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Khoonming Ho

Gerry Thornton Ireland has introduced legislation facilitating the establishment of real estate investment trusts (REITs) in Ireland. Irish REITs will be established as listed companies (as opposed to trusts) and will hold rented investment properties. They will not be subject to the regulatory provisions which apply to Irish regulated funds. Provided a number of conditions are satisfied, REITs will be exempt from corporate tax. Main conditions The Irish REIT legislation is modelled on the equivalent UK legislation, though there are some differences. The main conditions which must be satisfied for an Irish REIT are as follows:

Cynthia Herman The Myanmar Internal Revenue Department (IRD) is taking steps to move the method of assessment away from the current system, which requires taxpayers to submit their audited financial statements to the Companies Circle Tax Office (CCTO) by June 30 each year for assessment, to that of self-assessment (SA). The Myanmar income year starts on April 1, and all tax payments for that year should have been made by the year end of March 31. The tax filing date allows companies three months after year end to have their accounts audited; this may only be performed by a Myanmar Certified Public Accountant (CPA) although it is expected that this will extend to include ASEAN CPAs in 2015. The CCTO may issue a tax assessment based on the financial statements submit, however normally they will conduct a tax audit to make their assessment. With the influx of foreign investment and an increasing companies being incorporated, a more efficient, less labour-intensive method of assessment will allow the CCTO to effectively handle the increasing burden therefore SA is being piloted.

Ingunn Mollnes Norway's Ministry of Finance released a consultation paper on April 11 2013 that would introduce limits on the deduction of interest on related-party debt. The purpose of the proposal is to restrict earnings stripping via intercompany debt financing. Under the proposal, net interest expense paid to a related party would not be deductible in a year to the extent such expense exceeds 25% of a basis of limitation, a figure similar to EBITDA. The limitation would be calculated separately for each entity. However, the limitation only applies to companies that have net interest costs exceeding NOK1 million ($170,000). The proposal suggests that the rules would apply as from fiscal year 2014.

Andy Baik Andy Baik has joined PwC US as a principal in its International Tax Services practice. Baik possesses experience working in the context of both US and Asian tax systems, and will lead PwC's Sovereign Wealth Fund Tax group initiative in Asia Pacific, as well as taking the lead Asia Pacific regional tax role serving US multinationals.

Norbert Sieber became head of tax of Bilfinger, the engineering and services group, on May 1, succeeding Gilles Roux, who has stepped down after eight years to become chief operating officer of Bilfinger International Facility Management.

Edward Osterberg Edward Osterberg has joined Mayer Brown in Houston as a partner in the Tax Transactions and Consulting practice. Osterberg was previously with Vinson & Elkins for 30 years. He focuses on corporate and partnership taxation and international transactions, including advising corporates and individuals on mergers and acquisitions, tax-free reorganisations, corporate spin-offs and other divestitures, foreign operations including cross-border joint ventures with non-US partners, and inbound investment into the US by non-US investors.

Greg Elliott has succeeded Michael Velten as head of tax for CLSA, the Asian banking group. He was formerly managing director – group tax for Deutsche Bank in Hong Kong. Velten became a partner of Deloitte South East Asia in May, with the task of building up the firm's financial services tax practice.

Hugh Paynter Hugh Paynter, a dispute resolution lawyer, has become a partner of Herbert Smith Freehills in Sydney. Paynter has acted in major, high-value tax disputes that have dealt with a range of issues and industries, such as for National Australia Bank in litigation with more than A$900 million ($922 million) at stake concerning international hybrid capital raisings (the $1 billion ExCaps and $450 million TrUEPrS), involving general deductibility, Part IVA (anti-avoidance) and transfer pricing issues; Lend Lease in its successful defence of a $95 million Part IVA and capital gains tax dispute concerning its A$365 million Westpac warrant transaction and the Cross City consortium in a A$60 million land rich stamp duty dispute involving significant valuation issues.

The court said that companies leaving Spain must have more flexibility on when they pay exit tax The European Court of Justice's (ECJ) decision that Spanish companies transferring assets to another EU member state can defer exit tax payment was unsurprising given the court's rulings in National Grid Indus and Portugal v Commission. But advisers say the ECJ is leaving important questions unanswered.