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Foreign investors will be pleased to know that, as a consequence of recently published Law No. 20,544, the Chilean capital market has, for the first time, a formally regulated regime for derivative instruments, enforceable for instruments traded from January 1 2012.

Diego Rodríguez Spain has concluded 83 tax treaties. There are 12 more tax treaties that have already been initialled or are awaiting parliamentary approval: Armenia, Azerbaijan, Belarus, the Dominican Republic, Hong Kong, Kuwait, Namibia, Nigeria, Peru, Senegal, Singapore and Syria.

A monthly commentary on the notable facts, figures and goings-on in the tax world. Suitable items should be sent to taxrelief@euromoneyplc.com

Dieter Endres In a case brought by the European Commission (EC) (C-284/09 Commission v. Germany, judgment of October 20 2011), the European Court of Justice (ECJ) held that Germany’s withholding tax on dividends to other corporations is in breach of community law in that it discourages persons from abroad from investing in Germany.

Andrés Edelstein Ignacio Rodríguez Through the enactment of law 26692, the software promotional regime, created by law 25922, has been extended from September 2014 until the end of 2019.

The once-fringe financial transactions tax (FTT) has found a powerful new supporter in the founder of Microsoft, and Mario Monti's appointment as the new Italian Prime Minister may also bring it one step closer.

Dan Ciupala The Romanian law has not yet adopted the concept of trust as it is used in the common law jurisdictions. However, the recent overhaul of the Romanian Civil Code has included certain steps in that direction, even though the result is not quite the institution of trust in its common law meaning. Accordingly, the new Civil Code has extensively developed the concept of fiducia, which allows any individual or legal entity (the settler), to place real rights, receivables, securities or a collection of such assets, under the management of a third party (the trustee) to the benefit of one or several beneficiaries.

David Cuellar Sergio Lugo On September 8 2011, the Mexican government released a proposed tax bill that contains, among other things, certain modifications to the Mexican Federal Tax Code (FTC). At the point of writing, this Bill is still under analysis and discussion in the Mexican Congress. The proposed modifications to the FTC include rules aimed at simplifying the tax requirements for invoices; these provisions are in line with the commitments and efforts of the Mexican government to reduce the administrative tax burden of taxpayers.

Recently, the Minister of Finance, Economy and Investment, implemented laws which provide for the granting of special tax status to individuals who meet a number of conditions.

Bob van der Made On November 11 2011, the European Commission (EC) outlined its 2012 strategy for combating double taxation and double non-taxation in the EU.