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The UK government has dropped Ireland from the list of countries enjoying exemption from the CFC rules. Jason Short and Alistair Craig of Ernst & Young’s International Tax Service Group in London work out why and what it will mean

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.

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.

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

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

Criticism by the UK government of Ireland's low-tax regime could lead to Irish subsidiaries of UK-owned parent companies facing higher tax bills. The government announced that companies operating in Ireland should no longer qualify for automatic exemption from UK tax. The decision would mean that companies would have to pay the difference between each country's rate of corporate tax. In the UK corporate tax rates can be as high as 30% but in Ireland the rate of corporate tax is 16% and is due to fall to 12.5% from January 2003.

Russia is preparing to introduce international accounting standards. Tatyana Paramonova, the first deputy chairman of the Central Bank, has said that the bank has prepared draft instructions for transferring to the international standards. The instructions clarify issues including the calculation of capital and reserves. On July 29 2002 the Council on Audit at the Ministry of Finance approved drafts of audit standards. These standards refer to the standards approved by the International Accounting Federation

Argentina is suffering a severe economic downturn. Companies operating in the country should take the opportunity to align supply chains and their tax strategy. By Manuel Solano, New York, and Daniel Rybnik, Buenos Aires, of Ernst & Young