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Elena Kostovska, Eurofast Global As of January 2013, changes in the Property Tax Law in FYR Macedonia (amended late June 2012 and promulgated in the Official Gazette No 84/2012) will affect the assessment and determination of the market value of properties.

The Australian Government has announced the appointment of Geoff Leeper as a full-time Second Commissioner to the Australian Taxation Office (ATO).

HM Revenue & Customs (HMRC) has collected more than £1 billion ($1.6 billion) in transfer pricing yield between March 2011 and 2012. Tax practitioners hope the high figure means more resources for the authority's advance pricing agreements (APA) programme. Statistics also show that, since March 2010, the age of open enquiries has reduced, as has the age of settled enquiries.

Heiko Penndorf is rejoining Ashurst as a partner in its Frankfurt office. He was formerly an associate of the firm before joining Mayer Brown, where he was a partner. An associate is also moving to Ashurst with him.

The last 12 months have seen a surge in the use of retrospective amendments by governments around the world, all aimed at recouping extra revenue from taxpayers. Matthew Gilleard assesses the issues thrown up by lawmakers going back in time, and whether this worrying trend for taxpayers is set to continue.

UBS paid the price for ignoring a whistleblower

Cédric Tussiot and Joachim Bailly look at intermediation in the sale of shares of real estate companies in Luxembourg and whether VAT should be applied, based on the recent European Court of Justice case for broker firm DTZ Zadelhoff vof.

The Indian transfer pricing regulations are expected to provide a more robust framework for taxpayers and the revenue authorities alike to demonstrate the arm’s-length character of their related-party transactions. However, Amit Agarwal of Ernst & Young argues that the wide discretion conferred on the revenue authorities in the interpretation and implementation of these regulations has spawned a cesspool of tax controversies leading to substantial tax adjustments. It is reported that in the latest round of transfer pricing audits the cumulative value of these adjustments was $8.9 billion.

The OECD released a number of reports relating to transfer pricing recently. The draft on intangible assets was released ahead of schedule in June, but the organisation has also produced a draft on safe harbours and memorandums of understanding and another on timing issues. Sophie Ashley considers the practical implications of these reports.

Antonio Tomassini and Alessandro Martinelli, of DLA Piper, analyse a recent Italian circular which gives clarity on mutual agreement procedures (MAP) and look at how its guidelines will interact with domestic law.