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On December 14 2010 the Cyprus Parliament introduced several amendments to Cypriot tax legislation, which were published in the Official Gazette on December 31 2010 and are outlined below.

BP Solar’s sale of a number of PV plants in Italy to a leading insurance company gave rise to a complex tax structuring case, which was also affected by a new interpretation by Italy’s tax authorities, explains Federico Trutalli of NCTM, who advised the seller during the transaction.

One of Indochina's leading tax specialists, Jean Loi has joined DFDL Mekong as a tax partner. She will co-head the tax practice in Cambodia, Vietnam and Laos, having previously led PwC's tax practice in Cambodia. Loi brings with her 17 years of tax advisory experience and has particular expertise as a tax adviser in infrastructure, energy, logistics and banking.

Having joined Bingham in 2009, Bradford Whitehurst now works in the Tax and Employee Benefits Group in the Washington, D.C. office, specialising in tax planning. He has advised various bodies including real estate investment trusts, partnerships, private equity and venture capital funds. Before joining the company, Whitehurst was an associate at McKee Nelson.

The European Court of Justice (ECJ) ruled in favour of the taxpayer in two cases that looked at whether leasing transactions were set up to avoid VAT. However, in one case, there are still some questions for the UK courts to decide concerning abusive practice.

Saudi Arabia has sought to reduce the risk of double taxation by introducing participation exemption rules for the first time, though the order fails to clarify important details about how the rules will work, such as when they will come into force.

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.

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.

Dieter Endres The 2008 interest limitation replaced a thin capital rule disallowing interest on shareholder finance in excess of 1.5 times the shareholders' equity brought forward. The thin capital rule was based on the previous imputation system of corporation tax and consequently only applied to significant shareholders without their own general income or corporation tax liability. Thus, only tax exempt persons or foreigners were caught. Naturally, there are far fewer tax exempt (charities, trade unions, political parties, basketball clubs and the like) than foreign shareholders, which led the ECJ to see the rule as mainly aimed at foreign interests, vehement government protests notwithstanding. Accordingly, it was an unacceptable hindrance on an EU citizen's freedom of establishment (case C-324/00 Lankhorst-Hohorst judgment of December 12 2002).