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The European Court of Justice (ECJ) decision in the AXA case could lead to increased costs for taxpayers, particularly those that provide outsourced services to the financial sector.

A double tax treaty is in the works between Panama, once a country on the OECD black list, and the Czech Republic. The treaty was discussed on October 18 through 21, said Luis Eduardo Ocando Bustamante, international tax partner at Ernst & Young Panama and member of the Panamanian negotiating team for tax treaties. The double tax treaty, initiated by the Czech Republic, will enter a second round of negotiation in March 2011 in Prague. The first round of negotiation was held in Panama, which has moved from the OECD blacklist to its grey list.

Last week's announcement that UK and Swiss tax authorities were discussing an agreement on offshore accounts could lead to a new disclosure facility, advisers believe.

The UK could be faced with a bill for more than £500 million ($803 million) if the latest group litigation order (GLO) succeeds.

Indian taxpayers have been left confused by a tribunal ruling that disregards previous royalty decisions and throws wide open the debate on the characterisation of income from packaged software.

In a time of increasingly stringent reporting requirements, the Internal Revenue Service (IRS) in the US has decided to grant some taxpayers a reprieve from the heavy penalties associated with defective reporting on their information returns.

Philippine government sources indicated this week that the Bureau of Customs (BOC) is profiling vehicle imports from a number of other companies which have been allegedly undervalued.

The Australian Tax Office (ATO) has published the final version of a controversial Taxation Ruling (TR 2010/7) about the interaction between the country’s transfer pricing and thin capitalisation rules.

Norway has stepped up its scrutiny of related-party transactions, explain Merethe Bryn and Amrit Paul Singh of Deloitte

Rohan Phatarphekar and Vinita Chakrabarti of KPMG discuss the case which led the Supreme Court to suggest that the transfer pricing rules should also apply to domestic transactions