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Estonia pulled out of the proposed European financial transaction tax (FTT) on Tuesday December 8, but the remaining 10 member states have made good progress during the latest discussions.

Tom Jarvis, who has previously worked as a director in the M&A and funds tax group at Deloitte and as an associate at Slaughter and May, has been made a tax partner at Watson Farley & Williams.

A new double tax treaty (DTT) between South Africa and Kenya has been passed by officials which will strengthen capital import rules and will take effect from January 1 2016.

Andrea Mandell has re-joined Dentons as a partner in the firm’s capital markets and tax practices.

Burr Pilger Mayer has promoted Yung Ling to director of the firm’s corporate tax practice group in San Jose, California.

Martha Macdonald has been appointed as a partner at Torys’ Toronto office in Canada, where she will lead the firm’s tax controversy and litigation practice.

Taxpayers in Luxembourg are waiting nervously for the European Commission to add to the list of companies it is scrutinising under state aid laws after McDonald’s became the latest multinational to be investigated.

The drivers and nature of increased IIT enforcement efforts by the Chinese tax authorities are considered in this chapter by Michelle Zhou, Chris Ho, Vincent Pang and Angie Ho

The highly significant changes to transfer pricing guidance planned for under the SAT’s public discussion draft on ‘Special Tax Adjustments’ (yet to be finalised at the time of writing), and the impact of these changes in the light of evolving Chinese transfer pricing enforcement practice is the focus of this chapter by Chi Cheng, John Kondos, Simon Liu, and Kelly Liao

The Year of the Sheep, now drawing to a close, has been a signature year both economically and fiscally for China. China had surpassed the US as the world's largest economy, in purchasing power parity terms, in 2014. It had similarly become the world's largest recipient of foreign direct investment (FDI), also overtaking the US, in that year. Remarkably, while China takes the top position as a recipient of FDI, Chinese outbound direct investment (ODI) is projected to overtake FDI for 2015 as a whole, making China a net exporter of capital. Projections further show China overtaking the US in ODI terms to become the world's premier source of ODI within a short few years. There is no doubt that China is becoming ever more central to the global economic order. Nevertheless, as the Chinese government seeks to shift her economy from reliance on investments, exports and heavy industries to a more consumption and service sector-driven model, the pace of economic expansion in China will ease off before picking up again. In the meantime, the government will go to every length to safeguard her tax revenues.