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Indirect tax has come up in the world. Once, it was looked on as the poor relation of direct tax. All the interesting policy and practice was happening with corporate rates. Now as the political appetite for taxing companies directly is dropping off fast, officials are looking at other taxes to raise revenue. They have identified indirect tax as a likely candidate. A national sales tax was one of the radical reforms proposed by the US president's advisory panel on federal tax reform less than two years ago. And, rather than impose direct taxes, some low-tax or no-tax jurisdictions such as the UAE are looking seriously at a value-added tax system.

Aleksander Grydeland In a white paper published on May 15 2007, the Ministry of Finance indicated that more detailed regulations and further guidance on the documentation of inter-company transactions would be subject to a public hearing this fall. The ministry has recently subjected the following documents to a public hearing (deadline: October 8 2007):

By Rolf Heinrich (Germany), Andrew Hickman (UK), Pascal Luquet (France) and Steven Tseng (China) of KPMG

Jacek Bajger (Poland), Keval Doshi (India), Thomas Herr (US), Julian Hong (China) and Geoff Soh (Singapore) of KPMG discuss transfer pricing issues for emerging markets

Sponsored Americas piece by Alan Granwell and Eric Ryan of DLA Piper US

Bowen to run US TP practice

By Gianni De Robertis (Italy), Sean Foley (US), Jaap Reyneveld (The Netherlands), Sergio Schuindt (Brazil) and Tomoko Wada (Japan) of KPMG

Sponsored India report from Rohan Phatarphekar and Hardev Singh of KPMG India

US investment bank extends its financial advisory practice

Simone Dias Musa and Clarissa Machado, of Baker & McKenzie, detail the development of the transfer pricing regime in Brazil and point out its peculiarities