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Changes to New Zealand's thin capitalisation rules will come into effect on April 1 2011 as part of the Taxation (GST and Remedial Matters) Act. The act will limit foreign multinationals' scope to reduce their New Zealand tax liability.

The failure of the National Commission on Fiscal Responsibility and Reform to secure a supermajority vote on its debt reduction plan on December 3 illustrates the difficulty of the work ahead for those who want to tackle tax reform.

Declining economic activity coupled with tax cuts imposed to ease the effects of the recession have been put forward as reasons why tax revenues have fallen in most OECD-member countries for the third consecutive year. However the average tax burden fell.

Canada's Federal Court of Appeal (FCA) has dismissed the Crown's appeal in the GE Capital Canada (GECC) transfer pricing dispute over the payment of a guarantee fee by a subsidiary to its parent.

The three main options under discussion in Europe for taxing the financial sector create a risk of double taxation, a panel of tax specialists has said.

Taxpayers should be worried. Two years ago, the G20 of the world's biggest economies met in London to discuss a global recovery plan. Tax information exchange was seen as necessary to improve global tax collections and reduce the risk of future crises.

Janne Juusela Under section 6b of the Finnish Business Income Tax Act, certain capital gains derived from transfers of shares by corporate entities are exempt from tax. The prerequisites for the tax exempt transfer include that the shares that are disposed of shall belong to the fixed assets of the company, the ownership in the target company shall be more than 10% and that it must have lasted uninterruptedly for more than a year.

Germán Campos K Cristóbal Groetaers G It appears that the long wait Chile's financial market has endured for comprehensive tax legislation on derivatives is about to come to an end.

Sead Dado Salkovic Slobodan Mihajlovic According to many tax experts and other officials, the tax reform in Bosnia and Herzegovina (B&H) started by the passing of the law on VAT in 2006. The VAT law represents an important milestone towards the inclusion of B&H into the EU integration process. The law, which is aligned with the Sixth EU Directive on VAT, introduced the obligation to regulate the VAT system on the whole territory of B&H and formed the Indirect Taxation Authority as the competent institution responsible for payment and calculation of VAT.

Nélio Weiss Philippe Jeffrey On December 2 2010, the Brazilian Revenue Service issued Declaratory Act 22/2010 (ADE RFB 22/2010) (the Act), based on a request submitted by the Spanish government. The Act suspended the effects of the inclusion of the Spanish Entidad de Tenencia de Valores Extranjeros (ETVEs) in the privileged tax regimes list.