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  • Tax authorities around the world are beginning to note the importance of looking at both transfer pricing and customs valuations when assessing multinational companies’ operations.
  • Transfer Pricing Associates (TPA) has appointed Michael Velten to its Asia team. Velten will lead the firm's global financial services practice and will be based in Hong Kong
  • Kazakhstan has slashed its corporate income tax rate by 10 percentage points to 20% as part of a new tax code, which took effect on January 1.
  • US law firm Thompson Hine has elected Gregory Gawlik as a partner in the tax practice of the firm's Cleveland office. Gawlik focuses his practice on federal and state tax controversies. He has represented clients in IRS audits and administrative appeals, and has experience obtaining rulings from the IRS National Office. Gawlik also advises clients on corporate mergers and acquisitions and partnership tax issues.
  • President-elect Barack Obama is working on an economic stimulus package that will include hundreds of billions of dollars worth of tax breaks for businesses, according to a transition official and Democratic aides.
  • China's tax revenue rose by 20.2% year-on-year to Rmb5.2 trillion ($760 million) over the first 11 months of 2008.
  • A US court has convicted two ex-KPMG executives and a lawyer of tax evasion in one of the biggest tax fraud cases ever.
  • As the world ushered in a new year, January 1 also saw the introduction of a number of new tax rules and legislations across various international tax jurisdictions.
  • Transfer Pricing Associates (TPA) has appointed Michael Velten to its Asia team. Velten will lead the firm's global financial services practice and will be based in Hong Kong.
  • Taxpayers may have to explain why they used a certain exchange rate in related-party transactions. If they cannot they could face higher tax bills, explain Jaroslaw Bieronski and Bartlomiej Bialy of Soltysinski Kawecki & Szlezak