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Intellectual property (IP), and the correct approach to taxing it, is in the global spotlight, especially because of the OECD's Working Party No No 6 project on the transfer pricing aspects of intangibles. While taxpayers want specific guidelines, to provide certainty, revenue authorities would prefer principles so they don't lose out on potential revenue. Both want to see a variety and abundance of practical examples, however, which will act as a clear guide and help to bridge the language gaps that contribute to misinterpretation.

Aseem Chawla and Sandeep Chilana of Amarchand & Mangaldas tell International Tax Review why India’s shift to a negative list of services should help clients with compliance and avoiding disputes, although there may be some drawbacks in the future.

Corporate tax reform in Australia was expected in 2011, but widespread change did not materialise and the issue looks set to continue in 2012 as the government seeks input on how the system should operate.

As the world welcomed a new year, January 1 also saw the introduction of new tax rules and legislation in various international jurisdictions.

While all taxpayers deal with intellectual property (IP), and the evaluation issues surrounding it for taxation purposes, some taxpayers place more value on it than others. Paul Morton, the head of tax for publishing house, Reed Elsevier, explains the practical day-to-day problems surrounding IP, when operating on a global scale

China has underlined its determination to strengthen its anti-avoidance rules by concluding the country’s first thin capitalisation audit.

Type of Agreement Country Country Date Signed Double Tax Avoidance Agreement Australia India December 16 2011 Tax Information Exchange Agreement Seychelles Guernsey December 20 2011 Double Tax Avoidance Agreement Greece Canada December 22 2011 Double Tax Avoidance Agreement Greece Switzerland December 22 2011 Double Tax Avoidance Agreement Germany Taiwan December 28 2011 Double Tax Avoidance Agreement Switzerland Uruguay December 28 2011

In December 2011, the 2012 Mexican tax package was published in the Official Gazette.

The double tax treaty between Montenegro and Serbia, which was concluded in July 2011 for the elimination of double taxation, has entered into force and applicable from January 1 2012.

The Portuguese sovereign chaos led to the request for an emergency bailout package from the European Commission and the IMF in coordination with the European Central Bank. Rui Guedes Henriques and Lara Castro of Baker Tilly Portugal look at why VAT policy is crucial in this context.