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A monthly commentary on the notable facts, figures and goings-on in the tax world. Suitable items should be sent to taxrelief@euromoneyplc.com

The Indian government's revised paper on the controversial Direct Taxes Code (DTC) contains several provisions that will affect transfer pricing.

The commissioner of the Internal Revenue Service in the US has announced the final instructions for tax reporting under Schedule Uncertain Tax Positions (UTPs).

Wolseley, the world's largest distributor of plumbing and heating products, is re-domiciling to Switzerland for tax reasons in a move that has drawn sharp criticism from campaigners and trade unions.

The Loyalty Management UK and Baxi VAT cases will come back to the UK courts after the European Court of Justice's ruling in the joined litigation last month.

The art of taxation consists in so plucking the goose as to obtain the largest possible amount of feathers with the smallest possible amount of hissing.

Allen & Overy has added one more partner to its tax department in Paris.

On September 8 2010 the Mexican government released a proposed tax bill which contains certain modifications to tax law.

Edward Tanenbaum Tola Ozim In Notice 2010-60, the IRS unveiled initial guidance on the Foreign Account Tax Compliance Act (FATCA) provisions of the Hiring Incentives to Restore Employment Act. The FATCA provisions are designed to detect US persons who may be evading US tax by holding income-producing assets through accounts at foreign financial institutions (FFIs) or through other foreign entities (non-financial foreign entities, or NFFEs). The FATCA provisions are generally effective for payments made after December 31 2012. More comprehensive guidance is anticipated before the effective date of the FATCA provisions.

Slobodan Mihajlovic Serbian lawmakers recently adopted several laws as well as amending to the tax proceedings and administration laws. The main reason for making these amendments is to comply with the law on minor offences and the law on the organisation of courts, as well as fine tuning the tax system, especially in the area of the settlement of tax obligations as well as defining the earnings of local municipalities.