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Stephen Nelson The PRC Enterprise Income Tax Law was passed by the PRC National People's Congress on March 16 2007 and will enter into effect on January 2008. The law closely follows the draft that was circulated to deputies of the National People's Congress in December, with only minor changes having been introduced by the NPC.

Dirk Van Stappen The new transfer pricing circular letter, dated November 14 2006, provides further guidance to Belgian tax inspectors (and to taxpayers) on how a transfer pricing audit should be performed. Through this circular letter, the Belgian tax authorities are also fully aligning themselves with the provisions of the European Commission's Code of Conduct on Transfer Pricing Documentation (based on the work of the EU Joint Transfer Pricing Forum).

Gustavo Wunder Andrés Edelstein Ever since the amendment of the personal assets tax law in 2002, foreign investors doing business in Argentina through local companies have been subject to tax on their holdings as of December 31 each year. This is based on the legal assumption without admitting proof to the contrary that the shares and/or participation in the capital of local companies whose owners are companies or other legal entities situated abroad belong indirectly to individuals or undivided estates located abroad.

The government used the budget to extend the meaning of India in a bid to increase the tax take, reports Vispi Patel of RSM & CO

Dear Sir,

By Matthew Desborough-Hurst and Neil Warriner of Herbert Smith

Under the treaty regime, business profits earned by a company headquartered in a country that has a treaty with Taiwan are not taxable here unless the company has a Taiwanese permanent establishment (PE). If the company has a PE in Taiwan, the profits earned by the company may be taxed in Taiwan but only those that could be attributed to the PE.

Jordi Dominguez Without taking into consideration the excellent tax framework existing for inbound and outbound investments, one of the most important tax credits provided for taxpayers under the Spanish Corporate Income Tax Act is the tax credit for reinvestment.

Mikhail Filinov On March 9, President Vladimir Putin delivered his message on the Budget policy for 2008 to 2010 to the Russian parliament. The message contains a section dedicated to developing the tax policy in Russia. Being an official declaration of the President, this message can be relied upon by investors as a clear indication of a dominating trend in the development of the tax system. The key goal of the development of the tax system is defined as creation of the positive tax infrastructure for the development of the economy and a further decrease of tax avoidance. The following are proposed as tasks to achieve in 2007:

Niklaus Honauer and Verena Gritsch of PricewaterhouseCoopers discuss how Switzerland intends to revise its VAT regime and the EU cross-border issues that companies face