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The PRC State Administration of Taxation has issued the Trial Measures for Tax Refund in Respect of Equipment Purchased by Foreign Investment Enterprises. Under the Trial Measures, a foreign investment enterprise (FIE) is eligible for a full refund of value-added tax (VAT) paid in respect of the purchase of equipment manufactured by enterprises situated in the PRC, if it has satisfied the following requirements:

Proposals in the UK budget look like transforming the UK from one of the friendliest tax regimes for overseas investment to one of the least favourable of all major investor countries. By Bill Dodwell, Arthur Andersen, London

Hubertus AG was a Swiss corporation with no activity in France. However, it owned 90% of the shares in a French SCI – a real estate partnership – which had realized a capital gain on the sale of a property on the French Riviera.

On February 28, Canada's finance minister, Paul Martin, presented his year 2000 federal budget message. A balanced budget was put forward that also proposed the first personal tax rate cuts in 12 years. Capital gains taxation was relaxed by reducing the taxable income inclusion rate from the current three-quarters, to two-thirds inclusion. The attractiveness of employee stock options was enhanced through deferring taxation of qualifying options until share disposition, as opposed to the historical taxation on option exercise.

Canada’s federal budget attempts to balance the need to reduce excessive personal and business tax rates with the desire to increase government spending. But has it gone far enough to address the issue of tax migration? By Elinore Richardson of Stikeman Elliott, Montreal

Taxpayers’ worst fears of a harsh budget for the next year proved to be mostly unfounded. With the exception of a surprise doubling of the dividend distribution tax, nip and tuck seems the order of the day. By Prayaag Joshi and Ayesha Chandy of Arthur Andersen, Mumbai

Deloitte & Touche has appointed Martin McClintock as its first global director of e-business tax. McClintock, who has been with the firm for 20 years, will move from his role as leader of international tax for north California, Hawaii and the Pacific Northwest.

The US budget plan for 2001 was announced in February. Big tax cuts are promised, partially offset by new revenue raisers but what is the true cost for taxpayers? Hal Hicks, Dave Benson and Margaret O’Connor of Ernst & Young, Washington DC sets out the planned changes

Despite EU complaints to the World Trade Organization being upheld, the debacle over alleged illegal exports subsidies being achieved by US foreign sales corporations looks no closer to resolution

Argentina’s anticipated financial difficulties in 2000 have led the new government to turn to the tax system as a money-spinner. Taxpayers can expect to pay a heavy price. Lilian Falcón of PriceWaterhouseCoopers, Buenos Aires reports