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  • NHP has completed one of the largest securitization issues in the UK to involve receivables from property investments. The £265 million ($432 million) fixed rate bond, issued through Care Homes No. 2 Limited, was backed by income from 103 nursing home leases.
  • Ireland's minister for finance confirmed in his budget speech the agreement arrived at with the EU Commission in relation to Ireland's new corporation tax regime. The new corporation tax rate of 12.5% on trading profits will be fully phased in by January 1 2003 with the standard rate of 28% (effective January 1 1999) reducing by 4% each year. The tax rate applicable to non-trading income will be 25%.
  • The tax issues of structuring inbound and outbound expatriate contracts in Hong Kong centre on the test of location of employment. Ian Love, PricewaterhouseCoopers, Hong Kong sets out the pitfalls and opportunities to be addressed
  • Decisions in Mexico and the US allow Mexican entities to cut their assets tax base and banks to reduce reporting requirements. By Miguel Valdés, Nicolás José Muñiz, Frederico Aguilar and Jorge García of Ernst & Young in New York and Mexico City
  • Argentina's tax reform programme has introduced key changes in VAT, transfer pricing and income tax. But as Jorge San Martín and Hugo N Almoño of Price Waterhouse, Buenos Aires argue, the commitment to neutrality has been weakened
  • Canciello accomplishes all at IRS , Dogs carry Belgrade tax penalty, Happy birthday dear income tax, Taylor finds haven at Deloitte, Pink palace tested for dodgy foundations
  • Australian tax breaks cause controversy, PwC loses ground in Latin America, Japan proposes largest-ever tax reductions, Cartel probe follows PwC Italy merger, Italian government signs tax reform pact, Taxman freezes Pakistan's press, Russia placates regions with tax split deal
  • The UK Inland Revenue has released proposals for an advance pricing agreement (APA) system. The proposals come as part of the general review of transfer pricing which was announced in the March 1998 budget.
  • Both the US Treasury Department and the UK Inland Revenue have announced that they will schedule meetings early next year for the purpose of renegotiating the existing income tax treaty, which has been in effect since 1975.
  • From: Steve Towers Partner, Deloitte Touche Tohmatsu, Melbourne, Australia.