Search results for

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.

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

New regulations on non-US partnerhips have been introduced in the US. Michael Cooper and Stan Torgersen of Deloitte & Touche LLP, Washington DC, advise readers on who should report and to what extent reporting is required

In a draft bill soon to be submitted to parliament, the Belgian government sets out new rules concerning the tax treatment of employee stock options and warrants. The new rules focus on two aspects which have in the past been the object of debate ? the taxable event and the valuation of the taxable benefit resulting from such option or warrant. Once approved by parliament, the new rules will apply to all employee stock options and warrants granted as of July 1 1998.

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.

Following the Irish government's announcement of the new corporate tax regime (as outlined in the September issue of International Tax Review), the Department of Finance has given further guidance and clarification on the implications of the new regime for the International Financial Services Centre (IFSC) in Dublin.

Colombia's finance minister, Juan Camilo Restrepo, has sent a message to the country's congress urging it to pass proposed tax reforms quickly. The package was introduced at the beginning of September 1998, as part of government efforts to reduce the budget deficit. The most important proposals deal with sales tax. While the rate is to go down from 16% to 15%, a large number of new goods and services are to be taxed. These include some foods, business rents, credit cards, farming machinery and certain household goods.

The UK government has abandoned a plan to increase taxation of the oil and gas industries. In the March 1998 budget, chancellor Gordon Brown announced his plan to begin consultation on the possibilities for change. But, after months of uncertainty, the plan has been dropped. Brown put the change of heart down to oil prices. ?I have concluded that at the current low level of oil prices it would not be right at this stage to proceed with reform of the regime,? he said.

Textron, the US-based financial services and manufacturing group, is to buy David Brown Group of the UK. The deal is valued at $326 million. David Brown Group is a manufacturer of industrial gears, pumps and transmission systems.

BTR's aerospace division is to be bought out by a management team based in Canada, the Netherlands, the UK and the US. The deal is worth £510 million ($816 million). The division manufactures tubing, hosing and other products for the aerospace industry.