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  • Chiltern has appointed Shiv Mahalingham as transfer pricing head. Mahalingham was at Ernst & Young before joining Chiltern.
  • Anton Hume, formerly of Grant Thornton, has rejoined his old firm BDO Stoy Hayward as head of transfer pricing after an 11-year absence.
  • An IMF working paper has questioned whether some of the countries that have introduced a flat tax system in recent years will be able to retain it.
  • Her Majesty's Revenue and Customs has published guidelines on new tests that managers of offshore investment funds will have to satisfy to retain their tax-free status. Companies have until January 12 2007 to comment on the guidelines, which are in draft form.
  • Bulgaria will knock one-third off its corporate levy, which is now 15%, in January 2007. Bulgaria will join the EU at the start of next year, and it is hoped that the cut will encourage pan-European investment.
  • The Internal Revenue Service said that the arbitration pilot program, where the authorities and the taxpayer agree to have a third party make a binding decision, is here to stay.
  • Telenor, a Norwegian telecommunications company, has won NKr 2.4 billion ($359 million) from the Norwegian tax authorities. Norway had refused a tax deduction that Telenor claimed for shares sold at a loss.
  • The Tax Reform Commission – set up by the UK's opposition party the Conservatives, has proposed slashing the corporate tax rate by five percentage points from 30% to 25%. The Commission's report calls for £21 billion worth of tax cuts. But David Cameron, the party leader, is not expected to fully endorse the report.
  • The US Senate Finance Committee has published Additional Options To Improve Tax Compliance, the recommendations of the Joint Committee on Taxation for closing the tax gap - the difference between what the IRS thinks it's owed and what it collects. The tax gap is thought to be $345 billion.
  • The US and the UK signed a competent authority agreement under the 2001 US-UK double taxation convention to prevent double taxation and evasion of income and capital gains taxes.