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As more and more US states face crippling deficits, they are turning to a new application of the tax laws as a potential source of revenue. Retailers are reacting by filing suit and terminating contracts in the states that pass these laws. Though many believe these laws affect only internet companies, Erin Kelechava explains that they could have far-reaching implications for the tax treatment of all kinds of out-of-state companies.

The European Commission today unveiled its proposal for a common consolidated tax base (CCCTB) system for calculating the tax base of businesses operating in the EU.

With the global transaction market taking tentative steps out of the economic downturn, International Tax Review publishes its 2011 Tax Transactional Survey results and discovers that taxpayers are slowly gaining confidence to spend but that advisers are going to have to work harder to get deals done.

Edward Tanenbaum Tola Ozim On January 2 2011, legislation to provide health benefits for workers who responded to the September 11 2001 attacks in New York was signed into law by President Obama without an attached controversial revenue raiser that was intended to limit treaty shopping by foreign-based multinational companies. Senator Kirsten Gillibrand, a New York Democrat, and others removed the tax provision from the September 11 bill in an effort to win Republican support to advance the September 11 measure.

Peter Dachs Despite the significant strengthening of the rand against all major currencies in 2010, there is no indication of a tax on capital inflows into South Africa. This topic has been debated by National Treasury and it seems that, at present, there is no desire to impose any such tax.

Slobodan Mihajlovic In Serbia, in cases of disposal of real estate, both resident and non-resident legal entities are liable for payments of transfer tax as well as capital gains tax, if the selling price is higher than the acquisition cost.

Sead Dado Salkovic Tourism in Montenegro contributes more than 20% of domestic GDP. This is expected to be increase after Montenegro restructures its tourism sector to become a high quality destination.

Janne Juusela The Finnish Supreme Administrative Court has issued a precedent on determination of arm's-length interest level in intra-group financing structures. According to the ruling, the level of interest rate in intra-group financing should be based on company-specific analysis of financial position. Hence, the internal arm's-length interest rate may differ between companies of the same group. In consequence of the ruling the internal financing terms of each group company may have to be reassessed.

Jeffrey Owens Jeffrey Owens, director of the OECD Centre for Tax Policy and Administration, believes the Organisation's reviews of transparency and information exchange will see the end of tax havens.

Nélio Weiss Philippe Jeffrey Federal Decree no. 7,412, published on December 31 2010, introduced new changes to the rates of the Brazilian Tax on Financial Transactions (IOF), effective as of January 1 2011.