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European and other non-US based multinationals investing in the US face the prospect of substantial increases in the corporate income tax liabilities of their US operations, if a series of legislative proposals are passed. By Peter H Blessing, Shearman & Sterling, Munich

Tax professionals across Europe are being pushed out of their comfort zone. Georgina Stanley finds out why they are avoiding risk and how they are trying to adapt the new landscape

Agroup of tax havens has stepped up its pressure on the OCED to address the use of corporate vehicles for illicit purposes within its own membership before taking action against non-OECD countries. The International Tax and Investment Organisation (ITIO) and the Society of Trust and Estate Practitioners commissioned Canadian law firm Stikeman Elliott to review the regulation of corporations, trusts and limited partnerships in 15 OECD and non-OECD countries.

The tax authorities have lost a transfer pricing case in the Dutch Supreme Court. Following the new codification of the arm’s-length principle, however, taxpayers may not always be so lucky – insufficient transfer documentation can reverse the burden of proof. By Dave Rutges, Eduard Sporken and Barry Larking, KPMG Meijburg & Co, Amstelveen, the Netherlands

Early this year, two notices were issued to encourage the export of manufactured products and to expedite and strengthen the tax refund administration for exported goods. The two notices dramatically changes the current tax policies for exported goods, including:

Drinks company Diageo has agreed to sell Burger King for $2.23 billion in cash. The fast food corporation has been bought by a consortium composed of Texas Pacific, Bain Capital and Goldman Sachs. A portion of the purchase price is dependent on Burger King Corporation satisfying certain performance targets in its financial year ended June 30 2002. The drinks company intends some of the cash proceeds to be returned to shareholders and some reinvested in the drinks business. The tax cost on the disposal is approximately $175 million.

Zurich, Switzerland

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

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

Considerable tax and interest liabilities may be coming for Mauritian foreign institutional investors on income earned in India, following a ruling of the Delhi High Court. K R Girish, of RSM & Co, Bangalore, explains.