Search results for

Spanish tax legislation has been always sensitive to the potential risk that non-resident (non-established) taxpayers deriving income from Spanish sources do not comply voluntarily with their tax obligations.

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.

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.

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

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

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

The French government wants to extract high taxes from the banking and financial services sectors to pay for tax cuts in other areas of the economy. Under measures proposed by the government in September this year, contributions made by the sector to the taxe professionelle (business tax) will go up to finance a reduction for other sectors. The proposals are part of the reform of the business tax. The tax is based on assets and salaries, and rates vary from region to region. Under the proposals the salary base would be removed from the tax. The socialist government hopes that this will encourage businesses to hire more employees and so reduce unemployment.

The Royal Bank of Scotland has agreed to buy Bank of Ireland's 23.5% holding in US bank, Citizens Financial Group. The deal is valued at $750 million, and will give Royal Bank of Scotland 100% ownership of Citizens Financial.