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Dajana Topic The National Assembly of the Republic of Srpska (RS) adopted amendments to the Profit Tax Law on December 28 2016. The main changes entered into force on January 1 2017.

Jim Fuller David Forst A fundamental principle of US transfer pricing rules is that transactions structured between related parties are to be respected unless the transactions lack economic substance (see Treasury Regulations §§ 1.482-1(d)(3)(ii)(B) and (iii)(B)). This is an important rule that respects a central pillar of the US tax system – separate entities should be treated separately. The rule also contributes to predictability and stability in worldwide tax administration.

Bob van der Made EU member states sent a letter on February 1 2017 to 92 jurisdictions outside the European Union, informing them that they will be "screened" with a view to possible inclusion in a future EU "blacklist" of tax havens. According to the EU's tax policy calendar, the common EU blacklist should be ready by the end of 2017, which, given the task, seems quite ambitious.

Khoonming Ho Lewis Lu The 5th session of China's 12th National People's Congress (NPC) commenced on March 5 2017 and several senior government officials highlighted a number of tax policy priorities for 2017 in addresses to the NPC and in press events on the sidelines of the NPC meeting.

Anne Bennett On February 22, the South African Minister of Finance delivered the 2017 budget, which proposed raising an additional ZAR 28 billion ($2.2 billion) primarily by collecting ZAR 16.5 billion more in personal taxes and ZAR 6.8 billion through an immediate increase in the dividend withholding tax rate from 15% to 20%. Apart from any treaty relief, profits extracted from South African companies will now suffer an effective rate of 42.4% (up from 38.8%) once 28% corporate tax and 20% dividends tax is accounted for.

As the EU takes the first major step towards introducing public country-by-country reporting (CbCR), many are asking what the EU’s plan really means. Keith Brockman considers the vision of the latest proposal.

Maria Sarantopoulou Zoe Kokoni Cyprus adopted the "start-up visa" plan (start-up permit scheme) on February 15 2017 for third country nationals interested in residing and investing in innovative businesses in Cyprus.

Barbara Scampuddu Gian Luca Nieddu Starting from 2017, non-resident individuals who transfer their place of residence to Italy may opt for a preferential tax regime with regard to foreign source income.

Gonzalo Gallardo At the end of 2016, a provision appeared in Royal Decree-law 3/2016 of December 3, introducing important changes to the Corporate Income Tax Law. Prior to that, Royal Decree-law 2/2016 of September 30 2016, had amended the prepayment system relating to this tax, establishing a minimum advance payment based on the income per books rather than the tax base. Both of those provisions are aimed at reducing the public deficit by immediately increasing the amount collected for corporate income tax, and mainly affect companies with high revenues and multinationals operating in Spain (large enterprises). In this commentary, we will highlight the three most relevant changes brought in by the new provision.

Burçin Gözlüklü Ramazan Biçer Turkey introduced a new law (the law) on March 8 2017 on the restructuring of certain public receivables and amending certain laws and Cabinet Decrees.