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Nélio Weiss

Bob van der Made On February 29 2012, the European Commission launched a public fact-finding consultation on the double non-taxation of companies within the EU and in relations with non-EU countries. The consultation will run until May 30 2012 and concerns cases where the (direct) tax rules of two countries combined lead to non-taxation. Parties are invited to provide factual examples (which may be done anonymously) and suggestions on ways to tackle double non-taxation, for instance, according to the Commission:

Samir Haouari

Emer Hunt and Turlough Galvin of Matheson Ormsby Prentice analyse Ireland’s first-ever GAAR case to be heard at the Supreme Court and explain why the ruling creates uncertainty for future transactions.

A financial transaction tax seems certain to be introduced, if not across the EU, then in individual member states. However, Philip Martin, formerly co-head of tax at Nomura, does not believe it will raise the revenue envisioned by its designers or lead to more market stability.

South African companies are making sound progress as they prepare for a new carbon tax, by improving energy efficiency and monitoring and reporting emission levels. However, the legacy effect of substantial coal-based infrastructure is hindering the transition to alternative, renewable energy sources, finds Catherine Lewis of KPMG.

Recent guidance provides temporary relief to non-US persons that invest in US equity derivatives, but proposed rules may lead to some harsh consequences, warn Julio Castro and Taylor Romigh of Dewey & LeBoeuf.

Hong Kong’s Commissioner of Inland Revenue (CIR) announced during a public seminar in February 2012 that the Inland Revenue Department (IRD) is preparing to launch an advance pricing arrangement (APA) programme starting in April 2012. Philip Wong and Petrina Chang of Deloitte in Hong Kong provide a break-down of the new facility.

Jurisdictions such as India, Hong Kong and Singapore have used tax policy to compete for foreign direct investment. Josephine Chuk explains why other countries in the Asia-Pacific region are likely to follow their example.

Gavin McGuire has left Eversheds in Dublin, where he was a partner, to join Philip Lee Solicitors as a consultant.