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Jim Fuller and David Forst examine the New York State Bar Association's latest analysis of the base erosion and anti-abuse tax (BEAT), which was introduced in the US tax reform.

On June 29 2018, China's Parliament, the National People's Congress (NPC), released the full text of proposed amendments to China's individual income tax (IIT) law (draft IIT bill). Public comments were sought up until July 28 2018. The upshot of the proposed changes is to reduce the tax burden on lower earners, reduce the relative preferences for foreign nationals under the existing IIT law, give greater recognition to personal circumstances and expenses in the IIT calculation, and introduce anti-avoidance provisions. The changes to personal deductions and tax brackets would take effect in part from October 2018, and the rest of the changes from January 2019.

A new tax treaty between Argentina and Brazil came into force during the summer.

By replying to a request for advance ruling the Italian Revenue Agency has clarified some tax aspects on virtual currencies, and more specifically on the so-called bitcoins held by individuals outside their business activity.

In TP audits around the world, tax authorities are starting to use the development, enhancement, maintenance, protection, and exploitation of intangibles (DEMPE) concept that was recently established by the OECD.

Within the law of succession there are mainly two different systems for the devolution of the estate.

In 2009, as an anti-crisis measure, the FYR Macedonian government introduced the possibility to apply for the preferential VAT rate of 5% on the first sale of residential buildings. While initially planned to be in force until the end of 2011, the application period has already been extended twice.

The Federal Tax Administration has issued a new circular letter (number 37A), which confirms the existing practice of the majority of cantons for the deductibility of equity incentive expenses.

The New Zealand government is consulting on measures that would require the reporting of details of beneficial ownership of companies and limited partnerships on a public register.