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Tim Martino Baker Tilly Pitcher Partners has hired Tim Martino as a manager in the firm's tax services division in Perth, Australia. He leaves a tax management role at Ernst & Young. Martino has experience in both national and international tax advisory, as well as in broader commercial management, financial advisory and corporate reorganisation. He focuses on GST issues for a wide range of industries, including focusing on property, resource and cross-border operations, though he also deals with other indirect taxes, including customs duties, fuel tax credits and payroll taxes.

VDB Loi has hired Graham Garven to lead its tax team in Jakarta. He joins from KPMG where he was a partner and head of the firm's transfer pricing practice.

Donka Pechilkova On November 15 2012, the Bulgarian Parliament accepted amendments to the Value Added Tax Act and a 10% tax on bank deposit interests was approved. Effective from January 1 2013, the new tax is applicable on fixed term deposits but not on termless deposits, current accounts and the saving accounts. In addition, the interests from deposits of Bulgarians in bank accounts in other EU member states and European Economic Area countries will also be taxable. The tax would be paid at the end of the month following the quarter in which the interest was due. The obligation to withhold the tax and pay it to the authorities lies with the banks. Physical persons, who have received interests from fixed term deposits, are also obliged to declare them in their yearly income declaration.

Khoonming Ho

Felipe Dominguez Célis

Daniel Harrison Laos is in the middle of a property boom, and it has caught the attention of the tax collectors and legislators. The result: a 5% income tax on the sale or transfer of land and/or buildings (real property) introduced in the Amended Tax Law No. 05/NA, dated December 20 2011 (amended tax law). This new obligation takes aim at individual taxpayers; taxpayers which have historically enjoyed tax-free gains on real property transactions. Notably, the legislation specifically includes transfers distinctly from sales to ensure transactions with no consideration are caught – perhaps an inclusion with transactions between relatives and the like in mind.

Renaud Jouffroy

May May Kyi

Lachlan Wolfers and Curtis Ng of KPMG explain what impact the Chinese VAT pilot will have on the construction and real estate sectors once it is extended to them.

Benjamin Twardosz Austria's substantial network of double taxation treaties offers advantages to foreign investors that choose to invest through Austria, when compared with other holding jurisdictions. Examples of such treaties are those with Brazil, Kazakhstan and Turkey. To illustrate, taking the case of Turkey, dividends paid to foreign shareholders on Turkish equity investments are subject to domestic withholding of 15% which, when combined with the domestic corporate income tax rate of 20%, may aggregate to a considerable 32% tax burden.