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Castor Garate Biscay enjoys a considerable degree of autonomy in tax matters, including tax legislation. This power was recently confirmed by the reasoning of the European Court of Justice (ECJ). Biscay is an infra-state body which has, from a constitutional point of view, a political and financial status separate from the central government within the meaning of the ECJ's judgement of September 6 2006, Portuguese Republic vs. Commission of the European Communities (case C-88/03).

Mikhail Filinov Marina Malakha In the November 2006 issue of International Tax Review we wrote about the draft law on the proposed Russian holding company regime. Recently the law passed the two remaining readings with the lower chamber of parliament and was approved by the upper chamber of parliament. After presidential approval and official publication the law shall become effective January 1 2008.

Paul Chambers Samantha Nonnenkamp Following the repeal of the 1929 Holding Company legislation, the government has introduced a new investment vehicle for private wealth investment. The law introducing the "Société de Gestion de Patrimoine Familial" (or SPF) was passed by the parliament on April 26 2007 and published in the Luxembourg official gazette on May 14 2007.

Stephen Nelson The new PRC enterprise income tax law provides that venture capital enterprises established in China are eligible for tax incentives in the form of taxable income deductions calculated by reference to their investment amounts. However, the law does not provide details on how and when the deduction can be made. Nevertheless, it is generally believed that this provision of the law is designed to allow for the continued availability of existing incentives for venture capital enterprises set forth in a State Administration of Taxation notice (Caishui (2007) 31), issued on February 7 2007.

Roland Brandsma and Suzanne Boers of PricewaterhouseCoopers praise the virtues of the new Dutch participation exemption

Life at the top of any industry is tough and that is certainly true of in-house tax departments. Here, the ten most admired tax directors in Europe, as voted for by International Tax Review readers, tell Catherine Snowdon about the issues they face and how they deal with the pressures of their jobs.

Nicolas Sarkozy President Nicolas Sarkozy is calling a special session of the French parliament in late June to debate sweeping tax forms. At the heart of the package will be a probable 3% cut in corporate tax and the removal of the top rate of wealth tax.

Hans Olav Hemnes The current tax treaty Norway has with the US is from 1971, last updated in 1980, which means that it is fairly old fashioned.

By Catherine Snowdon

There are more reasons to set up a Japanese holding company than might be seen at first glance. Hiroshi Namba of Shin Nihon Ernst & Young explains