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Peter Dachs In terms of the interest withholding tax (IWT) legislation which will become effective on January 1 2015 the term 'interest' is not defined. SARS has indicated that interest to which the IWT will apply is common law interest. However, 'interest' is defined in the Income Tax Act in section 24J. In addition, section 50B of the Income Tax Act (the IWT taxing provision) refers to section 9(2)(b) of the Income Tax Act. Section 9(2)(b) of the Income Tax Act applies exclusively to interest as defined in section 24J. On this basis, is 'interest' subject to the IWT 'interest' as defined in section 24J?

Over the years, Singapore has been taking active steps to position itself as an intellectual property (IP) hub in Asia. Harvey Koenig, tax partner at KPMG in Singapore, explores how, in this innovation-driven globalised economy, IP has become an important driver of growth.

Ricardo Rendon and Eduardo Valenzuela, partners at Chevez Ruiz Zamarripa, analyse the latest developments regarding taxation of the oil & gas sector as part of the Mexican energy reforms.

Read this month's special features on Singapore IP, GCC, Tax technology and Mexican energy reform

Loreto Pelegrí

Khoonming Ho

Zoe Kokoni Cyprus, which has been long-established as a solid economic and business centre worldwide, seeks to reinforce its title as a beneficial investment hub by expanding its double tax treaty network and creating stronger economic and trade relations with other contracting states. On June 21 2013, Cyprus and Lithuania signed their first double tax treaty (DTT). Since then, the countries have ratified the agreement, which will enter into force on January 1 2015.

Hartwig Welbers Self-disclosure allows tax evaders to avoid prosecution by coming forward of their own volition and paying the tax evaded. In principle, this opportunity is to be retained, although many believe that the current rules need to be tightened. The Ministry of Finance has now published draft amending legislation to that end. This subject is relevant to corporates in respect of their mass data filings of monthly VAT and payroll withholding. Because it is not easy for the authorities to distinguish between an error and a wilful attempt to defraud, there is a growing tendency to see corrected returns as failed self-disclosures (because they often cannot meet all the formal requirements) and to open criminal proceedings. The new ministerial draft now published tackles this issue by re-introducing partial self-disclosure for monthly or quarterly VAT or payroll withholding tax returns. A corrected return will not fail in respect of the corrections.

The OECD is getting straight back to work on base erosion and profit shifting (BEPS).

It was a year of memorable images, from the fall of the Berlin Wall to the student-led protests in Beijing's Tiananmen Square. It was a year of ups and downs, too; in Germany the wall came down while in China protestors stood up for democracy.