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The Malaysian government is to offer tax exemptions or deductions to parties involved in encouraging the development of the venture capital industry

The Taiwanese cabinet has approved plans to cut capital gains taxes on land for two years, in a bid to stimulate the island’s property market

Australia’s life sciences sector is growing, but opportunities could slip away unless funding and legal issues are addressed, according to a new report

Court decision: application of thin capitalization rules and tax treaties

2001 tax reform

The Authority for Advance Rulings (AAR) in India has issued a ruling (AAR No 442/1998) stating that gains realized on sale of shares of Indian companies, earned by a private equity fund (Fund) incorporated in Mauritius, will be regarded as business income and not capital gains.

In its decision in Commissioner of Taxation v Consolidated Press Holdings of May 31 2001, the High Court of Australia held in favour of the Commissioner of Taxation, concluding that a financing arrangement in connection with a takeover bid for a UK company, involving the interposition of a subsidiary to obtain an interest deduction, constituted a tax avoidance scheme under Australian tax law. The High Court also decided on a dividend-stripping tax avoidance issue arising out of a subsequent corporate reorganization, this time in favour of the taxpayer.

UK internet service provider Freeserve has hit out at US rival AOL for failing to charge value-added tax (VAT) on its flat rate internet package.

Two Supreme Court judgments (dated April 28 2001 and June 9 2001) have, for the time being, ended the controversy in Spain over whether software falls within the category of a scientific or a literary work for the purposes of the US convention.

Ireland has followed the lead of other European jurisdictions by proposing covered bond legislation based on the model of the German Pfandbriefe legislation. The Asset Covered Securities Bill is expected to be enacted into law in the last quarter of 2001.