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Shearman & Sterling has elected Kirsten Garry to the partnership. She specialises in international corporate tax especially in the financial services sector. She was seconded to Goldman Sachs for several months until February 2007.

The US law practice Duff & Phelps has engaged Karl Rothfuss as managing partner of its transfer pricing practice in Cincinnati.

Xenia Legendre Xenia Legendre has moved to Hogan & Hartson's Paris office as a partner in the firm's tax practice group. Legendre has quit the role of head of the French tax practice at Skadden, Arps, Slate, Meagher & Flom.

Stephen Nelson The implementing regulations of the PRC Enterprise Income Tax Law (the regulations) finally were promulgated on December 11 2007 and entered into effect on January 1 2008 together with the tax law. The PRC State Council has also released a notice dated December 26 2007 (notice) on grandfathering arrangements for foreign-invested enterprises (FIEs) that are entitled to lower tax rates and tax holidays. This article addresses some of the key areas that are addressed by the regulations and the notice.

Guatemala In July 2004, via decrees number 18-04 and number 19-04, the Congress of the Republic of Guatemala amended the legislation to require taxpayers to file financial statements "duly audited" by a professional or an independent auditing firm together with their annual income tax return. The new requirement is also intended to document net operating losses during two consecutive taxable periods and the potential exemption from the temporary tax to support the peace agreements (IETAAP).

Britain's tax authorities have changed how transfer pricing enquiries are dealt with in the UK. HM Revenue and Customs signalled the new plans in October last year when it published the Making a difference: clarity and certainty document after a public consultation. Now it has announced what these plans will mean.

Berne: no agreement in sight Switzerland and representatives from the European Union have again failed to reach common ground on the issue of cantonal corporate taxes.

By Joanna Faith

Brazil's federal government is introducing tougher rules on ethanol producers for the PIS/Cofins social security tax.

Norway parliament New transfer pricing documentation rules have been introduced in Norway. Although the law introducing the changes was agreed by the parliament in Oslo in June, the implementing rules were finalised only as the year came to an end.