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  • The internet has dramatically changed the way in which banking institutions conduct their global business. But what exactly are the tax implications of e-banking? By Steven D Felgran, Ian E Novos and Marcus Collardin, Economic Consulting Services, KPMG LLP, New York
  • 0-2 years pqe A chance to re-train in tax. Opportunity to gain corporate and business tax experience as a key member of a small and friendly team. Significant tax experience not necessary. Candidates from the Big 5 accountancy firms with law degree welcome. (to £53,000) Ref: LM13872. A Contact: Simone Templeton, Garfield Robbins
  • The Australian Tax Office has signed a tripartite Advance Pricing Arrangement (APA) with its New Zealand counterpart and a large Australian-based multinational, a first between the two countries
  • Machado, Meyer, Sendacz e Opice has appointed three new tax partners at the Brazilian firm. Ivandro Sanchez (tax planning), and Daniella Zagari Goncalves and Pedro Olivia Marcilio de Sousa (tax litigation) have all been promoted.
  • The Italian Economy Ministry is planning a securitization of at least L6 trillion ($2.8 billion) of future tax revenues, which would be the first deal of its kind in the country, according to local financial daily Il Sole-24 Ore.
  • Legislative reforms in Tonga have ensured the Pacific island no longer at risk of being blacklisted as an uncooperative tax haven
  • The US Internal Revenue Service has finalized amendments to rules defining a domestic or foreign trust for federal tax purposes.
  • Over 40 US state governors have signed a letter sent to Congress calling for an end to the ban on internet-specific taxes
  • Gibraltar has launched a legal action against the European Commission’s probe into special tax breaks that could jeopardize the territory’s “tax exempt company” regime
  • In a dispute that has been dragging on since the 1970s, the World Trade Organization has again ruled that special tax breaks for US exporters are illegal export subsidies