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The Tax Department is currently made up by nine partners and five senior associates, assisted by around forty five other tax lawyers from the offices of Madrid, Barcelona, Bilbao, Valencia, Lisbon, Porto and New York. The Department advises on all Spanish and Portuguese direct and indirect taxes, but has particular expertise in mergers and acquisitions, financial products and capital markets, International tax planning, real estate transactions and project finance, assurance and pension funds, internet and electronic business, high net worth individuals, stock options plans and alternate schemes and tax investigation and disputes.

The challenges of the lives of international heads of tax are not only professional, ethical and technical. They are also personal.

The Nigerian government's increase in VAT from 5% to 10% has prompted a backlash from the country's private sector.

Antonio Ruiz Costa Rica Opening of new free trade zone parks

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