Search results for

The issue of corporate tax shelters and loopholes is becoming an unlikely early battlefield for Republican and Democrat candidates in the run-up to the US elections.

Following six months of negotiations, the US Internal Revenue Service (IRS) and the Mexican Hacienda released a joint press release in October 29 1999 announcing a three-year agreement on the taxation of maquiladora companies.

Effective January 1 2000, a new Norwegian Tax Act came into force. The new act replaces both the old General Tax Act and Company Tax Act as well as several other special acts and provisions, including parts of the parliament's annual tax resolution. The new Tax Act is a technical revision of the old legislation and involves, in principle, no material changes. Budget amendments for 2000 have also been announced, and are described below.

The parliament has accepted that Sweden is subject to the arbitration convention in force between the member states of the European Union. Under the convention, transfer pricing disputes between EU member states should be settled by an arbitration board if the member states concerned cannot reach an agreement.

Monsanto has announced that its agricultural chemical wing will be spun off after shareholder concern. Its controversial genetically modified foods division is being retained, however.

The use of the maquiladora vehicle has proved to be efficient for US corporations operating in Mexico.

And so the EU's December conference in Helsinki ended not with a bang, but a whimper.

Global Crossing is seeking a $1.2 billion loan to to acquire Racal's assets.

The £114 billion ($XX) agreement will create the world's largest pharmaceuticals group, with combined annual sales of more than £15 billion. The new company, Glaxo SmithKline, will control 7.3% of the world's drugs market. Glaxo shareholders will receive 58.75% of the new company's share capital, with SmithKline taking 41.25%.

Many Canadian non-residents with no permanent establishment in Canada might well anticipate that remuneration for services rendered in Canada should not be subject to withholding tax. The federal authorities do not agree and require a 15% withholding on fees, commissions or other amounts paid to a non-resident in respect of services rendered within Canada. (A further 9% Quebec withholding is required in respect of non-resident services rendered in that province.) If the non-resident is not subject to Canadian tax, they must apply for a refund by filing a Canadian tax return. If the non-resident is subject to Canadian taxation, the withheld amount can be applied to the non-resident's Canadian tax liability.