India: Nishith M. Desai, Nishith Desai Associates, Mumbai: Sanjay Sanghvi, RSM Co, Mumbai TAX NOTES INTERNATIONAL Indonesia: Freddy Karyadi, Karyadi Co Law and Tax Office, Jakarta Copyright 2005, Tax Analysts Ireland: Kevin Mcloughlin, Emst Young. dublin IsSN1048-3306 chand Vanderplank, Cains Advocates& Notaries, Douglas naceutical Industries Ltd. Petach Tikva Doron Herman. s. Friedman Editor: Cathy Phillips Co. Advocates Italy: Alessandro Adelchi Rossi and Luigi Penin. George R. Co, P C. New York: N Special Reports Editor: Alice Keane Putman Japan: Gary Thomas, White Case, Tokyo. Shimon Takagi, White Case, Tokyo Managing Editor: Maryam Enayat Jersey: J. Paul Frith, Emst Young. St. Helier Deputy Editor: Doug Smith Kenya: Glenday Graham, Ministry of Finance and Planning, Nairobi Korea: Chang Hee Lee, Seoul National Univ. College of Law. Seoul, Korea Production: Paul Doster Kuwait: Abdullah Kh. Al-Ayoub, Kuwait Latin America: Emst Young LLP. miami Chief of Correspondents: Cordia Scott(scott tax. org) Latvia: Andrejs Birums, Tax Policy Department, Ministry of Finance, Riga Executive Director and Publisher: Chris bergi Libya: Ibrahim Baruni. Ibrahim Baruni Co, Tripoli lithuania: Nora Vitkuniene, Intemational Tax Division. Ministry of Finance, vilnius N8=2-928或 Senior Executive Editor: Robert Manning Malawi: Clement L Mononga Assistant Commisioner of Tax, Blantyre Editor-in-Chief, International: Robert Goulder Malaysia: Jeyapalan Kasipillai, University Utara. Sintok Founder: Thomas F Field Malta: Dr. Antoine Fiott Zammit Tabona Bonello Co, and Lecturer in Taxation, Faculty of Law uascCoopers, Port Louis Kenzie, Juarez, Tijuana, Monterey, and Correspondents Aziz Nishtar. Nishtar Zafar Karachi. Pakista Africa: Zein Kebonang. University of Botswana. Gaborone Monaco: Eamon McGregor, Moores Rowland Coporate Services, Monte Carlo hania: Adriana Civici, Ministry of Finance, Tirana Mongolia: Baldangiin Ganhuleg, General Department of National Taxation, Ulaanbaatar Anguilla: Alex Richardson, Anguilla Offshore Finance Centre, Ang Myanmar: Timothy J. Holzer, Baker McKenzie, Singapore ntigua: Donald B. Ward, Pricewaterhouse Coopers Center, St. Joh ia: Graeme S. Cooper, University of Sydney. Sydney: Richard Krever, Deakin Freshfields, Amsterdam: Michaela Vrouwenvelder Solvay NV. Amsterdam: Jan Ter Wisch. Allen niversity, Melbourne. Austria: Markus Stefaner, Vienna University of Economics and Business Administration, Antilles: Dennis Cijntje, KPMG Meijburg Co. Curacao Koen Lozie Deurle New Zealand: Adrian Sawyer, University of Canterbury, Christchurch Bahamas: Hywel Jones, Canadian Imperial Bank of Commerce Trust Company(Bahamas)Ltd, Nigeria: Elias Aderemi Sulu, Lagos Northern Mariana Islands: John A Manglona, Saipan Bangladesh: M. taque Ahmed, Emst Young, Dhaka Barbados: Patrick B. Toppin, Pannell Kerr Forster, Christ Church Norway: Frederik Zimmer, Department of Public and International Law, University of Oslo, Osk Oman: FudI R Talyarkhan, Emst Young, Muscat elgium: Werner Heyvaert Nauta Dutilh, Brussels, Marc Quaghebeur. Vandendijk Partners, Panama: Leroy Watson. Arias, Fabrega Fabrega, Panama City uda: Wendell Hollis, Ernst Young Bermuda Papua New Guinea: Lutz K. Heim, Emst Young Port Moresby swana: LO. Sennanyana, Deputy Director, Tax Policy, Ministry of Finance Development Peru: Italo Fernandez origgi, Yon Law Firm, Lima razil: David Roberto R. Soares da silva. Farroco Lobo Advogados, Sao Paulo Poland: Dr Janusz Fiszer, Warsaw University/hite Case, Warsaw ritish Virgin Islands: william L. Blum, Solomon Pearl Blum Heymann Stich LLP, St. Portugal: Francisc rais Leitao J Galvdo Teles, Lisbon Manuel Bulgaria: Todor Tabakov, Interlex. Sofia Sexton, Emst Young Doha Romania: Sonin Adrian Anghel Senior Finance Officer& vice President. The Chase Manhattan Canada: Brian J. Arnold Goodmans, Toronto, Ontano Jack Bemstein. Aird Berlis. Toronto, ussia: Scott C. Antel, Emst Young, Moscow, Joel McDonald, Salans, London dy, Toronto(Markham) Ontario M. Novello, Nevis Services Limited, Red Bank Caribbean: Bruce Zagaris, Berliner, Corcoran, and Rowe. Washington, D.C. Saudi Arabia: Fauzi Awad, Saba Abulkhair Co.. Dammam Cayman Islands: Timothy Ridley, Maples Calder Asia, Hong Kong Sierra Leone: Shakib N K Basma and Berthan Macaulay, Basma& Macaulay, Freetown Chile: Alex Fischer. Carey y Cia Ltda. Santiago: Macarena Navarrete, Ernst Young. Santiago ngapore: Linda Ng. White Case, Tokyo, Japan hina(P.RC): Jinyan Li, York University, Toronto: Lawrence Sussman, O'Melveny Myers South Africa: Peter Surtees, Deneys Reitz, Cape Town Cook Islands: David R. McNair, Southpac Trust Limited, Rarotonga Spain: Jose M. Calderon, University of La Coruna, La Coruna Croatia: Hrvoje Zgombic, Zgombic Partners. Zagreb Sri Lanka: DD_M. Waidvasekera Mt lavinia Cyprus: Theodoros Philippou, Pricewaterhouse Coopers, Nicosia Sweden: Leif Muten, Professor Emeritus. Stockholm School of Economics Taiwan: Keye S. Wu, Baker McKenzie, Taipei, Yu Ming-i, Ministry of Finance, Taipei enmark: Nikolaj Bjornholm, Bech-Bruun Dragsted Law Firm, Copenhagen Eastern Europe: lurie Lungu, Graham Levintsa, Chisinau Turkey: Mustafa Camlica, Emst Young, Istanbul Egypt: Farouk Metwally, Ernst Young, Cairo Turks Caicos Islands. British West Indies: Anel Misick. Misick and Stanbrook Grand Turk Estonia: Helen Pahapill, Ministry of Finance, Tallinn European Union: Joann M. Weiner, Facultes Universitaires Saint-Louis, Brussels nited Arab Emirates: Nicholas J. Love, Emst Young Fiji: Bruce Sutton, KPMG Peat Marwick, Suva United Kingdom: Trevor Johnson, Trevor Johnson Associates, Wimal: Eileen O Grady, nland: Marjaana Helminen. University of Helsinki in the Faculty of Law, Helsinki United States: Richard Doemberg. Emory Univ. School of Law, Atlanta GA. James Fuller, Gambia: Samba Ebrima Saye, Income Tax Division. Banj Ministry of Finance, Berlin/Bonn: Rosemarie Portner, Meilicke U.S. Virgin Islands: Marjorie Rawls Roberts, Attomey at Law. St. Thomas, USVI er. Bonn: Klaus Sicker. Flick Gocke Schaumburg, Frankfurt Uruguay: Dr James A. Whitelaw. Whitelaw Attorneys, Uruguay Ghana: Seth Terkper, Chartered Accountant/Tax Expert, Accra Gibraltar: Charles D. Serruya. Baker Tilly. Gibraltar Vanuatu: Bill L. Hawkes, KPMG. Port Vila Venezuela: Ronald Evans Baker McKenzie Caracas Guam: Stephen A Cohen, Carlsmith Ball LLP, Hagatna Vietnam: Frederick Burke. Baker McKenzie Ho chi N Atherly, Georgetown European Consulting Group. ong Kong: Colin Farrell, Pricewaterhouse Coopers, Hong Kong Zambia: W Z Mwanza KPMG Peat Marwick Lusaka Hungary: Daniel Deak, Budapest University of Economics, Budapest Zimbabwe: Prof. Ben Hlatshwayo, University of Zimbabwe, Harare Iceland: Indridi H. Thorlaksson, ReykjavikCorrespondents Africa: Zein Kebonang, University of Botswana, Gaborone Albania: Adriana Civici, Ministry of Finance, Tirana Angola: Trevor Wood, Ernst & Young, Lisbon Anguilla: Alex Richardson, Anguilla Offshore Finance Centre, Anguilla Antigua: Donald B. Ward, PricewaterhouseCoopers Center, St. John’s Argentina: Cristian E. Rosso Alba, Rosso Alba, Francia & Asociados, Buenos Aires Armenia: Suren Adamyan, Association of Accountants and Auditors of Armenia, Yerevan Australia: Graeme S. Cooper, University of Sydney, Sydney; Richard Krever, Deakin University, Melbourne. Austria: Markus Stefaner, Vienna University of Economics and Business Administration, Vienna Bahamas: Hywel Jones, Canadian Imperial Bank of Commerce Trust Company (Bahamas) Ltd., Nassau Bangladesh: M. Mushtaque Ahmed, Ernst & Young, Dhaka Barbados: Patrick B. Toppin, Pannell Kerr Forster, Christ Church Belgium: Werner Heyvaert, Nauta Dutilh, Brussels;Marc Quaghebeur, Vandendijk & Partners, Brussels Bermuda: Wendell Hollis, Ernst & Young, Bermuda Botswana: I.O. Sennanyana, Deputy Director, Tax Policy, Ministry of Finance & Development Planning, Gaborone Brazil: David Roberto R. Soares da Silva, Farroco & Lobo Advogados, São Paulo British Virgin Islands: William L. Blum, Solomon Pearl Blum Heymann & Stich LLP, St. Thomas, USVI and New York Bulgaria: Todor Tabakov, Interlex, Sofia Cameroon: Edwin N. Forlemu, International Tax Program, Harvard University, Cambridge Canada: Brian J. Arnold, Goodmans, Toronto, Ontario; Jack Bernstein, Aird & Berlis, Toronto, Ontario; Martin Przysuski, Srini Lalapet, and Hendrik Swaneveld, Transfer Pricing and Competent Authority Services, BDO Dunwoody, Toronto (Markham) Ontario Caribbean: Bruce Zagaris, Berliner, Corcoran, and Rowe, Washington, D.C. Cayman Islands: Timothy Ridley, Maples & Calder Asia, Hong Kong Chile: Alex Fischer, Carey y Cia Ltda., Santiago; Macarena Navarrete, Ernst & Young, Santiago China (P.R.C.): Jinyan Li, York University, Toronto; Lawrence Sussman, O’Melveny & Myers LLP, Beijing Cook Islands: David R. McNair, Southpac Trust Limited, Rarotonga Croatia: Hrvoje Zgombic, Zgombic & Partners, Zagreb Cyprus: Theodoros Philippou, PricewaterhouseCoopers, Nicosia Czech Republic: Michal Dlouhy, White & Case, Prague Denmark: Nikolaj Bjørnholm, Bech-Bruun Dragsted Law Firm, Copenhagen Dominican Republic: Dr. Fernándo Ravelo Alvarez, Santo Domingo Eastern Europe: Iurie Lungu, Graham & Levintsa, Chisinau Egypt: Farrouk Metwally, Ernst & Young, Cairo Estonia: Helen Pahapill, Ministry of Finance, Tallinn European Union: Joann M. Weiner, Facultés Universitaires Saint-Louis, Brussels Fiji: Bruce Sutton, KPMG Peat Marwick, Suva Finland: Marjaana Helminen, University of Helsinki in the Faculty of Law, Helsinki France: Olivier Delattre, Latham & Watkins, Paris Gambia: Samba Ebrima Saye, Income Tax Division, Banjul Germany: Jörg-Dietrich Kramer, Ministry of Finance, Berlin/Bonn; Rosemarie Portner, Meilicke Hoffmann & Partner, Bonn; Klaus Sieker, Flick Gocke Schaumburg, Frankfurt Ghana: Seth Terkper, Chartered Accountant/Tax Expert, Accra Gibraltar: Charles D. Serruya, Baker Tilly, Gibraltar Greece: Alexandra Gavrielides, Athens Guam: Stephen A. Cohen, Carlsmith Ball LLP, Hagatna Guernsey: Neil Crocker, PricewaterhouseCoopers, St. Peter Port Guyana: Lancelot A. Atherly, Georgetown Hong Kong: Colin Farrell, PricewaterhouseCoopers, Hong Kong Hungary: Daniel Deak, Budapest University of Economics, Budapest Iceland: Indridi H. Thorlaksson, Reykjavik India: Nishith M. Desai, Nishith Desai Associates, Mumbai; Sanjay Sanghvi, RSM & Co., Mumbai Indonesia: Freddy Karyadi, Karyadi & Co Law and Tax Office, Jakarta Iran: Mohammad Tavakkol, Maliyat Journal, College of Economic Affairs, Tehran Ireland: Kevin McLoughlin, Ernst & Young, Dublin Isle of Man: Richard Vanderplank, Cains Advocates & Notaries, Douglas Israel: Joel Lubell, Teva Pharmaceutical Industries, Ltd., Petach Tikva; Doron Herman, S. Friedman & Co. Advocates & Notaries, Tel-Aviv Italy: Alessandro Adelchi Rossi and Luigi Perin, George R. Funaro & Co., P.C., New York; Gianluca Queiroli, Cambridge, Massachusetts Japan: Gary Thomas, White & Case, Tokyo; Shimon Takagi, White & Case, Tokyo Jersey: J. Paul Frith, Ernst & Young, St. Helier Kenya: Glenday Graham, Ministry of Finance and Planning, Nairobi Korea: Chang Hee Lee, Seoul National Univ. College of Law, Seoul, Korea Kuwait: Abdullah Kh. Al-Ayoub, Kuwait Latin America: Ernst & Young LLP, Miami Latvia: Andrejs Birums, Tax Policy Department, Ministry of Finance, Riga Lebanon: Fuad S. Kawar, Beirut Libya: Ibrahim Baruni, Ibrahim Baruni & Co., Tripoli Lithuania: Nora Vitkuniene, International Tax Division, Ministry of Finance, Vilnius Luxembourg: Jean-Baptiste Brekelmans, Loyens & Loeff, Luxembourg Malawi: Clement L. Mononga, Assistant Commisioner of Tax, Blantyre Malaysia: Jeyapalan Kasipillai, University Utara, Sintok Malta: Dr. Antoine Fiott, Zammit Tabona Bonello & Co., and Lecturer in Taxation, Faculty of Law, University of Malta, Valletta Mauritius: Ram L. Roy, PricewaterhouseCoopers, Port Louis Mexico: Jaime Gonzalez-Bendiksen, Baker & McKenzie, Juarez, Tijuana, Monterrey, and Guadalajara; Ricardo Leon-Santacruz, Sanchez-DeVanny Eseverri, Monterrey Middle East: Aziz Nishtar, Nishtar & Zafar, Karachi, Pakistan Monaco: Eamon McGregor, Moores Rowland Corporate Services, Monte Carlo Mongolia: Baldangiin Ganhuleg, General Department of National Taxation, Ulaanbaatar Morocco: Mohamed Marzak, Agadir Myanmar: Timothy J. Holzer, Baker & McKenzie, Singapore Nauru: Peter H. MacSporran, Melbourne Nepal: Prem Karki, Regional Director, Regional Treasury Directoriate, Kathmandu Netherlands: Eric van der Stoel, Otterspeer, Haasnoot & Partners, Rotterdam; Dick Hofland, Freshfields, Amsterdam; Michaela Vrouwenvelder, Solvay NV, Amsterdam; Jan Ter Wisch, Allen & Overy, Amsterdam Netherlands Antilles: Dennis Cijntje, KPMG Meijburg & Co., Curaçao; Koen Lozie, Deurle New Zealand: Adrian Sawyer, University of Canterbury, Christchurch Nigeria: Elias Aderemi Sulu, Lagos Northern Mariana Islands: John A. Manglona, Saipan Norway: Frederik Zimmer, Department of Public and International Law, University of Oslo, Oslo Oman: Fudli R. Talyarkhan, Ernst & Young, Muscat Panama: Leroy Watson, Arias, Fabrega & Fabrega, Panama City Papua New Guinea: Lutz K. Heim, Ernst & Young, Port Moresby Peru: Italo Fernández Origgi, Yori Law Firm, Lima Philippines: Benedicta Du Baladad, Bureau of Internal Revenue, Manila Poland: Dr. Janusz Fiszer, Warsaw University/White & Case, Warsaw Portugal: Francisco de Sousa da Câmara, Morais Leitao & J. Galvão Teles, Lisbon; Manuel Anselmo Torres, Galhardo Vilão, Torres, Lisbon Qatar: Finbarr Sexton, Ernst & Young, Doha Romania: Sorin Adrian Anghel, Senior Finance Officer & Vice President, The Chase Manhattan Bank, Bucharest Russia: Scott C. Antel, Ernst & Young, Moscow; Joel McDonald, Salans, London Saint Kitts–Nevis: Mario M. Novello, Nevis Services Limited, Red Bank Saudi Arabia: Fauzi Awad, Saba, Abulkhair & Co., Dammam Sierra Leone: Shakib N.K. Basma and Berthan Macaulay, Basma & Macaulay, Freetown Singapore: Linda Ng, White & Case, Tokyo, Japan Slovakia: Alzbeta Harvey, Principal, KPMG New York South Africa: Peter Surtees, Deneys Reitz, Cape Town Spain: José M. Calderón, University of La Coruña, La Coruña Sri Lanka: D.D.M. Waidyasekera, Mt. Lavinia Sweden: Leif Mutén, Professor Emeritus, Stockholm School of Economics Taiwan: Keye S. Wu, Baker & McKenzie, Taipei; Yu Ming-i, Ministry of Finance, Taipei Trinidad & Tobago: Rolston Nelson, Port of Spain Tunisia: Lassaad M. Bediri, Hamza, Bediri & Co., Legal and Tax Consultants, Tunis Turkey: Mustafa Çamlica, Ernst & Young, Istanbul Turks & Caicos Islands, British West Indies: Ariel Misick, Misick and Stanbrook, Grand Turk Uganda: Frederick Ssekandi, Kampala United Arab Emirates: Nicholas J. Love, Ernst & Young, Abu Dhabi United Kingdom: Trevor Johnson, Trevor Johnson Associates, Wirral; Eileen O’Grady, barrister, London; Jefferson P. VanderWolk, Baker & McKenzie, London United States: Richard Doernberg, Emory Univ. School of Law, Atlanta GA.; James Fuller, Fenwick & West, Palo Alto U.S. Virgin Islands: Marjorie Rawls Roberts, Attorney at Law, St. Thomas, USVI Uruguay: Dr. James A. Whitelaw, Whitelaw Attorneys, Uruguay Uzbekistan: Ian P. Slater, Arthur Andersen, Almaty Vanuatu: Bill L. Hawkes, KPMG, Port Vila Venezuela: Ronald Evans, Baker & McKenzie, Caracas Vietnam: Frederick Burke, Baker & McKenzie, Ho Chi Minh City Western Samoa: Maiava V.R. Peteru, Kamu & Peteru, Apia Yugoslavia: Danijel Pantic, European Consulting Group, Belgrade Zambia: W Z Mwanza, KPMG Peat Marwick, Lusaka Zimbabwe: Prof. Ben Hlatshwayo, University of Zimbabwe, Harare TAX NOTES INTERNATIONAL Copyright 2005, Tax Analysts ISSN 1048-3306 Editor: Cathy Phillips Special Reports Editor: Alice Keane Putman Managing Editor: Maryam Enayat Deputy Editor: Doug Smith Production: Paul M. Doster Chief of Correspondents: Cordia Scott (cscott@tax.org) Executive Director and Publisher: Chris Bergin Senior Executive Editor: Robert Manning Editor-in-Chief, International: Robert Goulder Founder: Thomas F. Field (C) Tax Analysts 2004. All rights reserved. Tax Analysts does not claim copyright in any public domain or third party content