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Janne Juusela On June 17 2011 the new Finnish government reached agreement on the new Government Programme. The programme includes the definition of the government's fiscal policy for the commenced term of four years. The fiscal policy pursues to secure the financing of welfare services and to balance the national economy while strengthening the economic growth and employment.

The ECJ ruling will affect all banking transactions A judgment from the ECJ has stated that electronic messaging services for financial institutions are not covered by the VAT exemption on banking transactions.

South American governments, particularly those in the Andean region, have only recently begun to pay more attention to extending their tax treaty networks. Anne Szustek finds out if the strategy is working as a means of prolonging strong economic growth.

Victoria Judson has joined the IRS as division counsel and associate chief counsel (tax exempt and government entities).

Evgeny Timofeev Anna Zelenskaya After almost 10 years of debate the President finally signed the reformed transfer pricing regulations into law on July 18 2011. The new regulations will be effective starting 2012, subject to certain transitional period when higher thresholds would apply for a transaction to qualify as controlled and requiring documentation, as well as reduced or no penalties for transfer pricing violations.

Geoff Lloyd, head of dispute resolution at HM Revenue & Customs (HMRC) in the UK, is joining Ernst & Young on September 1.

As of August 28, Erik Corwin, formerly a partner at Ropes & Gray in Washington DC, joined the IRS as Deputy Chief Counsel (Technical).

Along with the appointment of Greg Wiebe as global head of tax – succeeding Loughlin Hickey – KPMG has also created a new role of global deputy head of tax. Ernst Gröbl, head of tax in Germany, as well as head of tax for KPMG Europe and KPMG's Europe, Middle East, Africa (EMA) region, takes the role. He will focus on major global clients and markets.

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

Sean Foley Landon McGrew The Internal Revenue Service (IRS) and the US Treasury Department recently released final regulations addressing certain triangular reorganisations, focusing on the so-called Killer B transactions. (TD 9526). The final regulations generally adopt the rules set forth in the temporary and proposed regulations that were released in 2008. (TD 9400). While the final regulations are technically effective for transactions occurring on or after May 17 2011, the temporary regulations had been effective dating back to September 22 2006.