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  • In recent years, the courts of both lower and higher courts have ruled in favour of the tax authorities. It is interesting to learn from the lessons of this development.
  • India has too many obstacles to overcome before it can apply IFRS, warn advisers who predict its implementation is still 18 months away.
  • The SEC’s chief accountant explained on Monday why the organisation has had to put back its decision on whether or not International Financial Reporting Standards should be adopted in the US.
  • To prevent consequences similar to those in the European countries regarding current debt crisis, the Montenegrin government plans to implement a number of economic measures by the end of the year, which will mostly concern public sector spending.
  • Legislation Day delivered the long-awaited proposals for a patent box, but despite optimism from some companies, fears remain that it is too narrow and too complex to achieve its intended objectives.
  • Assistant Treasurer Bill Shorten has released a discussion paper that deals with possible reform of the taxation of trusts, which he says will give more than 660,000 trusts the opportunity to have a say in their own financial future.
  • The South Korean government intends to reduce the top marginal corporate tax rate from 22% to 20% in 2012 for businesses with a taxable income of between W200 million ($178,000) and W50 billion ($45 million), in a welcome move for SMEs.
  • Ireland’s finance minister Michael Noonan today finally confirmed a two percentage point hike in the VAT rate and increased the country’s carbon tax.
  • The European Commission today released a white paper on the future of the EU’s VAT system, with many praising it for going further than was expected.
  • Type of Agreement Country Country Date Signed Link Tax Information Exchange Agreement Canada Turks and Caicos Islands October 6 2011 Link Tax Information Exchange Agreement Bermuda Malta November 25 2011 Double Taxation Avoidance Agreement India Nepal November 27 2011 Tax Information Exchange Agreement Japan Jersey December 2 2011 Tax Information Exchange Agreement Poland Jersey December 2 2011