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The Finance Minister of India, as part of the Union Budget 2001 proposals, has introduced new provisions in the Income Tax Act, 1961, to curb tax avoidance by the abuse of transfer pricing. If legislated, these would be applicable for the financial year commencing April 1 2001.

The distinction between tax avoidance and tax evasion is a key one in Italy’s criminal justice system, By Professor Astolfo Di Amato and Roberto Pisano, of Astolfo Di Amato e Associati, Rome and Milan

There were few, if any surprises, for business in UK Chancellor Gordon Brown's Budget speech, delivered on March 7. Most changes concentrated on helping small businesses and working families, while consultations continue on some of the more substantial corporate measures. As a result, response to the Budget was, at best, tepid. The Institute of Chartered Accountants in England & Wales (ICAEW) branded it as ?a safe, inoffensive rerun of the Pre-Budget Report?, while big five firm PricewaterhouseCoopers described it as prudent. Other responses were less generous.

Proposed changes to Australia’s thin capitalization and debt:equity rules give investors little time to prepare for the dramatic shift in the treatment of relevant transactions, By Joe Niven and Neil Ward Deloitte & Touche, Melbourne

Donald Tsang, Hong Kong financial secretary, has relieved companies by leaving the corporation tax rate unchanged in his 2001 budget. The budget, announced March 7 2001, will be his last, as he becomes chief secretary in May of this year. For this reason, a cautious budget had been predicted and he did not disappoint. While there were changes made in the stamp duty rate and indirect taxation, there were no real tax changes for companies.

The Paris Administrative Court of Appeals has found that the French Tax Code is incompatible with the France-Switzerland tax treaty, By François Rontani and Raphaël Coin, HSD Ernst & Young, Paris

If accounting standards change and a company’s debts are marked to market, will tax systems be forced to change their approach? By Roger Muray of Ernst & Young, London

Indian finance minister Yashwant Sinha's 2001 budget has been received with applause from businesses. The budget, announced February 28, tackles specific problem areas in the Indian economy and attempts to broaden the tax base. It also relaxes the stringent labour laws.

Business in Singapore looks set to benefit from a reduction in the corporation tax rate. The budget announced a series of tax cuts for both individuals and corporations, and included a reduction in the basic corporate tax rate from 25.5% to 24.5%. They will be effective from year of assessment 2002.

UK law firm DLA has boosted its London tax team to four partners, with the recruitment of Jasmine Shah.