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February 2018 has seen many important Australian tax developments. These affect investment funds, investors, multinationals and their investments into and out of Australia.

Croatia and Kosovo have historically shared a good economic and political relationship and are continuing to strengthen the commercial exchanges between the two countries. Croatia sees Kosovo as a good opportunity for export and substantial investment, in areas such as construction and infrastructure, whereas Kosovo perceives Croatia as one of the most important strategic partners for its entrance into NATO and the EU. The economic cooperation between them has recently become even easier after the agreement on the avoidance of double taxation between the two countries (DTA) entered into force at the beginning of 2018.

The imposition of L 4446/2016 tried to clarify the provisions relating to the tax treatment of losses generated abroad, by amending Article 27 of the Greek Income Tax Code (L 4172/2013).

On November 3 2017, the Cyprus House of Representatives approved a new VAT Law that amended the main VAT Law No. 95 (I)/2000. It was published in the Official Gazette of the Republic of Cyprus on November 13 2017 and came into force on January 2 2018.

The lower tax court of Cologne has ruled on the definition of the 'direct shareholding' requirement under the EU Parent-Subsidiary Directive (PSD) in a decision dated September 13 2017. The case involved the refund of withholding tax in a case where a foreign corporation was a partner in an asset-managing partnership that held shares in a German corporation. The court held that the interposition of an asset-managing partnership between the German dividend-paying corporation and its foreign corporate shareholder did not conflict with the direct shareholding requirement and, therefore, the 0% withholding tax should be applicable.

The government of Georgia is attempting to simplify the country's tax code after Georgia signed its association agreement (AA) deal with the EU in mid-2014. While major tax reforms regarding corporate income tax took place in 2017, Georgia continues to modify and update its tax system, bringing several updates into force at the beginning 2018.

On January 10 2018, the Minister of Industry (MOI) enacted Regulation No. 01 of 2018 concerning Criteria and/or Requirements for the Implementation of the Use of Income Tax Facilities for Investment in Certain Lines of Business and/or in Certain Areas of the Industrial Sector (MOI Regulation 01/2018). This regulation is a further implementation of Government Regulation No. 18 of 2015 as amended by No. 9 of 2016 concerning Income Tax Facilities for Investment in Certain Lines of Business and/or Certain Areas of the Industrial Sector. An income tax facility as referred to herein is granted in the form of:

On January 25 2018, a Cabinet Decree and a communiqué regulating foreign currency loans were released in the Official Gazette.

It is widely accepted that the tax treatment applicable to trusts in Spain is undefined. For this reason, it is necessary for the particular facts and circumstances of each trust to be considered in order for an accurate assessment of the Spanish tax implications to be prepared. However, from time to time, the Spanish tax agency (Agency) provides certain insights into the tax treatment applicable to trusts through its formal reply system to taxpayer consultations.

Through 2017, EY co-sponsored various meetings of national revenue authorities and multinationals to discuss the impact of technology on accounting and tax, writes Jon Dobell, global compliance and reporting leader at EY. This included a session in August 2017 focused on the taxation of the digital economy.