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New research from the Trades Union Congress (TUC) claims that tax avoidance by companies costs the UK £12 billion a year.

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.

Fenwick & West has announced that it has elected six associates to join the partnership, from January 1. Andrew Kim is a member of Fenwick's tax group. He represents a wide variety of public and private companies in international and domestic tax matters, including both tax planning and tax controversy.

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.

Edward Tanenbaum On November 28, the Treasury department office of tax policy released its long-awaited "Report to the Congress on Earnings Stripping, Transfer Pricing and US Income Tax Treaties" (report). The report contains the results of the Treasury department's analysis of three studies on earnings stripping, transfer pricing and income tax treaties and provides recommendations on how the government can reduce abuse of US tax laws and treaties and improve their effectiveness in preventing income shifting that erodes the US tax base. The report portends additional enforcement efforts and coincided with a proposal for some new information gathering on international transactions.

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.

Jordi Domínguez Lorena Colomer Globalisation has meant significant changes in our economy in the last years, and in the mode of operation of the different players as well. One of the more significant changes makes reference to mobility. Not only referred to services or goods delivered or rendered anywhere, but also referred to individuals and entities changing their place of business depending on the circumstances of the global market.

Dieter Endres Up to 2006, a finance ministry decree permitted tax offices to issue binding rulings, although the practice was not widespread. Recently, statutory authority for binding rulings has been enacted into the section of the Tax Management Act dealing with the tax office's duty to inform taxpayers of their rights and obligations.

After 20 years at Deloitte, Verzi joins growing regional practice

Paul Welch and Fletch Heinemann, of Baker & McKenzie, provide a guide to the legal structure for transfer pricing documentation. Additional reporting from DLA Piper