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Recent changes to Mexico's income tax laws will have an impact on cross-border taxpayers, though an in-depth analysis must be made, including some modeling, says Luis Liñero of Deloitte in Mexico

The complexity and number of taxes in Brazil does not make investment easy for oil and gas companies, believe Mario Nascimento, Mauro Andrade and Luiz Rezende Gomes of Deloitte in Brazil

We turn into 2008 with the prospect of common consolidated corporate tax base(CCCTB) a legislative proposal for being presented to EU finance ministers in the autumn. It is by no means certain that it will go through but we are moving closer to a political decision to adopt. A meeting of Ecofin will determine whether some European states move to the next stage.

Tax executives and advisers came from all over Asia to attend the second annual International Tax Review Asia Tax Awards in Hong Kong in November

Brussels and EU member states are putting the finishing touches to the Common Consolidated Corporate Tax Base (CCCTB). It is expected to arrive fully operational by 2011. Peter Cussons, tax partner at PricewaterhouseCoopers, says that it will be tabled at the Economic and Financial Affairs Council of the European Union (Ecofin) in September.

The OECD's member states are to begin accession talks with Chile, Estonia, Israel, Russia and Slovenia. The Organisation will also "engage more closely" with other economies, for example, Brazil, China, India, Indonesia and South Africa.

An international tax associate has been promoted to the partnership at Latham & Watkins.

Daniel Armesto Antonio Matute Nárdiz The European Commission has opened a formal investigation under EC treaty state aid rules into a provision of the Spanish corporate income tax law (article 12.5) that allows Spanish companies to take tax deductions deriving from acquiring a stake in non-Spanish companies. According to it, any Spanish taxpayer (company or permanent establishment) may depreciate for tax purposes the investment in a subsidiary up to the amount of the subsidiary's goodwill implicit in the price paid for it. This so-called financial goodwill is determined as the positive difference between that price and the market value of the underlying assets of the subsidiary; in other words, it is the part of the purchase price of the shares in a company that exceeds its equity and the latent capital gains attributable to particular assets. The tax deductions require the acquisition of a significant shareholding (5% or higher) in a foreign company and are taken on a straight-line basis over the 20 years following the acquisition.