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First things first, a belated Happy New Year to all our readers!

Italy is following a wider trend of raising VAT rates Italy's VAT rate is likely to increase to 24% in 2016, and could rise as high as 25.5% by 2018, under Budget Law 190/2014. The reduced rate will also increase 20%, from 10% to 12%, in 2016 and could rise a further percentage point the following year. The super-reduced rate of 4%, on essentials such as food and drink, will remain unchanged.

Abenomics to take off in 2015 From April 1, Japan is cutting its famously high effective corporate tax rate by 2.51 percentage points down to 32.1%, with further increases scheduled for 2016. The government has also approved a reduction on loss write-offs and improved tax incentive schemes as Abenomics takes off in 2015. The tax amendment was approved on December 30 by newly re-elected Prime Minister Shinzo Abe's coalition, comprising his own Liberal Democratic Party (LDP) and the New Komeito party. Abe has expressed hope the corporate tax cuts will encourage businesses to increase wages, therefore bolstering consumer spending. In 2014, Abe announced his intention to eventually drop this rate under 30%.

Lisa Zarlenga has returned to Steptoe & Johnson as the co-chair of its tax group. She will also act as a member of the firm’s government affairs and public policy group.

Tim Stewart The New Zealand government has released two reports detailing its tax policy work regarding base erosion and profit shifting (BEPS) issues. The reports were prepared several months ago by Inland Revenue and Treasury officials to update government ministers on BEPS issues and were more recently released to the public. The OECD's work on BEPS issues has been well publicised. New Zealand has been actively involved in the OECD's BEPS work, and the New Zealand government has been considering whether changes to New Zealand's domestic laws may be necessary to address BEPS concerns in the country.

Benno Suter

Sean Foley

With multilateral projects reaching their climax in 2015, the year ahead is sure to be filled with moments that define the future direction of international taxation. Matthew Gilleard highlights some of the major trends taxpayers should be looking out for in 2015.

Joe Stanley-Smith analyses how new attitudes and initiatives from tax authorities in key jurisdictions will influence the national and international tax dispute landscape in 2015.