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Ramón López de Haro The global economy has been hit by a number of factors, such as reduced liquidity, inflationary pressure on commodities, falling stock markets, and growing unemployment. These factors have in turn triggered a fall in investment, output and consumer demand.

Throughout the world, tax transactional advisers have adapted their advice to best support their clients during the economic downturn. Jack Grocott, Catherine Snowdon and David Stevenson speak to advisers and taxpayers in Asia, Europe and North and Latin America.

Henry An Following several years of intense discussion, Korea's consolidated tax regime is set to roll out and corporate taxpayer may now elect to file a consolidated tax return for fiscal years beginning on or after January 1 2010. Some of the key considerations are as follows:

Finn Eide The Supreme Court of Norway issued a ruling in December 2009 regarding the obligation a taxpayer has to file documentation proving his residence status under article 4 of the tie breaker rule in the Norwegian tax treaties.

Joel Williamson, William Schmalzl and Kelsey Arnold of Mayer Brown take a look at the most significant cases dealt with by the US Tax Court in 2009.

Simeon Grigorov During the past years, an increasing trend for real estate investments in the SEE region has been noted. Throughout the region there are many investment opportunities for foreign investors, including Bulgaria, which has many attractive features. In addition to the country's central location in the Balkans and its excellent touristic destinations (both ski and sea resorts), the real estate prices are by far lower than other destinations in Europe. In fact, the prices on the real estate market have additionally dropped in 2009 with 30% to 50% compared to 2008 which made the county even more attractive for foreign investors.

Hatasakdi Na Pombejra Chatchawan Wattanasittichok The e-commerce business industry is growing dramatically, especially in Thailand. Yet, at the same time, there are many tax issues rising from this new alternative business model.

Kevin Heyde vice president and director of international tax research and planning for Brown Forman, a global spirits and wines company, since 1995, has joined Mountjoy Chilton Medley, the largest accounting firm in the US state of Kentucky, as a partner. He will be responsible for expanding the firms international tax practice, focusing on strategic global tax strategies. Mountjoy Chilton Medley is an independent member of Baker Tilly International, a global affiliation of public accounting firms.

Simon Letherman has joined Shearman & Sterling as counsel in the firm's tax group. He will be based in the firm's London office. Letherman previously worked at Slaughter and May where he advised on the tax aspects of M&A, structured finance, private equity, insurance and outsourcing, financing and capital markets and property transactions.

For North American tax directors, focus has shifted from the struggle to survive during economic free-fall to possible future changes to the US international tax system. Erin Kelechava spoke with corporate tax executives to gauge their reaction to the proposals for reform that will most significantly affect their tax practice