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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.

US firm Shearman & Sterling has continued the expansion of its international tax team by hiring its fifth lateral partner in the past year.

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

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

A High Court decision last week raises doubt over AOL’s relief from VAT in the UK

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.

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.