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The Tax Reform enacted in December, 1998 introduced significant amendments to the value added tax, specifically with regards to the creation of new taxable events.

Indian Companies exporting software enjoy several tax incentives / deductions. Foreign companies investing in India should be aware that there are several provisions relating to software exports in the Indian Income Tax Act (ITA) that are inconsistent with each other. This article attempts to highlight these provisions so that an investor can better plan his Indian operations. There are three major tax provisions in the ITA relating to software exports:

Russia considers tax on money transfers, United Parcel Service may appeal on tax judgement, Brazil scraps banking tax

UK companies will be able to take account of certain future losses when calculating taxable profits, following an unexpected climbdown by the Inland Revenue on two landmark cases.

Freshfields in the UK is advising US publishing group Gannett, on its intended acquisition of Newsquest in the UK for £922 million ($1.5 billion).

The Irish tax authorities have recently published details of the revised tax arrangements to apply to stock lending and repurchase (repo) transactions. Stock lending and repo transactions involve the temporary transfer of stock or securities from one party to another with the simultaneous commitment to reverse the transaction at some point in the future. From a tax perspective, there are two important aspects to stock lending and repo transactions.

Australia signed a Double Tax Agreement (DTA) with South Africa on July 1 1999 and a Protocol amending the Malaysian DTA on August 2 1999. The DTAs are not yet in force.

The Tax Relief Act for the Years 1999, 2000, and 2002 introduced a new income tax withholding provision for payments made to foreign contractors. The new rules came into effect on April 1 1999 and require domestic and foreign persons to withhold 25% of the gross amount of payments made from this date to foreign contractors for a wide range of work performed in Germany or perhaps simply used there. While the problem which provoked the new withholding rules involved non-compliance by foreign construction firms with their German tax obligations, the withholding provision actually enacted applies to all sectors of the economy and can include purely intellectual work such as that of architects, engineers, or attorneys as well.

The Committee of Fiscal Affairs of the OECD has acted quickly to diffuse a potential row between itself and the BIAC (Business and Industry Advisory Committee) over last year’s report on harmful tax competition.

The American Bar Association has rejected plans to allow lawyers to practise in multidisciplinary partnerships. A meeting of the policymaking body, the House of Delegates, voted by 304-98 to replace a report that would have eased restrictions on MDPs.