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Given the economic recession and in trying to mitigate the impact in the Chilean market, the government approved a bill – law 20.326 - in January 2009 which inclufded some tax incentives. The bill proposes a transitory elimination of stamp tax, a temporary reduction of provisional monthly prepayment (PMP) rate, a regime to promote employee training and an advanced refund of the surtax.

By Laurent Lattmann and Patrick Imgruth, Tax Partner - Taxand, Zurich

Lynne Clare, strategic VAT director at Sony, talks to Joanna Faith about the importance of indirect taxes as corporates gear up for the new EU VAT package.

The recession has helped thrust indirect taxes into the spotlight. Often referred to as invisible taxes, indirect taxes are now a focal point for tax authorities seeking to claw back much needed revenue. As company profits remain low, Treasuries can no longer rely on direct tax revenue to plug expanding deficit holes. As a result indirect taxes have reached the attention of not just tax directors but chief financial officers and senior management. Once, they were just considered a compliance issue, now taxpayers realise the benefits of well managed indirect tax processes. In struggling economic times, how much a taxpayer owes to various revenue authorities becomes critical. The usual concerns surrounding transactions and inventive planning take a back seat. Though many countries may technically be coming out of recession, the after effects of the worst economic crisis since the Second World War will be felt for a long time to come. Well-managed indirect tax processes will help weather the storm but also put companies is a better position for the future.

Gary Gowrea The Finance (Miscellaneous Provisions) Act 2009 (FA 2009), the enabling legislation that amends existing legislation to implement the budgetary measures, was announced on July 30 2009. One of the aims of the FA 2009 is to build on a more sophisticated fiscal system in Mauritius. This paper highlights the main changes with respect to the Income Tax Act 1995 as follows:

In terms of the rulings issued by the South African Reserve Bank it is not possible to transfer intellectual property(IP) from South Africa to a non-resident without the prior approval of the South African Reserve Bank.

Thomas Pippos The last 12 months have seen a significant number of tax policy changes being made in New Zealand, and going forward the steady pace of reform looks set to continue.

Transfer pricing (TP) impacts multinationals setting up cross border transactions as it is an international requirement. Taxpayers in Thailand who are up to speed with the TP environment can establish their pricing policies for transactions with related parties as preventive measures. This effectively minimises the risk of TP controversy, double taxation and surcharge.

Sherif El-Kilany Ernst & Young Middle East has appointed Sherif El-Kilany to lead its regional tax practice.

Nils Eriksen Norwegian law firm, Grette, has hired Nils Eriksen as partner from PricewaterhouseCoopers.