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The Enron scandal may give the accounting profession the stimulus required to move to international standards of accounting. While Andersen's future has been much debated, the industry in general is attempting to clean up its act.

Spain has joined the increasing number of EU member countries that have established a special taxation system for shipping companies, based on the tonnage of the ships operated, instead of the standard system.

Relations between the US and the EU could come under further strain after ECOFIN passed a directive on February 12 2002 forcing non-EU sellers of digital products to charge value-added tax (VAT) to EU customers. The directive means that customers in the EU buying digital downloads such as music and films from non-EU sources will have to pay VAT from July 2003. The EU passed the directive to level the playing field between EU companies, which have always had to charge VAT, and non-EU companies, which were exempt. But the US claims that it has skewed the balance the other way and that it is unfair on US companies. The US also claims that it is not in accordance with agreed OECD guidelines on the taxation of e-commerce and indeed may not be in accordance with World Trade Organization (WTO) principles. And in an already troubled economic climate, with uneasy trade relations between the US and the EU, the Treasury department has threatened to take the matter to the WTO.

The US economy went into recession in March 2001. One year on, how and where is this reflected in transfer pricing? By Michael J McKee, Robert C Miall and W Scott McShan, Ernst & Young, North America and Europe

Not content with extensive reform in the past five years and the recent, controversial Goods and Services Tax (GST), Australia has announced yet another tax initiative. And, as with much of the country's recent reform, the response has been mixed.

Rather than instigate a thorough process of reform, the Mexican Congress has opted for adjustments to the exisiting tax framework. Further change can be expected. By Miguel Valdez, Federico Aguilar and Lissett Tautfest of Ernst & Young, Chicago and Mexico City

Despite the state's aggressive reputation as a complex taxing regime, most California court cases are won and lost on the facts: this can give the taxpayer the advantage. By Eric J Coffill, Morrison & Foerster LLP, Sacramento

PRC

The Danish government introduced draft legislation (Bill No L 99) on February 7 2002 that should facilitate doing business in Denmark and improve the competitive position of Danish industry.