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David Cuellar

John Kwak

Bartosz Glowacki Poland wants to introduce controlled foreign corporation (CFC) rules, which may start to apply even already to 2015 profits. The Polish government has cherry-picked from CFC mechanisms around the world, but somehow only the most oppressive ideas were copied. Any company seated in a territory formally blacklisted as a tax haven by Polish Ministry of Finance (or a territory with which there is no exchange of information agreement) will be treated as a CFC. No exemptions are provided. Another CFC category, which includes even companies seated within the EU and tax treaty countries, are non-Polish companies, in which the Polish tax resident (corporate or individual) owns for an uninterrupted period of 30 days per year, directly or indirectly 25% of share capital, voting rights or share in profits, when at least 50% of that company's income is passive and taxed at a rate lower than 14.25%.

Vitor Gaspar took up his position as director of the IMF's fiscal affairs department in early June. The appointment of the former Portuguese finance minister was announced by Christine Lagarde, the Fund's managing director, in February.

Baker & McKenzie has promoted 11 practitioners from different areas of its tax practice, including international tax, transfer pricing, indrect tax and wealth management, to the partnership.

The Foreign Account Tax Compliance Act (FATCA) has finally taken effect. The legislation, first introduced in 2010, has seen a series of delays, but the withholding requirements it imposes on foreign financial institutions became applicable on July 1.

Shane Wallace has joined William Fry Tax Advisors, Taxand Ireland as a partner. He was formerly with Deloitte, where he advised multi-nationals and Irish companies on issues including M&A, inward investment, restructurings and real estate. Recently, he has advised on significant acquisitions in the technology, media and telecommunications sector.

See who has done the tax work on this month’s biggest deals

As those involved in the OECD's base erosion and profit shifting (BEPS) project reach for the halftime oranges and energy drinks, our special BEPS feature looks at the progress made to date and explores the hurdles that litter the track ahead as the bell rings to signify the last lap in this race against an ambitious timeframe to produce meaningful outcomes. The finish line is fast approaching, but while the podium, medals and bouquets are being readied, this last lap is sure to be a tough, sweaty slog to completion, and with the volume of work to be done, success could come down to a photo finish.

Durval Portela