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Transport and logistics businesses in each Baltic State have their problems with local and EU VAT legislation, writes Irmantas Misiunas of Ernst & Young

Mark Everson Mark Everson, the commissioner of internal revenue, is leaving the IRS one year short of completing his five-year term. He becomes president of the American Red Cross on May 29.

Welcome to the special feature on India in the May issue of International Tax Review.

Taxpayers believe a second draft of corporate tax reform proposals released in April are more favourable than the original plans published two months earlier.

Edward Tanenbaum The Advice Memorandum 2007-006 is generic legal advice from chief counsel to the IRS field, assuring the field that a domestic corporate purchaser of a foreign target eligible entity (treated as a default corporation) can make a section 338(g) election and step up the basis of the target's assets, despite the fact that no US tax will be paid, and whether or not the election is extended to a US subsidiary of the target. The target was irrelevant for US tax purposes prior to the purchase, meaning generally that it had no US owners or business.

Oleh Marchenko Although the political situation may slow down the process, the Ukraine's State Tax Administration and government are actively pushing through enactment of a tax code. The tax code is expected to be largely a compilation of the existing tax law. However, some tax policy changes are also considered.

Matthew Desborough-Hurst The Chancellor, Gordon Brown, gave his annual Budget on March 21 2007.

Carl Philgren Earlier this year the National Board on Advance Rulings as a consequence of the Marks & Spencer case (C- 446/03) made several decisions regarding the Swedish group contribution system. In somes cases the rulings have been appealed by the Swedish tax authority.

Jim Flaherty, Canadian Finance Minister: adamant the deduction will be removed Taxpayers in Canada are furious with the government over a plan announced in the budget in March to remove a provision that allowed interest expense deductions from investments abroad.

Indirect taxes levied on the transfer of real estate can sometimes make a real difference on the profitability of the transaction. In Spain, transfers of real estate may be subject to VAT in the case of entrepreneurial transactions (which is normally recoverable) or to non-recoverable transfer tax (6% or 7% depending on the Autonomous Community where the real estate is located) in the case of non-entrepreneurial transactions or where the transaction is VAT exempt (such as second transfers of real estate or the sale of rural land). Under certain circumstances, the VAT exemption can be waived so that recoverable VAT applies instead of unrecoverable transfer tax.