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Janina Fornalik Proposed amendments to the Polish VAT act were announced by the Ministry of Finance on February 26 2008. They are intended to come into force on July 1 2008 if the legislative process is finalised by that time. The proposal covers significant changes to the act, which are generally favourable for the taxpayers and are aimed to simplify the VAT settlements. Several advantageous changes are related to the international transactions.

Antonio Matute Nárdiz With a view to encouraging investment in R&D activities, promoting the internationalisation of the Spanish innovative companies and reducing the technological dependency of the Spanish industry, on July 5 2007, law 16/2007 was published in the Official Gazette introducing, among many other changes, a patent box type of incentive regime in the Spanish tax system. However, in order to avoid legal uncertainties derived from an eventual future scrutiny of the measure by the European Commission, the effectiveness of the patent box regime was conditioned to its express conformity with the EU provisions.

Frank Landreneau A series of significant transfer pricing appointments have been made by firms across the world. Richard Boykin has joined Baker & McKenzie from KPMG, David Ive has left Mayer Brown to enlist with Addleshaw Goddard's City funds practice in London and Frank Landreneau has been promoted to director of international tax services by PKF in Texas.

Alex Milcev Adrian Rus On February 19 2008 the tax authorities published the requirements on the content of the transfer pricing (TP) documentation file regarding related party transactions (order 222 of February 8). Such file should be presented by taxpayers upon request of the tax authorities during a tax audit.

Transfer Pricing Associates (TPA) has opened an office in Madrid. The practice aims to use the new base to build transfer pricing consultancy in Spain and Latin America.

Kathleen Penny Andrew Spiro The Canadian federal budget released on February 26 2008 proposes significant changes to the reporting and withholding requirements under section 116 of the Income Tax Act, which generally requires a purchaser who acquires "taxable Canadian property" (TCP), such as shares of a Canadian private corporation, from a non-resident to withhold 25% of the purchase price until such time as the vendor obtains a certificate of compliance. Under the current regime, a non-resident vendor of TCP is also required to file a federal income tax return. The proposed changes apply to dispositions occurring after 2008.

Finland has traditionally levied a 1.6 % tax on transfer of shares and other instruments entitled to shares of Finnish companies if the transfer is executed outside of a stock exchange, and if one of the parties of the transfer is a Finnish tax resident. The party liable to pay the tax is the transferee of the securities.

Despite fierce pressure, Ontario's finance minister ignored federal government pleas to cut business taxes in his 2008 budget

Neil Wilson The assistant treasurer and minister of competition policy and consumer affairs, Chris Bowen has communicated his commitment to examine how to reduce delays in the enactment of tax legislation and improve the quality of tax law changes.

Colombia wants to emulate Ireland by cutting its corporate tax rate to 12.5% from 38%. Ireland slashed its headline rate from 40% to 12.5% five years ago.