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  • Since our last Russia update in the March issue of International Tax Review, there have been a number of significant legislative and judicial developments. These include: amendments to the Law on Excise Tax and the Law on Securities Tax; important rulings by the Constitutional Court concerning pension fund contributions for individual entrepreneurs; the confiscation of goods and vehicles by Customs authorities; and enactment of a Federal Law on the 1998 budget.
  • In the June 1997 issue of International Tax Review, we reported on a ruling by the Federal Tax Court in which the court rejected the amortization of purchased trademarks – in the absence of special circumstances – under the valuation law as in force through to December 1992. At the time, the tax authorities were expected to give assurances that they would not seek to apply the ruling for income tax purposes.
  • In a press release of April 19, the Netherlands Council of Ministers approved a bill to amend the fiscal unity regime.
  • The French tax authorities recently reasserted their wish to resort to additional measures to improve the effectiveness of transfer pricing controls.
  • The Finnish government has introduced bills amending the Taxation Act for the tax year 1999. The amendments are described below.
  • Stock options are gaining favour in Germany as an incentive for boards of directors and managerial employees. Wolfgang Oho and Oliver Neumann of Pünder, Volhard, Weber & Axster, Frankfurt am Main look at the tax implications
  • A sudden influx of tax reform in the UK has taken many corporations by surprise. Iain Muir, head of tax at Bass, talks to Oliver Ralph about the challenges involved, and the need for objectivity on all sides of the tax equation
  • Which business entity should investors choose? How can profits be repatriated? Which expenses can be deducted? These and other questions are answered by John Fisher and Lorraine Chan of Coopers & Lybrand, Melbourne and Ho Chi Minh City
  • The third part of our survey of oil and gas taxation, highlights substantial changes which have opened Venezuela’s energy industry to foreign investment, and which have given rise to new tax challenges. By Nelson Rincón, Deloitte & Touche, Caracas
  • Dean Yoost and Daisuke Miyajima, Coopers & Lybrand, Tokyo alert readers to a new area of focus for Japan’s National Tax Administration. Advice is offered on what to expect and on how to prepare the best defence strategies