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Giannos Ioannou August 2011 the Cyprus Parliament passed several amendments relating to the special defence contribution law. A more detailed analysis of those amendments signifies the importance of the changes for the benefit of the international companies registered in Cyprus and therefore for non-resident beneficiary owners.

Nélio Weiss Philippe Jeffrey The Brazilian administrative council of tax appeals (CARF), the penultimate administrative instance for the discussion of federal tax assessments, has recently granted a favourable decision for Marcopolo, a large bus and coach manufacturer headquartered in the South of Brazil, disregarding a tax assessment issued against the company, which alleged lack of payment of corporate income tax and social contribution on net income, over part of the profits accrued, with operations carried out between 2001 and 2007.

Slobodan Mihajlovic Sead Dado Salkovic According to recent market reports, the purchase price of residential property per one-square-metre in Banja Luka has decreased by 35% in the past six months where, on the other hand, in the Sarajevo canton, the prices have increased.

Greg Sinfield and Lee Squires of Hogan Lovells consider the impact of the recent ECJ decision in GFKL and explain how the ruling removes much of the uncertainty about the VAT treatment of discounts in the context of the assignment of receivables.

Hungary's parliament has passed legislation to increase VAT from 25% to 27% in a move that will take its rate above the EU maximum.

Jacqueline Cottrell and Kai Schlegelmilch of Green Budget Europe look at how the EU’s revised Energy Tax Directive (ETD) can harvest benefits for environment and the economy.

The Netherlands is looking to introduce a bank levy in 2012, based on the British model

Despite Latin America’s strong economic performance, 2011 has been a challenging year for the region’s tax directors. Reuben Bard-Rosenberg speaks to five leading in-house tax professionals about the challenges they faced and how they were overcome.

Morrie Cheng is Asia head of tax for Sun Life, a Canadian multinational provider of financial services and wealth management products to individuals and corporations. The company operates in jurisdictions such as the US, UK, Bermuda, Indonesia, Philippines and India. Cheng speaks to Ralph Cunningham of International Tax Review about running a regional tax department, how he sees his role as taking care of the tax foundations, such as compliance and financial reporting, what causes tension with tax authorities and what kind of in-house and external adviser he needs.

The release follows the ATO’s high-profile row with TPG