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Dirk Van Stappen Much has already been said about the deduction for risk capital, better known as the notional interest deduction. Since its introduction in 2005, it has become the jewel on the crown among Belgium's attractive tax features. The concept of granting a deduction from taxable income based on a company's equity was revolutionary and surprised the outside world. Designed initially to promote equity funding of Belgian small and midsize companies but – not to forget – also to serve as a replacement for the EU-banned Belgian coordination centre, the system has given rise to an important shift of funds towards Belgium.

Draft legislation for a dividend exemption in the UK has been accompanied by complex suggestions on capping interest, explains Peter Cussons of PricewaterhouseCoopers

By Jack Grocott

By David Stevenson

Jørgen Stræte In November 2008, the Supreme Court pronounced a judgement regarding the main anti avoidance rule.

Rajendra Nayak Ganesh Pai The Bombay High Court in the case of Vodafone International Holding BV (2008-TIOL-602-HC-MUM-IT) recently examined the validity of a notice issued by the Indian income-tax authorities for an alleged default in complying with the withholding tax provisions on capital gains arising to a non-resident company on purchase of shares of another non-resident company, which indirectly held a controlling stake in an Indian company.

Sophie Stylianou In accordance with the provisions of the Cyprus Income Tax Law, the gain from the disposal of securities is exempt from tax. So far, the definition of the term securities was limited to shares, bonds, debentures, founder's securities, other securities of legal entities incorporated in Cyprus or abroad and rights thereon. Accordingly, the definition needed to be diversified and expanded.

Ian Farmer On October 21 2008, the assistant treasurer and minister for competition policy and consumer affairs issued a media release stating that the Australian government endorses the strong action taken by 17 countries at the finance minister meeting in Paris on transparency and exchange of information convened by France and Germany. At that meeting, the attendees supported the principle of converging responses to counteract tax fraud and evasion by adopting measures appropriate to each country and coordination of some of their actions. In addition to agreeing on a number of other matters, the participating countries:

Andrés Edelstein Ignacio Rodríguez In mid-December 2008 the Argentine congress approved law number 26,476 drafted by the executive branch through which a tax amnesty regime is granted to taxpayers who failed to comply with their federal tax obligations (including social security contributions but those addressed to health care plan), allowing them to regularise their situation at a much lower cost even when the non-fulfillment has been already disputed by the tax authorities. It has been more than seven years since a similar measure was last taken in Argentina.

The European Commission wants to amend the EU savings tax directive to prevent taxpayers escaping from their obligations. David Stevenson finds out why the changes are necessary and if they will go far enough