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The Chinese government has announced several reforms that aim to balance the tax system in China in preparation for the country's entry in to the WTO later this year. According to reports from the Xinhua national news agency, the Chinese Ministry of Finance intends to alter its sales tax policy to create a level playing field for foreign and domestic financial companies.

The Chilean government has announced a package of broad tax reforms. On April 19 in Santiago, Finance Minister Nicholas Eyzaguirre unveiled 15 reforms aimed at boosting foreign investment in the country, encouraging savings and strengthening the country's ailing stock market. According to Eyzaguirre, the proposals will be submitted to Congress by May 21 of this year, although they could take several months to be passed. Included in the reform package is the removal of the 15% capital gains tax paid on the disposal of shares. The new tax rate will affect local and foreign investors but will only apply to frequently traded issues. It will be effective on stocks bought and sold in the stock market from April 19 and aims to increase liquidity in the market. There are also plans to exempt the stock of new companies with high predicted growth from capital gains tax for three years.

Mexico's president looks set for a battle as he takes his controversial tax reform package to Congress. On April 3, Vicente Fox announced a series of proposals aiming to increase revenue without raising taxes. The most controversial of the changes is the elimination of the 0% rate of value-added tax (VAT) on food and medicines. This will leave a uniform VAT rate of 15%.

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Australian firm Gilbert & Tobin has established its first tax practice by poaching two lawyers from local rivals.