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  • EU VAT directive angers US
    The US is disappointed with a directive passed by the EU’s ECOFIN committee that will force US retailers selling digital products such as software and music to EU customers to levy VAT on the sales. Previously non-EU vendors have been exempt from charging the tax, which varies from 15% in Luxembourg to 25% in Denmark
    February 17 2002
  • US lawmakers propose stock option reforms
    Lawmakers in the US have introduced a bill to the Senate that would force companies to record stock options on financial statements or lose a tax break
    February 17 2002
  • Further aid needed for research and development in Europe
    The European Commission’s enterprise policy group has concluded that conditions for innovative and entrepreneurial enterprises need to be improved if the EU is to reach its goal of creating the most competitive knowledge-based economy in the world in the next 10 years
    February 17 2002
  • US says EU overestimated tax damages by $3 billion
    The US trade authorities are claiming that the EU has overestimated the amount of trade sanctions it is claiming over a tax dispute by over $3 billion
    February 17 2002
  • PwC axes 200 tax jobs
    PricewaterhouseCoopers is cutting 200 jobs in its UK tax practice, becoming the second big five firm in a week to take such action
    February 12 2002
  • US corporates to benefit from federal reforms
    A US Treasury department announcement on January 31 could lead to savings of billions of dollars for businesses in the country
    February 10 2002
  • Andersen to reform audit practice
    In the wake of the Enron scandal, troubled big five firm Andersen has announced it intends to reform its US audit practice
    February 10 2002
  • Hong Kong auditors face consultancy ban
    Hong Kong auditors face a ban on providing consultancy services to their clients.
    February 10 2002
  • Hong Kong considers consumption tax
    Antony Leung, Hong Kong's financial secretary, is considering introducing a consumption tax following an IMF recommendation to help reduce budget deficits, according to Dow Jones Newswires.
    February 10 2002
  • Institutional investors urge accounting reform
    The Council of Institutional Investors has called for reform to the US auditing and corporate governance system, to protect against scandals such as Enron
    February 10 2002
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