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Manuel Candal: "Our firm will be well considered because our approach is based on specialization." The compliance burden associated with the Sarbanes-Oxley Act has driven Manuel Candal, formerly head of international tax services (ITS) for PricewaterhouseCoopers in Venezuela, to start his own firm.

Law 248 of August 4 2006 converted into law, with amendments, Law Decree 223 of July 4 2006 (the Decree). The amendments to the Decree (the Amendments) are effective as of August 12 2006.

After an in-depth investigation opened on February 8 2006, the European Commission concluded on July 19 2006 that a Luxembourg preferential tax regime, the Exempt, Milliardaire and Financial Holdings of 1929, violates EC Treaty state aid rules (article 87).

The tax priority in a UK commercial mortgage-backed conduit securitization is to ensure the conduit does not enable investors to profit from the parent company's success. Claire Jones looks at how this was done for the recently-launched Windermere VIII conduit, the biggest of its kind in the UK

As an important step in its financial reforms aiming at optimizing banks' structure of asset and liabilities and promoting financial innovation; China kicked off the experiment on securitization of credit assets in March 2005, which allowed banks to sell their credit assets through issuing the securities in the capital market for refinancing. The related products are referred as asset-backed securities (ABS).

The opinion in the Thin Cap Group Litigation case at the ECJ considers that the relevant UK provisions before 2004 could be discriminatory. Simon Whitehead of Dorsey & Whitney analyzes the reasoning and suggests who should take encouragement from it

For the first time, as from July 1 2006, foreign tourists that leave the country through air or sea may claim a Mexican value-added tax refund for the acquisition of merchandise to be exported, provided several conditions are met.

On July 7 2006 the District Court of Arnhem refused to refer preliminary questions to the European Court of Justice regarding the Dutch full tax consolidation regime. Although the District Court acknowledged that the line of reasoning in the ECJ's judgment in the case of Marks & Spencer (case C-446/03) does not apply to the Dutch system of group taxation, it considered it to be "not opportune" to ask preliminary questions "at this stage". It is expected that the taxpayer will appeal directly to the Supreme Court (Hoge Raad).

A German finance ministry report measuring economic product against corporate tax returns found businesses here avoided €65 billion ($84 billion) -worth of levies by taking advantage of low-tax jurisdictions. Die Welt, a German newspaper, reported the government's findings and a finance ministry spokesperson later confirmed these.

David Porter, who advised large and medium sized businesses on international tax while at the big-four firm, will become director of corporate tax at Chiltern.