The Deloitte Tax Services commentary deals with major issues arising because of the introduction as at 1 July 2003 of the new rules relating to the tax treatment of gains and losses arising from foreign exchange transactions.  We provided a general overview if the new rules in our Tax Reform Alert of 29 May 2003.

We now focus on the implications to taxpayers of the elections and choice which the rules provide.

The following Deloitte Partner is an expert in this area:

• John Giannakopoulos