications for Italian companies and foreign investors

November 01 2002

Non-US firms may escape SEC oversight

Foreign audit firms were offered hope in October when Harvey Pitt, the chairman of the SEC, said that the organization might exempt non-US accounting firms from supervision by the US accountancy regulator. The news was mentioned in a speech at the conference of the Institute of Chartered Accountants of England and Wales (ICAEW) in Brussels as well as at a conference in London a few days earlier.

November 01 2002

Companies expect win from ECJ tax rulings

National vetoes on taxes mean that European direct tax initiatives have so far fallen flat. But the advocate general and the European Court of Justice (ECJ) are making up for this lack of activity and in the last month alone have given several opinions that could create big benefits for companies. The judgments in late September and early October affect interest deductions across the EU and the possibility of cross-border pension contributions.

November 01 2002

NautaDutilh opens office in Luxembourg

Dutch firm NautaDutilh is opening an office in Luxembourg at the beginning of November.

November 01 2002

Minter Ellison steals KPMG professional to head Melbourne office

Brian Jamieson: managing partner of Melbourne office Minter Ellison has lured a former national managing partner and CEO of KPMG Australia to lead its Melbourne office. Brian Jamieson has joined the firm in Melbourne as managing partner of the office.

November 01 2002

Pestalozzi Lachenal Patry boosts tax group

Maya Bauer-Balmelli: circumstances have changed Swiss firm Pestalozzi Lachenal Patry has expanded its tax practice by hiring a former Andersen partner. Maja Bauer-Balmelli is joining the firm in Zurich on November 1 after more than 17 years at Andersen.

November 01 2002

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