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In August of this year, the Canadian revenue authorities issued a discussion paper on the subject of waivers from the withholding requirement for payments to non residents. The administrative positions set out are onerous. The government expects to finalize and implement the changes to its waiver procedures with effect from January 1 1999. Some moderation in these rules would be welcomed.

Finland's amended Companies Act entered into force on September 1 1997.

Spanish tax legislation has been always sensitive to the potential risk that non-resident (non-established) taxpayers deriving income from Spanish sources do not comply voluntarily with their tax obligations.

On July 24, Russian government resolution No. 786 was published in Rossiskaya Gazeta, effective August 1 1998. This is designed to place every tax-registered business in Russia on an accrual basis for the payment of value-added tax (VAT). While such a move would not seem unusual for businesses familiar with the EU VAT system or many other systems throughout the world, its impact in Russia has huge potential costs. The country's current economic situation, the cash flow difficulties experienced by many Russian businesses and the fact that this resolution provides no relief for VAT bad debts all impose considerable burdens. In addition, the proposal applies on an accrual basis to sales only – VAT recovery on costs will still be based on a cash basis.

The IRS has reined in the almost unbridled opportunities presented by check-the-box, but international opportunities still exist. By Shawn Carson (BDO Seidman, New York), Allan Cinnamon and Zigurds Kronbergs (BDO Stoy Hayward, London)

In March 1998, Argentina's executive signed a tax reform proposal containing several provisions. Among the most relevant provisions included in the tax legislation based on the bill approved by the Lower Chamber, are those related to worldwide income and the definition of residence.

Asset securitization is increasingly accepted by Japanese corporations and institutions as a financing technique, and by investors as a suitable investment. Dean Yoost and Sachihiko Fujimoto, Pricewaterhouse-Coopers, Tokyo, provide practical guidance

New regulations on non-US partnerhips have been introduced in the US. Michael Cooper and Stan Torgersen of Deloitte & Touche LLP, Washington DC, advise readers on who should report and to what extent reporting is required

Sutherland, Asbill & Brennan get Beller

In a draft bill soon to be submitted to parliament, the Belgian government sets out new rules concerning the tax treatment of employee stock options and warrants. The new rules focus on two aspects which have in the past been the object of debate ? the taxable event and the valuation of the taxable benefit resulting from such option or warrant. Once approved by parliament, the new rules will apply to all employee stock options and warrants granted as of July 1 1998.