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The US and France have signed a protocol that on ratification will update the current US-France income tax treaty. The January 13 protocol will make several changes to the existing agreement including the elimination of source-country taxation of certain parent-subsidiary dividends, ending source-country taxation of cross-border royalty payments and strengthening the limitation of benefits provision. The protocol also provides for mandatory arbitration of certain cases that cannot be resolved by the competent authorities and updates the rules for exchange of information between the tax authorities.

Countries such as the UK, Vietnam, Russia and South Korea have all cut taxes during the economic downturn, but Lithuania has taken the opposite view and increased them in its annual budget.

Morgan Stanley is promoting a plan to the US Congress that would waive tax penalties on companies that borrow from their offshore units.

The new tax information exchange agreement (TIEA) between the UK and Guernsey, which was signed in London on January 20, covers pension schemes, investment schemes, information on nominees and trusts. It amends the provisions of the 1952 agreement between the two governments.

Members of the anti-avoidance group, Jitsic, have vowed to continue efforts to combat abusive tax avoidance transactions and broaden activities against cross border transactions involving tax compliance risk in light of the financial crisis.

International Tax Review is conducting a poll to find the 10 most admired tax directors in North America.

The US First Circuit Court of Appeals has confirmed the judgment in the important Textron case, delivering a blow to the Internal Revenue Service (IRS).

President Obama's nominee for secretary of the Treasury told senators at his confirmation hearing that the administration wants to simplify the tax system.

Eighty-three of the 100 largest publicly traded US companies had subsidiaries in multiple tax havens in 2007, said a report by the US Government Accountability Office (GAO).

VAT rates in Hungary look set to be raised as the country braces itself for a substantial budget deficit in 2009.