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Sean Foley Landon McGrew President Obama has released his plan to cut the US federal deficit by more than $4 trillion over the next decade, in part by undertaking tax reforms that are projected to raise approximately $1.5 trillion over the next 10 years. The plan, entitled the "Living within Our Means and Investing in the Future: The President's Plan for Economic Growth and Deficit Reduction" was released shortly after the President called on Congress to pass his $447 billion American Jobs Act. The President also released proposed statutory language for the proposals included in the plan. The deficit reduction plan includes a number of international tax reform proposals, all of which were previously included in the President's FY2012 budget – see our column President Obama releases FY2012 Budget, April 2011. The proposed international tax reforms included in the deficit plan would be effective for taxable years beginning on or after January 1 2013.

Vicente Bootello José Ignacio Ripoll In the last period of the present fiscal year, the government has introduced two significant changes in the Spanish tax system, concerning corporate income tax and wealth tax.

Renata Dluska The amended CIT Act imposed new documentation requirements on payments of income to foreign entities that seek tax exemptions. Under the new rules, the following documents will be required:

Wiwin Siswanti The Directorate General of Taxes (DGT) of Indonesia has issued two regulations regarding the settlement of transfer pricing disputes, namely, PER-69/PJ/2010 regarding advance pricing agreement (APA) and PER-48/PJ/2010 regarding mutual agreement procedure (MAP).

Bob van der Made A single European market in the area of taxation still does not exist. In practice, this means that multinational corporations doing business in the EU need to navigate their way through (up to) 27 different national tax administrations and administrative requirements, and widely differing national interpretations of EU tax law, directives and regulations. But Europe's direct tax policy landscape is changing fast and in a fundamental way as a result of the growing economic and political pressures to manage and find a sustainable solution out of the financial and economic crisis. Highly controversial EU policy options which were previously unthinkable are now tabled. Marked examples are the European Commission's proposals for a common consolidated corporate tax base (CCCTB) and a financial transaction tax (FTT), as well as the relatively quickly adopted EU "six-pack" proposals on financial sector regulation.

Giannos Ioannou Georgia Papa The first package of austerity measures was voted by the House of Representatives on August 26 2011. The measures intend to assist Cyprus in reducing expenditure while increasing revenue and at the same time maintaining Cyprus's reputation as a stable and competitive financial centre. The changes entail amendments to various laws, including amendments to the immovable property tax whereas a second and most likely a third package of further financial changes is expected in subsequent months.

Nélio Weiss Philippe Jeffrey As widely known, Brazil's transfer pricing rules do not adopt the internationally accepted arm's-length standard. For instance, for the purposes of applying the Brazilian equivalent to the resale price method (PRL) in transactions involving import of goods between related parties abroad, regulations provide the use of statutory fixed margins to derive a benchmark ceiling price. In these instances, actual transfer pricing practiced by the local tested party must be lower than that derived benchmark price, otherwise tax authorities will impose a transfer pricing adjustment.

Brazil’s economy, which expanded by 7.5% last year, remains an attractive prospect for foreign investors. Yet for those doing business in the country, the picture is not entirely rosy. Paying tax is becoming a much more difficult and precarious business. As the revenue authorities adopt a more aggressive stance, companies are increasingly facing the risk of controversy and litigation. Reuben Bard-Rosenberg investigates.

Micro-blogging site Twitter has announced its European headquarters will be based in Ireland, joining a number of other hi-tech companies, to make use of its 12.5% corporate tax rate and beneficial transfer pricing regime.

International Tax Review reveals its selection for the 50 biggest influences in international tax, with a mix of tax directors, officials, campaigners and multilateral organisations.