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Leandro Passarella has moved from Negri & Teijeiro in Buenos Aires to Estudio Garrido as head of tax. Although he focuses mainly on inbound and outbound investments, he will be involved in overseeing the full range of the practice's tax mandates. He worked for PricewaterhouseCoopers in New York office before joining Negri & Teijeiro.

At the time of the budget (March 2005), the UK government published a discussion paper about real estate investment trusts (REITs). This followed on from a previous consultation in 2004. The government has indicated that it may introduce legislation for REITs in the Finance Bill 2006, but this is subject to it resolving a number of potentially difficult issues. In September there were conflicting reports about the government's enthusiasm for the proposals, some indicating they could be dropped altogether.

The Spanish media have recently reported of a significant reform in the transfer pricing legislation. The tax authorities are the source of the information but no drafts have been issued yet. Although the changes anticipated are still unofficial, a significant reform seems to be sought.

The Luxembourg corporate income tax rate, referred to 30.38% nowadays, is the result of three components. Two components are levied to the benefit of the state, that is, a 22% base rate increased by 4% due to the unemployment contribution, and a third component, the so-called municipal business tax (MBT), levied the benefit of the municipality where the taxpayer is established. This rate is in turn the result of various components.

EU: provisions are unacceptable in view of the large benefits involved The US is likely to appeal the decision of an WTO dispute resolution panel on September 30 that it is still in breach of the recommendations of the organization's Dispute Settlement Body regarding American foreign sales corporation/ extra-territorial income rules. This is despite changes brought in by 2004's American Jobs Creation Act (AJCA). The WTO believes that the transitional nature of the rule changes still violate world trade rules.

By Fred Barrett, Mauricio Hurtado and Jaime Heredia, PricewaterhouseCoopers

By Benjamas Kullakattimas, KPMG in Thailand

By Srinivasa Rao and Rajendra Nayak, Ernst & Young

Growing regulatory demands on companies and their tax departments are making tax automation essential. Stephen James of KPMG in the US and Tom Birch of KPMG in the UK argue that new-generation tax engines are the answer, and explain how to install them

The EU's new recruits have started to adapt their VAT regimes to the requirements of EU law. Philippe Norre of KPMG in Hungary and Tomasz Grunwald of KPMG in Poland highlight the risks for taxpayers and describe progress so far in what will be a prolonged integration process