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  • The deadline for the OECD's project on the transfer pricing aspects of intangibles has been described as ambitious by some and unrealistic by others.
  • The top official at HM Revenue & Customs confirmed that the UK is to lead a survey into the practicality of global transfer pricing guidelines.
  • The European Court of Justice (ECJ) has found that Portugal failed to fulfil its obligations under Article 56 EC and Article 40 of the European Economic Area (EEA) Agreement. The judgment was made based on Portugal’s preferential tax treatment of investment in public debt securities issued by the Portuguese state, which conferred an undue advantage.
  • The US government continues to compel financial institutions to turn over bank account records relating to alleged tax cheats.
  • Application of Article 56 EC and Article 40 EEA. Proceedings between the European Commission and the Porutguese Republic concerning the latter's failure to fulfil its obligations in accordance with the aforementioned articles of EU law because it conferred an undue advantage to public debt securities issued by the Portuguese State. If funds were invested in public debt securities issued not by the Portuguese State, a higher rate was applicable. The Court ruled this was a discriminatory practice.
  • If taxpayers are to take advantage of new emerging economies they must play an integral role in the development of the countries’ tax systems, leading tax officials and directors have told an international conference.
  • The head of tax at the OECD has urged taxpayers that tax needs to be top of their company’s agenda amid growing calls for greater tax transparency.
  • The Swiss private bank has agreed to pay €50 million ($72 million) to the German authorities to stave off legal proceedings over tax evasion.
  • The number of field audits may be increasing globally, but the auditors’ approach in each jurisdiction is not the same.
  • The Department of Finance in Dublin said it is unlikely to adopt the recommendations of a group of six Irish charities to adapt the transfer pricing regime.