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  • 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.
  • An OECD working party has proposed a range of solutions to the problems of taxing cross border employee stock options
  • The Bahamas has reached an agreement with the OECD on the organization’s harmful tax practices initiatives, but announced the commitment would be provisional
  • The OECD, the World Bank and the International Monetary Fund (IMF) have announced they are to work together on tax issues.
  • Gibraltar and the US Virgin Islands have committed to the OECD’s initiative on harmful tax practices, it was announced this week.
  • Romano Prodi, president of the European Commission, has called for greater coordination of member states’ rules on budgets and tax policies
  • 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
  • Proposals by US senators Levin and McCain for changes to stock-option accounting have angered critics who say the changes would harm company employees
  • The European Commission has warned the International Accounting Standards Board over its plans for stock option accounting
  • The OECD has announced five more tax havens that have joined the organization’s initiative on harmful tax practices, but the treatment of low-tax regimes within the OECD’s own membership is proving to be a sticking point in negotiations