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Mark Galea Salomone Donald Vella The guidelines issued in relation to the implementation of EU Council Directive 2014/107/EU of December 9 2014, amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation (DAC2), in Malta and the common reporting standard (CRS) were updated on July 6 2017. Specifically with respect to trusts, the Commissioner for Revenue has introduced clarifications to the guidelines, which the Inland Revenue Department has deemed necessary for the purposes of a more correct application of the regulations.

Ivan Petrovic Montenegro has shown its commitment to improving compliance with international tax standards. The Foreign Account Tax Compliance Act (FATCA) agreement is yet another example of a set of steps taken towards broadening the cooperation between the US and Montenegro and following the international standards of cross-border tax assistance.

Khoonming Ho Lewis Lu In the course of May to July 2017, a series of new Chinese regulations relaxed restrictions on foreign inbound investment while, at the same time, enhancing the tax and regulatory enforcement capacity of Chinese government authorities.

Barbara Scampuddu Gian Luca Nieddu The Italian government recently released its "Industria 4.0" plan which, by offering tax incentives to the industrial sector, aims to encourage competitiveness, attract foreign investors and foster expenditures in innovation.

The finance ministers of some of the world’s most notorious tax havens believe their countries’ policies are fair, robust and meet international standards. Anjana Haines cuts through the PR to see what role these jurisdictions play in an era of BEPS measures and increasing transparency.

Another day, another Donald Trump policy in tatters

Fernando Giacobbo Ruben Gottberg On July 27 2017, the Brazilian tax authorities published Normative Instruction 1.722/2017, clarifying that Brazilian affiliates of non-Brazilian multinational enterprises may be required to file the country-by-country report (CbCR) in Brazil, in relation to the fiscal year 2016, even if a CbCR has been filed by either the ultimate parent entity (UPE) or a surrogate entity (SE) in another jurisdiction.

Burçin Gözlüklü Ramazan Biçer Guidance that details how the Turkish tax authorities will determine whether to call a taxpayer to justify his declaration before initiating a tax audit have finally been released, almost year after this new mechanism was put in place.

Because tax doesn’t have to be taxing. A less-than-serious look back at some of the quirkier tax stories from the past month.

Lewis Lu Curtis Ng Many readers will be familiar with the famous conclusion of Justice Rowlatt in Cape Brandy Syndicate v IRC, [1921] 12 TC 358 that: "In a taxing act, one merely has to look at what is clearly said. There is no room for any intendment. There is no equity about a tax." And Lord Tomlin's statement in the Duke of Westminster case (Duke of Westminster v IRC, 19 TC 490) that: "This so-called doctrine of "the substance" seems to me to be nothing more than an attempt to make a man pay notwithstanding that he has so ordered his affairs that the amount of tax sought from him is not legally claimable." This approach to interpreting tax law has recently been under threat from the 'tax fairness' agenda.