ITR Search | International Tax Review

Offsetting tax loss carryforwards

The period for offsetting tax loss carryforwards, which was increased in 1996 from five to seven years, has been further increased to 10 years with effect from January 1 1999.

March 01 1999

Russian Tax Code

Part I of the Russian Tax Code became effective on January 1 1999. It introduced a number of developments in personal income tax legislation, which will affect expatriates working in Russia as well as local staff. The main provisions are outlined below, but it should be noted that the legislation is probably more remarkable for what it did not include.

March 01 1999

The vis attractiva

The use of the so-called vis attractiva (literally power of attraction) highlights the link between the concepts of income and residence. It might be used to attribute foreign income profits to substantially Italian tax resident individuals who are formally resident abroad.

March 01 1999

Launch of the EURO in Germany

The launch of the euro and, with it, European Monetary Union in Germany and the 10 other participating EU countries, effective January 1 1999, is the most significant European economic and political act since the founding of the European Economic Community in 1957.

March 01 1999

Switzerland fights back with benefits

In the global race to attract multinationals through tax incentives, Switzerland has been losing out. Markus Neuhaus of PricewaterhouseCoopers, Zurich reports on a series of laws and regulations designed to win back old investors and attract new ones

March 01 1999

Netherlands offers new certainty

In the first of our series of articles on advance pricing agreements around the world, Monique van Herksen of Stibbe Simont Monahan Duhot analyzes how the Netherlands APA system offers a new element in the traditionally strong Dutch advance rulings procedure

March 01 1999

Vienna-Tax Reform Commission proposes new legislation for 2000

The Austrian government is planning to reform various aspects of the Austrian tax system as of January 1 2000. The Ministry of Finance had requested the formation of a Tax Reform Commission, consisting of representatives of various public bodies, to prepare a proposal for the tax reform programme. The commission issued its report in November 1998, which covered the following issues:

March 01 1999

Australia aims to allay APA fears

Australian APAs are becoming an increasingly popular tool. But, as John Donaldson of KPMG in Melbourne explains, the Australian Tax Office still has some work to do to convince taxpayers that the process is secret and speedy enough to merit serious consideration

March 01 1999

Vietnam turns up the fiscal temperature

A recent circular from Vietnam’s Ministry of Finance has introduced extensive regulations for foreign investment. Tony Foster of Freshfields in Hanoi examines the consequences for multinationals who must now adopt Vietnamese accounting principles

March 01 1999

Incentives for film industry investment

With retroactive effect as from January 1 1998, a special tax incentive for investment in movies entered into force. The incentive consists of a system of discretionary depreciation for investments in movies (other than advertising or publicity films). The facility is intended to provide an incentive for private investment in the Netherlands film industry. Individuals may also benefit from this incentive through the formation of closed limited partnerships which produce films.

March 01 1999

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