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Substantial inward investment taking place in a sensible and efficient tax system makes Dubai Internet City a serious consideration for any company seeking a suitable location for its e-business hub. Robert Peake of Arthur Andersen, Dubai, explains why

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The Chinese State Administration of Taxation (SAT) recently issued a circular regarding imposition of the business tax on a sale of software to Chinese entities by foreign businesses that do not have business establishments in China. Specifically, the circular provides that payments for such transfers will not be subject to business tax, regardless of whether the transfer is bundled with a sale of hardware, such as postal and communication equipment, or a computer. The circular further clarifies that separate payments for software transferred in connection with the lease of hardware to Chinese lessees will be treated as rent on which business tax will not be levied.

In an effort to boost trade and investment between Ireland and India, the two countries have signed an agreement for avoiding double taxation and preventing tax evasion on income and capital gains taxes.

The US Securities and Exchange Commission (SEC) is to adopt milder than expected rule amendments regarding auditor independence. The announcement follows months of debate between the organization and the big five accounting firms.

Divided approaches to the subject of profits tax means that Russian legislation is slow in coming through. In the latest in a series of articles on Russian tax reform, Robert Fort of Deloitte & Touche, Moscow examines the issue

At KPMG, we understand the value of having a strong local presence in the countries where our clients do business. With offices in virtually every country in Latin America, KPMG's profess-ional roots are deep and our local tax knowledge is preeminent.

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The WTO has set up an arbitration panel to judge the EU''s claims for trade sanctions against the US, worth more than $4 billion, in their dispute over tax breaks for US exporters. The WTO said the arbitration will not begin until a WTO compliance panel has determined whether new US tax-relief provisions violate the international body''s subsidy rules. The US lost its appeal against a WTO dispute earlier this year, which ruled that tax breaks for exporters through offshore foreign sales corporations (FSCs) constituted an illegal export subsidy.