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Most large Mexican business taxpayers must have their annual tax returns certified by a public accountant. Other taxpayers may do so on a voluntary basis as a shield against a government tax audit. For calendar year taxpayers required to have an accountant's report (dictamen fiscal), the tax return is due on March 31 and the dictamen fiscal on July 31.

On July 24, Russian government resolution No. 786 was published in Rossiskaya Gazeta, effective August 1 1998. This is designed to place every tax-registered business in Russia on an accrual basis for the payment of value-added tax (VAT). While such a move would not seem unusual for businesses familiar with the EU VAT system or many other systems throughout the world, its impact in Russia has huge potential costs. The country's current economic situation, the cash flow difficulties experienced by many Russian businesses and the fact that this resolution provides no relief for VAT bad debts all impose considerable burdens. In addition, the proposal applies on an accrual basis to sales only – VAT recovery on costs will still be based on a cash basis.

In March 1998, Argentina's executive signed a tax reform proposal containing several provisions. Among the most relevant provisions included in the tax legislation based on the bill approved by the Lower Chamber, are those related to worldwide income and the definition of residence.

Germany has inaugurated a new era of opportunities for shareholder buybacks. Wolfgang Oho and attorney at law Günther Bredow, of Pünder, Volhard, Axster & Weber in Frankfurt, examine the balance sheet and fiscal considerations

European Monetary Union (EMU) will affect the European group on two levels – structural and technical. Ernst & Young’s international tax group London examines some of the most striking of the structural business effects, and highlights technical pitfalls.

Asset securitization is increasingly accepted by Japanese corporations and institutions as a financing technique, and by investors as a suitable investment. Dean Yoost and Sachihiko Fujimoto, Pricewaterhouse-Coopers, Tokyo, provide practical guidance

The IRS has reined in the almost unbridled opportunities presented by check-the-box, but international opportunities still exist. By Shawn Carson (BDO Seidman, New York), Allan Cinnamon and Zigurds Kronbergs (BDO Stoy Hayward, London)

The foreign tax credit treatment of UK ACT in the US continues to be a thorny issue for many taxpayers. Lawrence A Pollack, KPMG New York, David Porter and Frances Corrie, KPMG London examine the pieces of the puzzle and suggest solutions

In an international context, making use of different classification rules for debt and equity can create hybrid financing instruments. Harry Doornbosch and Allert Kramer, PricewaterhouseCoopers, New York look at the hybrid options from a Dutch perspective

During a recent parliamentary debate, the Netherlands Under-Minister of Finance stated that for the time being the current rules of Netherlands tax law will not be amended for electronic commerce transactions. A report released under the auspices of the Ministry of Finance earlier this year suggested applying a value-added tax (VAT) rate of 0% for electronic commerce transactions. This report was drawn up by a working party which included independent experts.