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  • The Russian practice of Andersen has become the latest to split from the rest of the firm and turn its back on a merger with KPMG
  • The European Commission is taking action against France and Spain, believing their tax rules discriminate against foreign investors
  • Sixth VAT Directive – Article 13A(2)(a), second indent – Exempt transactions – Bodies managed and administered on a voluntary basis.
  • Sixth VAT Directive – Article 13A(1)(m) – Exempt transactions – Services connected with the practice of sport – Non-profit-making organisation.
  • Article 104(3) of the Rules of Procedure – Raising of capital – Directive 69/335/EEC – Charges for the drawing up of a notarially attested act recording the formation of a capital company.
  • Senior partners at Andersen Legal and KLegal are backing proposals to merge their practices, following talks between Andersen and KPMG to merge their businesses worldwide except in the United States
  • Failure by a member state to fulfil its obligations – Directive 69/335/EEC – Indirect taxes on the raising of capital – Special charges imposed on the formation of public and private limited liability companies, on the publication and alteration of their statutes and on the increase in their capital.
  • Gibraltar and the US Virgin Islands have committed to the OECD’s initiative on harmful tax practices, it was announced this week.
  • The Securities and Exchange Commission has given welcome relief to concerned clients of professional services firm Andersen by agreeing to accept audits carried out by Andersen in spite of the company’s indictment over the Enron bankruptcy
  • The Bahamas has reached an agreement with the OECD on the organization’s harmful tax practices initiatives, but announced the commitment would be provisional