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A well-constructed and executed global operational transfer pricing (OTP) framework is essential to properly manage financial statements, taxes and reputational risk for multinational enterprises (MNEs), writes Richard Goldberg, former tax director at Mitsubishi Financial Group.

In recent months, the Chinese government has been actively taking measures to stimulate the economy and attract further inbound investment.

In recent months, there have been several important tax developments driven by the Australian Taxation Office (ATO) that are relevant to inbound distributors, multinationals and foreign-incorporated companies.

In March 2018, the fourth EU Money Laundering Directive was implemented. Known as MLD4, the Directive came into force in June 2018, and saw Bulgaria adopt new anti-money laundering measures.

The Albanian government approved a series of changes to gambling laws on October 25 2018, which are effective from January 1 2019. This will have wide-reaching effects considering the gambling industry is the second largest employer in Albania after the energy sector.

Bosnia's Brčko District Assembly adopted amendments to the Law on Cash Registers on October 17 2018, narrowing the list of persons who are obliged to register invoices using cash registers. The new amendments now grant exemptions to a number of taxpayer categories including: farmers not registered for VAT, farmers and craftsmen selling their own goods, small companies (as per the Law on Personal Income Tax), municipal public companies, banks, insurance companies, insurance funds, postal companies, religious institutions, educational institutions, libraries, museums, and gambling and betting related activities.

After 10 years of a flat personal income tax rate of 10% in the FYR Macedonia, the Ministry of Finance introduced a progressive personal taxation rate (Law on Personal Income Tax), effective January 1 2019. Aimed at the creation of a fairer tax system, the new provisions result in the following changes for companies doing business in the country.

With spending on research and development (R&D) and venture capital investment as a percentage of GDP among the highest in the world, Israel has entered 2019 as a leading technology country.

On 28 December 2018, the Italian government published Legislative Decree No. 142, transposing the European Union's Anti-Tax Avoidance Directive (2016/1164) into Italian legislation. The new set of provisions will be effective from the fiscal year following December 31 2018. The decree will aim to tackle tax avoidance practices related to interest deduction, exit tax, rules on foreign controlled companies, a definition of financial intermediaries, and hybrid mismatches, all of which are explored below.

The mere holding of a Spanish residential property by a non-tax resident gives rise to tax on an annual basis, regardless of whether the property is held directly by the individual or through a corporate structure.