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US and Sri Lanka sign treaty protocol Sunday, 29-Sep-02 00:00:00 GMT NewsInBrief 11161 The US and Sri Lanka are a step closer to a tax treaty after the two countries signed a protocol to an income tax convention signed in 1985. The amendment of September 20 modernizes the convention between the two countries to reflect changes in the law. Provisions include facilitating investment between the two countries by looking at the taxation of cross-border investment income, business profits, capital gains and other types of income. It also provides for information exchange on tax matters. The convention, signed in 1985, has not yet come into effect. If the US Senate passes the convention and it becomes effective it will be the first income tax treaty between the two countries.

If the European Court of Justice (ECJ) upholds two advocate general decisions, tax deductions would be available to EU-parent companies borrowing funds to finance subsidiaries within the EU, irrespective of how those subsidiaries are taxed

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

Freedom of establishment – Tax legislation – Tax on company profits – Covert distribution of profits – Tax credit – Indirect discrimination.

Article 5(8) of the Sixth VAT Directive; where ‘a totality of assets or part thereof’ is transferred, no supply of goods has taken place and the recipient is to be treated as the successor to the transferor; whether it might be a condition that he should use the assets in continuation of the same business or type of business as that of the transferor and, if so, whether an administrative authorisation to carry on such business is required.

Freedom of establishment – Taxation – Corporation taxes – Restriction on deductibility of costs relating to the holdings owned by a parent company in its subsidiaries established in other member states – Cohesion of the tax system.

KPMG has been hit by the loss of 15 tax lawyers in South Africa to local law firm Sonnenberg Hoffmann Galombik

After months of corporate scandals over accounting irregularities, the international and US standards-setters have begun a process to harmonize their rules and create a single global standard by 2005

Multinational companies will soon face a stricter tax collection system in China as part of the government's effort to increase revenues and reduce the level of tax evasion

US tax-cut programme delayed Saturday, 21-Sep-02 00:00:00 GMT NewsInBrief 11085 The US government is to delay a package of tax cuts announced in August after the White House said president Bush has not yet finalized the tax reform plan.