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With the introduction of the CRC Energy Efficiency Scheme in the UK, and a carbon market in the EU that is worth more than $20 billion annually, Michael Cashman and Michael Hutchinson of Mayer Brown believe that understanding how the carbon trading market operates and the tax implications for the companies that participate in the market is becoming increasingly important.

Nélio Weiss Philippe Jeffrey On December 16 2009, Brazil's executive branch published Provisional Measure (PM) 472 which, among other provisions, introduces thin capitalization rules. Although the PM 472 has entered into force as of December 16 2009, the Brazilian Congress initially had 60 days to veto the provision, modify it, or convert it into law. As the Congress did not act within this initial 60-day period, the PM has been extended for an additional 60-day period.

Nike De Bruyn Herman Driessen In the context of the new VAT rules, applicable from 2010 (the so-called VAT package), the Belgian VAT administration published a new Royal decree (RD n° 57) on March 25 2010 about the place of supply of freight transport services (and ancillary services), which are physically performed outside the EU (for example, a transport of goods from the US to Norway). The aim of this Royal decree is to delocalise the freight transport services, which are performed in a business-to-business (B2B) context, outside the EU if the actual use or exploitation took place in a non-EU country. As a result of this new provision EU VAT no longer applies.

Satya Poddar and Shalini Mathur of Ernst & Young outline how India's new goods and services tax will eventually drastically overhaul the country's indirect tax system for the better, despite constant disputes between the centre and the states.

Despite other advantages, the corporate tax regime can make the US an unwelcome place in which to invest. Erin Kelechava finds out about what needs to change if America is to attract more holding companies

The South African government has released a draft Bill for public comment, including changes to the country's participation exemptions on foreign dividends and VAT provisions.

The Australian government is taking a gamble with tax at the same time as it was criticised for its timid response to a review of the tax system led by the secretary of its own Treasury department.

K R Girish and Sunil Lala of KPMG explain how changes to dispute resolution methods and the introduction of alternative techniques look to reduce litigation costs and clear the backlog of cases building up within the country.

Its tax treatment of capital gains, repatriation and dividends, for example, makes Cyprus stand out as a holding company location, believes Sophie Stylianou of Eurofast Taxand.

The Norwegian tax authorities recently won its overhead costs case against Enterprise Oil Norway (EO) in the Norwegian courts, because EO could not provide sufficient documentation to show that it had received the services that it had paid for.