ITR Search | International Tax Review

New timing requirements for deductions

A new Mexican Income Tax Law (MITL) is in effect as of January 1 2002. It includes a point that significantly changed the timing for complying with the requirements for deductions, beginning in the year 2002. This rule applies to all types of deductions, including imported raw materials or inventories, as well as to contributions to pension funds.

November 01 2002

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

The power of the freedom of establishment principle

The European Court of Justice (ECJ) Advocates General (AG) recently concluded in two separate cases that certain Dutch corporate income tax rules and the German thin capitalization rules conflict with the freedom of establishment principle in article 43 of the EC treaty.

November 01 2002

Heavier penalties for tax evasion

During the last week of September, two prosecution cases on tax evasion were heard in the courts. It is rare that the Hong Kong Inland Revenue Department (IRD) brings two cases almost simultaneously to the court for prosecution.

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

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

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