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Suzanne Boers The Dutch Supreme Court recently passed judgement on a case regarding, among other things, the need for corresponding valuation of assets for tax purposes.

Roberto del Toro David Cuéllar The Mexican and British authorities signed a new protocol to the Mexico – UK tax treaty on April 23 2009. There are still several pending requirements to be fulfilled in order for it to be approved and subsequently enter into force.

The deputy prime minister and minister of finance and economic empowerment, Ramakrishna Sithanen, presented his budget on May 22 2009 which appropriates funds for the six month ending December 2009.

Akio Takisaki On February 24 2009, in response to questions posed by the Ministry of the Environment and the Ministry of Economy, Trade and Industry, Japan's National Tax Agency (NTA) confirmed the tax treatment of domestic emission allowance trading, helping to provide greater certainty over domestic transactions involving the physical transfer of emission allowances.

Paul Chambers Samantha Nonnenkamp Following unprecedented political pressure by the G20, Luxembourg has been forced to amend its banking secrecy rules.

Anton Prawira With the increasing global awareness of controlled foreign corporations, the Indonesian government has started to strengthen the rules governing them. The new income tax law (law no. 36 of 2008) includes provisions that set out ways to identify transactions between related parties in order to prevent transfer pricing.

Paolo Giacometti The Italian tax authorities recently issued further guidance relating to the business test exemption provided for under the controlled foreign company regime (CFC regime).

Rajendra Nayak Ganesh Pai The Delhi income-tax appellate tribunal (ITAT) in the case of Dolphin Drilling Ltd (121 TTJ 433), recently examined the applicability of withholding tax provisions on reimbursement of salary of seconded employees.

Stefan Ditsch During the financial crisis, the finance ministry has been clear on the need to relieve businesses threatened with a cash shortage and has instructed tax offices to be lenient to taxpayers requesting relief from payment on account obligations in the light of failing profits.

Janne Juusela The Finnish Ministry of Finance is contemplating the possibility of limiting the right to deduct interest expenses in corporate taxation. The ministry has prepared a survey on the matter, which has been circulated for comments. In case the Finnish government decides, on the basis of the survey, to propose limitations to companies' right to deduct interest expenses in taxation, Finnish companies may be forced to restructure their financing structures.