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Adnan Nas Burcu Canpolat As one of the world's rising economies knocking at the EU's door, Turkey has made vast progress in restructuring its economical policies as well as in improving its business environment. Accordingly, the comprehensive changes made to the legislation brought incentives to support / promote such outbound & inbound investments. During the process of EU accession, the legislation is in the restructuring process. Some of the more significant ones are summarised as follows:

Carl Pihlgren Emelie Bergman The Swedish income tax act contains rules on exit tax when a business activity ceases to be subject to tax in Sweden. These rules should be applicable when Sweden no longer has the possibility to tax an income in a Swedish company where the company is treated as having its domicile in the other contracting state, according to the relevant tax treaty. The purpose of the exit taxation rules is to tax the assets as if they where disposed at their fair market value. Furthermore, if a business activity ceases to be subject to tax in Sweden, there are Swedish rules that state that the legal person should immediately reverse its tax allocation reserve.

Joanna Faith finds out the pros and cons of outsourcing in-house tax functions in a recession

Josep Serrano The application of the controlled foreign company legislation (CFC rules) in Spain is subject to certain conditions, mainly referring to the fact that the foreign company is controlled by the Spanish person, either alone or together with related parties, and that income derived by such an entity is subject to an effective taxation lower than 75% of the Spanish tax which would have been paid on it had the entity been resident in Spain.

Among the main tax benefits established in the legislation, the Chilean income tax law (ITL) provides a special benefit to certain taxpayers that comply with a number of requirements.

Anthony Lister, UK tax director of Sodexho, tells Georgiana Head the UK should get rid of the exempt and zero rated distinction

Automating VAT tax calculations reduces risk as more countries adopt VAT style taxes and look to them for increased revenue, explains Chris Walsh, chief international indirect tax officer of Vertex

Tax executives at the Asia Tax Executives' Forum had much on their minds, including a mounting compliance burden, the increasing aggression of the tax authorities in the region and pressure from management to generate revenue and cut costs

Alan Winston Granwell, Jeffrey Korenblatt and Evan Migdail from DLA Piper discuss the implications of Obama's plans for taxation of foreign income

Bankruptcy is a trying time for any company. For a business as large and as complex as Lehman Brothers, the process was and continues to be nothing short of traumatic. Working through the tax implications is a significant part of the work. Catherine Snowdon talks to Darryl Steinberg, managing director and senior tax counsel to Lehman Brothers Holdings and one of his chief advisers, Mike Lippman, managing director at Alvarez & Marsal Taxand