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Lynch Jiang of Deloitte argues that China's export VAT system is too complicated and needs further reform

Andrés Edelstein Ignacio Rodríguez The Argentine tax authorities (AFIP) have been focusing, over the past few years, on the deduction of interest and foreign exchange losses arising from loans granted by foreign related lenders.

At a time when tax competition between states is growing and its own members toughen their regimes against international tax evasion, the Organisation for Economic Cooperation and Development (OECD) is encountering new pressures. Bob Reynolds asks Jeffrey Owens, director of its centre for tax policy and administration, how it can remain effective

The Internal Revenue Service has identified four necessary components of an intermediary transaction tax shelter (ITTS). An ITTS is a loophole which attempts to avoid corporate income tax from the sale of assets. The components are: a target corporation directly or indirectly owns assets and has insufficient tax benefits to eliminate or offset tax in whole or in part; at least 50% of the target corporation's stock is disposed of by its shareholders, other than in a liquidation transaction within a 12 month period; within the 12 months before or after the shareholders disposes of at least 50% of the target corporation's stock, its assets are sold to one or more buyers; and the target corporation's built-in tax is purportedly offset, avoided or not paid.

Many companies operating in Ecuador face the prospect of transfer pricing adjustments after the country's national assembly voted through a package of tougher measures. The new law will oblige multinational companies to extend the information given in transfer pricing reports.

Stephane Taieb, of Baker & McKenzie in Paris, says the proposed reform is welcome but could go further

William Hawkins The Board of The Coca-Cola Company has elected William Hawkins as vice president of the company and appointed him general tax counsel. Hawkins has worked in the Company's Office of General Tax Counsel since 1998 and will now lead the tax policy and strategy team.

Transfer Pricing Associates (TPA) opened a new office in London in December and another in Washington DC in January.

Viacom, the television entertainment company, has appointed James Barge as executive vice president of tax and treasury. He joins from Time Warner, where he was senior vice president and controller.

Alex Milcev Jean-Marc Cambien The changes taking effect on January 1 2008 are a result of the most significant overhaul of the tax legislation since Romania's accession to the EU in 2007. The realities of fast developing economy in 2007, the need for more clear rules and the state budget constraints imposed these series of amendments adopted by the Romanian government in the second part of 2007.