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Chris Van Loan In an announcement on May 14 2007, the Minister of Finance stepped back significantly from a controversial proposal in the March 19 2007 federal budget to restrict the deductibility of interest and other borrowing costs of money used to acquire shares of a foreign affiliate. The original budget proposal faced a growing chorus of opposition from the business community which contended that the proposal would significantly affect the ability of domestic companies to make acquisitions outside of Canada. The May 14 2007 announcement responded to these concerns by limiting the ambit of the proposal and delaying its effective date until the beginning of 2012.

Peter Ackerman As from April 1 2007, the concept of VAT grouping came into force. The system means that a group of VAT taxpayers (established in Belgium), which are closely bound by financial, economic and organisational links, are considered as one single VAT taxpayer.

Neil Wilson A potential change in the view of the Australian Taxation Office (ATO) has cast uncertainty on the GST treatment of transactions made as part of property development arrangements, particularly those transactions between the Government and private sector. It would appear that this new approach will be applied by the ATO to both past and future interpretations of the GST law. Specifically, in respect of the past, it is understood that existing private rulings may be revoked and replaced with new rulings incorporating the new approach. Some developers will be protected by these private rulings, but some will not, depending on the circumstances.

Victor Koss, Peter Parry and Luis Uriza of Booz Allen Hamilton look at tax management in oil and gas

Shiv Mahalingham, head of transfer pricing at Chiltern, looks at transfer pricing and private equity

The Australian government has announced new laws to regulate the tax profession. Tax advisers will be regulated nationally and be obliged to comply with a new code of conduct.

Sweden is an interesting alternative to the more traditional holding company locations, says Carl Pihlgren of Ernst & Young

Massimo Agostini of Gianni Origoni Grippo & Partners has created a hypothetical company to demonstrate the tax treatment of Italian holding companies and their shareholders

The Gulf state of Qatar is planning to cut its corporate tax rate to 12%. It stands presently at 35%. This is partly a move to rationalise the tax system while, at the same time, providing a low tax destination for corporates.