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  • Alberto Terol, previously head of Andersen's global tax, legal and business advisory operations, is to be responsible for Andersen in western Europe, as part of wider management changes at the recently re-branded accounting and consulting firm.
  • European Trade Commissioner Pascal Lamy has said he hopes the new US administration will help resolve the long running dispute between the EU and the US over Foreign Sales Corporations (FSCs).
  • The UK Inland Revenue has issued a technical note detailing proposed reforms of the taxation of intangible assets, including intellectual property and goodwill
  • European securitization lawyers are hoping the Portuguese government will issue long-awaited tax laws by the end of this year to boost the country's static mortgage-backed securities market
  • China loses revenue of $630 million a year because companies are failing to pay tax on software imports downloaded over the internet, according to state-run newspaper Guangming Daily. China adds a 9% tariff and a 17% value added tax to software imports, but tax officials are finding it difficult to collect the taxes because of a lack of evidence.
  • South African finance minister Trevor Manuel has said the government will close a loophole allowing banks to pay a tax rate of 6%, rather than the standard corporate rate of 30%. Under the existing rules, banks can defer their taxes through structured asset-based finance deals. Manuel said the issue would be addressed immediately, but Pravin Gordhan, head of the South African Revenue Service, admitted it could take up to a year for new rules to be enforced.
  • Tax reforms enacted during the time of economic boom are proving to be inappropriate in present-day China, which is still recovering from the difficulties of 1997 and contemplating accession to the WTO. As a result, the PRC government is now putting in place new reforms. By Matthew Mui and Ian Jia of PricewaterhouseCoopers, Beijing
  • Legislation enacted in 2000 gives Germany’s tax auditors sweeping electronic audit rights from 2002 onwards. Most taxpayers have yet to realize the potentially dire transfer pricing implications. By Alexander Vögele and William Bader for KPMG, Frankfurt
  • George Soros, the billionaire financier, has said he supports an international tax on foreign exchange transactions. Soros’s remarks come amid growing support for the introduction of the so-called Tobin Tax from non-governmental organizations and politicians
  • 2- 5 years pqe Leading global firm seeks tax lawyer or corporate tax adviser from major accounting practice to join quality team with broad practice. (to £120,000)