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Indian taxpayers have been left confused by a tribunal ruling that disregards previous royalty decisions and throws wide open the debate on the characterisation of income from packaged software.

In a time of increasingly stringent reporting requirements, the Internal Revenue Service (IRS) in the US has decided to grant some taxpayers a reprieve from the heavy penalties associated with defective reporting on their information returns.

The appeal covered whether the Commissioner of Inland Revenue (the Commissioner) was obliged by s 46 of the Goods and Services Tax Act 1985 (GST Act) to refund GST of $7,542,295.51 to Contract Pacific Ltd (Contract Pacific) as at 5 February 2001. Under s 46(1)(a) of the Act, the Commissioner must pay to the taxpayer GST refundable under s 20 within 15 working days of receiving a return, unless within that time he is not satisfied with the return and requests further information about it or gives notice that he intends to investigate the circumstances of the return.

South Korea's proposed revival of a 15.4% tax on foreign-held Won-denominated Treasury and central bank bonds would have an immediate negative impact on investor appetite.

Ray McCann has joined the firm’s tax disputes and investigations team.

Two organisations have offered different perspectives on simplifying the UK tax system in the last week.

The IRS has withdrawn its summons issued to UBS as part of an effort to identify US accountholders who may have committed tax fraud.

Gottfried Breuninger began a four-year term as head of global tax for Allen & Overy, the UK multinational law firm, last week. His deputies are Chris Harrison, who works in London, and Jean Schaffner, a Luxembourg partner. Breuninger will also become managing partner of the firm in Germany at the beginning of next year.

Sir James Mirrlees talks to International Tax Review about the drastic changes to the UK tax system his review recommends.

Type of Agreement Country Country Date Signed Tax Information Exchange Agreement Argentina France November 4 2010 http://www.wealthbriefing.com/html/article.php?title=Argentina_Signs_A_Trio_Of_TIEAs_&id=33360 Tax Information Exchange Agreement Argentina Italy November 4 2010 http://www.wealthbriefing.com/html/article.php?title=Argentina_Signs_A_Trio_Of_TIEAs_&id=33360 Tax Information Exchange Agreement Argentina Russia November 4 2010 http://www.wealthbriefing.com/html/article.php?title=Argentina_Signs_A_Trio_Of_TIEAs_&id=33360 Tax Information Exchange Agreement China Guernsey November 5 2010 http://www.thisisguernsey.com/2010/11/05/no-more-chinese-whispers-as-tax-information-deal-is-signed/ Double Tax Agreement Cape Verde Macau Novemeber 15 2010 http://www.macauhub.com.mo/en/news.php?ID=10503 Tax Information Exchange Agreement Bahamas Japan Novemeber 9 2010 http://www.bahamaislandsinfo.com/index.php?option=com_content&view=article&id=7031:the-governments-of-japan-and-the-bahamas-conclude-tiea-negotiations&catid=34:Bahamas%20National%20News&Itemid=147 Double Tax Agreement Oman Romania Novemeber 4 2010 http://www.taxtreatiesanalysis.com/2010/11/oman-romania-complete-dta-negotiations/