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Nélio Weiss

Rossitza Koleva The Bulgarian Ministry of Finance published, on February 10 2012, a new draft law that regulates the statistical activity with regards to the intra-community trade with goods between the Republic of Bulgaria and the EU member states, which includes the movement of goods, such as those leaving from and arriving within the territory of the country. The new draft formalises the relationship between Bulgaria and the EU and also provides links to the relevant EU regulations. Before specifying, in brief, the proposed changes to the law, which entered into force on July 1 2012, it would be useful to be reminded of two of the most important definitions related to this law: "Operator" in the context of the law before the changes, was every person carrying out trading intra-community activities with goods, while the term "goods" is used for all movable commodities, including electric energy.

Janne Juusela On July 6 2012, the Finnish Supreme Administrative Court (SAC) issued and published an advance ruling (KHO:2012:56) concerning back-and-forth stock trading. In the ruling, capital losses arising in consequence of trading of shares back and forth within a short period of time were considered non-deductible based on the general tax avoidance provision in Article 28 of the Finnish Act on Assessment Procedure. The SAC justified the application of the tax avoidance provision because the seller repurchased stocks corresponding to the ones sold immediately after the selling. Furthermore, another ground for the ruling was the substantial amount of the capital losses arisen in consequence of the trades compared to the actual profit potential in the back-and-forth stock trading. As the justifications mentioned above were fulfilled in the case at hand, the SAC considered that the capital losses arisen in consequence of the stock trades were not deductible from the seller's capital gains in accordance with Article 50 of the Finnish Income Tax Act.

Jim Fuller

A tax evasion case involving the owners of a Canadian sushi restaurant has been thrown out of the court of appeal.

A recent verdict of the Polish Supreme Administrative Court examined the possibility of applying the zero VAT rate on transactions covering export of goods from Poland, in case where goods have been declared for export in front of the customs office other than the Polish customs office.

India‘s rules on advance pricing agreements (APA), which were published today, allow for the introduction of bilateral and multilateral APAs.

BT and GMAC’s victory in a landmark case at the UK’s Upper Tier Tax Tribunal earlier this month allowing them to claim VAT rebates on bad debts from 1973 to 1997, opens the door for many other companies to make claims of their own.

HM Revenue & Customs 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.

A constant issue faced by multinational taxpayers is whether branches or subsidiaries are a more useful and flexible part of the corporate structure and in what circumstances it is appropriate to employ one over the other.