Search results for

The European Commission has announced that it is to improve the tax regime for the cross-border provision of occupational pensions. The plans were announced at the Stockholm European Council, March 23-24, and form part of the Commission's strategy to open up the pan-European labour market by 2005, announced 28 February. They complement the Commission's draft directive of October 2000, which proposed allowing cross-border pension plans but did not cover tax issues. This directive is due to come into effect at the end of 2003.

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%.

Following annual consultations with businesses and representative organizations, the UK Inland Revenue has announced details of the UK's treaty priorities for 2001/2002. In an official statement, UK Paymaster General Dawn Primarolo stated that while the country's top priority is to finish the double taxation treaty with the US, there are also plans for completing work on treaties with countries including France, Jordan and South Africa. She also stated her intention to hold talks about new or updated tax treaties with Croatia, Iran, Saudi Arabia and Slovenia.

4/F, Syciplaw-All Asia Capital Center

Level 60, Governor Phillip Tower

Ernst & Young provides innovative tax planning and customized business solutions for multinationals operating in the Asia-Pacific region and throughout the world. Our Tax Practice is comprised of professionals in every area of tax including: business tax reform; corporate taxes; capital gains tax; transaction taxes (such as GST, stamp duty and customs duty); international tax; transfer pricing; expatriate taxes; financial services and capital markets; specialized tax function process consulting; global employment solutions; and tax outsourcing.

US firm Weil Gotshal & Manges has grabbed a tax partner from a UK firm to head its UK tax practice.

The Spanish general tax law (Ley General Tributaria) regulates the main principles and the basic framework of the Spanish taxation system. It was issued in 1963 and underwent substantial modifications in 1985, 1995 and 1998. The government intends to replace it with a new law to update it into a single text and to modernize it. The first step has been to appoint a Reform Commission. The aim of this commission is to provide the government with ideas and proposals from various sources (tax professionals, employers' associations, etc).

In a recent memorandum to the Ministry of Finance, a Swedish tax committee has proposed changes to the regulations governing the Swedish tax surcharge. The reason behind the proposal is that the regulations will lead to improved compliance – in comparison with the existing rules – with the European Declaration of Human Rights and the principles in respect of penalties.