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Singapore-based foreign workers that leave their jobs before exercising their stock options will now be treated for tax purposes as if they exercised them when they ceased employment

The Chilean government has announced amendments to its reform package announced on July 18 after admitting that the original package was flawed

The US had until the end of August to announce a full list of steel products that will be exempt of tariffs in its long-running battle with the EU. Press reports have indicated that the US planned to release the final exemptions in the week ending August 25 2002. So far the total of imports excluded from tariffs imposed in March this year stands at around 8% of the 13.1 tonnes affected. The EU has drawn up detailed plans for sanctions up to a value of Eu397 million ($387 million) on US exports if the US safeguards tariffs remain in place. EU officials have stated however, that they will not act until September 30, by which time the full list of exemptions will be clear.

The Canadian department of finance has announced that it has implemented a new electronic service to inform people of tax treaty developments. The department will no longer issue releases on treaty negotiations. Instead anyone interested in notification must subscribe to an automatic email notification system.

Daan de Bruin and André Toet, of Deloitte & Touche’s International Tax Group in the Netherlands, determine the relevance of debt-to-equity ratios in light of new Dutch hybrid financing rules

Switzerland has changed how it taxes derivative financial instruments. As a result, existing rules are further refined and new developments in the financial markets are accounted for. By Andreas Risi, PricewaterhouseCoopers, Zürich

Ernst & Young's transfer pricing survey last year covered 638 parent companies and 176 subsidiaries in 22 countries, including Australia, Japan, Korea and New Zealand. The firm's David Lewis in Melbourne and Lisa Lim in Singapore uncover the trends emerging in the region

Canada's protocol regime aims to encourage a cooperative relationship between the CCRA and taxpayers and can yield significant benefits. By Hendrik Swaneveld, Martin Przysuski and Venkat Nagarajan, BDO Dunwoody, in Toronto

AWG

Dawn Primarolo, UK Paymaster General: businesses should read and respond to consultation Companies in the UK could look forward to a radical overhaul and simplification of the corporate tax system if government plans go ahead. The Treasury, together with the Inland Revenue, has announced that it is launching a consultation process to reform and modernize the tax system. The deadline for industry comment is October 29 2002.