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In ?an open letter on eight priorities for British business? to Prime Minister Tony Blair, John Ormerod, UK managing partner of Andersen, has recommended that the UK corporate tax rate be reduced to 25%. The letter, dated June 12 says: ?Britain will lead the network economy world if we nurture the creation of new, innovative businesses and allow them to flourish.?

The International Tax and Investment Organisation (ITIO) has warned the OECD to involve small countries properly in discussions or face the effective collapse of its ?harmful tax competition initiative?. With the OECD's Fiscal Affairs Committee due to spell out the future of the OECD's tax at the end of June, the ITIO is insisting that the OECD involve small and developing economies (SDEs) fully in the process of setting any new international standards.

While the deregulation of India’s insurance industry is a welcome move, confusion over the tax aspects may prevent it from achieving its full potential. By Subhankar Sinha and Vijay Kumar, PricewaterhouseCoopers, Mumbai

Tokumei kumiai arrangements continue to be a versatile planning technique for achieving a wide range of business and tax structuring objectives. This article looks at their use in Japan, and at the increase in tax audit scrutiny of TK arrangements. By Dean A Yoost and Todd Landau, PricewaterhouseCoopers, Tokyo and New York

As the UK’s Labour government is voted in for a second term of office, it is time to review the failures and gains of previous tax incentives, and take some bold steps to ensure future growth. Without some major changes, inward investors will go elsewhere. By Sian Sandeman and Heather Self, Ernst & Young, London

Future pension provision for an ageing population is a key consideration of this millennium. The European Commission is attempting to resolve the issue, but its inevitable failure to align the conflicting interests of EU member states has led it to rely on the ECJ, rather than directives, to force the pace of change. By Travis J Barker, PricewaterhouseCoopers, London

In Japan, there are two tax regimes that apply to determine the deductibility of transfer pricing adjustments: the transfer pricing regime, a well-known global tax issue; and the donation/contribution regime, a unique system which has long existed even before the transfer pricing regime was introduced in Japan. Under Japan's donation/contribution taxation regime, if a donation/contribution transaction does not involve any consideration from a counterparty (ie without a reverse contribution), the difference between the fair market value/price and transaction price of the goods/services transaction is considered as a non-deductible expense when calculating taxable income. Thus, if retroactive year-end transfer pricing adjustments are made, unless the taxpayer recognizes the arm's-length price and determines a reasonable way to make the adjustment in advance, it is possible that the donation/contribution regime could be applicable.

The Portuguese government has released a revision to securitization laws that will encourage many more deals in the country

Investors in China need to keep a wary eye on the country’s forthcoming changes to its tax regime. While enhanced transparency looks more likely in the future, so does the removal of certain preferential rates enjoyed by foreigners. By Alan Tsoi and Patrick Su, Deloitte Touche Tohmatsu, Beijing

News that the UK Inland Revenue has set a target of finding more than three-quarters of people they investigate guilty will radically boost the tax insurance market, according to Composite Legal Expenses.