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Fernando Castro Silva André Pappamikail Branco The Portuguese parliament recently approved a budget supplement law that establishes the investment tax regime for qualified investments made in 2009 (RFAI 2009). Among other tax incentives, RFAI includes a new tax credit (up to 25% of the tax due) equal to 20% (for investments below €5,000,000 ($6,500,000) or 10% (for investments above €5,000,000) of the investments made during this year, which may be carried forward for four years. In addition, RFAI also includes an exemption on real estate transfer tax (IMT), property tax (IMI), and stamp tax on the acquisition of real estate for the purposes of the qualified investments.

Petter Grüner John Spissøy The blooming oil and gas activities on the Norwegian continental shelf have now started to cool off. The activities have comprised everything from seismic activities to petroleum production, via test drilling, heavy lifting, wellhead services, construction projects etc. The tax consequences of an exit from the Norwegian continental shelf is essential for companies that have a taxable presence there.

Omissions and a lack of clarity have forced the introduction of a new provision on tax settlements, reveals Fabio Leonardi of Paul Hastings

As the global economic downturn looks set to worsen in 2009, the 10 most admired tax directors in North America tell Catherine Snowdon about the challenges their industries face and the strategies they have put in place to cope

UK businesses are concerned about excessive compliance costs if the government introduces the proposed worldwide debt cap on interest.

Taxpayers should be aware of the possible implications of the look-through provisions in the new protocol to the US-Canada treaty, as Elinore Richardson and Stephanie Wong of Borden Ladner Gervais explain

Only a new VAT system in the EU will defeat missing trader intra-community fraud, believe John Benstead and Hassan Khan of the Khan Partnership

A monthly commentary on the notable facts, figures and goings-on in the tax world, so called to give you a gentle exit from International Tax Review each month

Patricia McDonald Ivan Morales Baker & McKenzie has appointed two new tax partners to the firm's North American offices.

Peter Dachs The definition of a dividend is contained in section 1 of the Income Tax Act (Act). However, in terms of the revenue laws amendment bill it is proposed that this definition be replaced with a far simpler concept. However, this change will only occur from the date of replacement of secondary tax on companies (STC) with the new dividends tax. It is anticipated that this will occur in the last quarter of 2009.