Search results for

A group of 39 US states has drafted a series of proposals in the Streamlined Sales Tax Project ? the first serious attempt for decades to simplify the US sales tax system.

Weil, Gotshal & Manges has represented Hanson Plc in the $750 million offering of its 7.875% notes due in 2010. The Securities and Exchange Commission registered bonds were listed on the London Stock Exchange.

The US Internal Revenue Service has issued a series of regulations which are of key importance for foreign trust planning. Victoria Dalmas, Michelle Graham, Rahul Ranadive and Monica Robles of Baker & McKenzie report on the potential changes

Following Cap Gemini's acquisition of the consultancy arm of Ernst & Young, to create Cap Gemini Ernst & Young, the consulting and information technology group could gain Euro1.6 billion ($1.37 billion) in tax savings over the next 15 years. Cap Gemini has made use of the deductibility of goodwill amortization recorded in the US. The group will regularly assess how much of the tax credit it can deduct against US profits. The group's first-half results included a net tax gain of Euro140 million from the deductibility of goodwill amortization.

Italian Prime Minister, Giuliano Amato, has announced a tax-cutting budget that should total a massive L42 trillion ($18.2 billion) by 2001. A figure of L50 trillion in tax cuts is predicted by 2004.

Argentina's economy minister, José Luis Machinea, has announced the government's intention to start lowering taxes next year. The tax increases implemented by Fernando de la Rúa's government have been blamed in some quarters for suppressing the country's recovery. The International Monetary Fund (IMF) is supporting the new approach.

The last two years have witnessed a number of changes to Argentina's legislation covering the tax treatment of interest payments made by Argentine companies to foreign beneficiaries. In addition, new tax treaties have been entered into between Argentina and other countries, which may limit the withholding tax rate imposed at source. The tax treatment now in force is outlined below.

The US Senate is set to vote into law revisions to the extraterritorial tax regime to meet the US WTO obligations. David Joranko, Nancy Glover and David Benson of Ernst & Young International Tax Services, Cleveland, Chicago and Washington report

Amid much controversy, the UK has chosen to adopt a restrictive form of onshore pooling as its new double tax relief system. Andrew Shilling and Neil Coles of Deloitte & Touche International Tax Services, London, report

In the second of two articles, Marnin Michaels, David Balaban, Peter Connors, Philip Marcovici and Thomas O’Donnell of Baker & McKenzie relate their experiences to date of analyzing the New Regulations and implementing the terms of the QI Agreement for clients