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The Tax Cuts and Jobs Act (2017 Act) overturned Grecian Magnesite v Commissioner, which held that the sale by a foreign person of its interest in a partnership engaged in a US trade or business was not subject to US tax.

The New Zealand Court of Appeal has overturned a High Court decision allowing a New Zealand taxpayer foreign tax credits for tax spared (under Chinese law) to Chinese companies treated as controlled foreign companies under New Zealand's CFC rules.

China's 13th National People's Congress (NPC) – China's new Parliament – and the Chinese People's Political Consultative Conference (CPPCC) – equivalent to a Senate – held meetings in the period March 3-20 2018. A number of regulatory and tax reforms have been announced in the course of the week, in particular in Premier Li Keqiang's government work report address to the NPC.

The new Labour Party-led government formed late last year is implementing policies to dampen speculation in the residential property market.

The Apex Court in a recent judgment (Civil Appeal number 2013 of 2014) held that no service tax should apply on expenditures recovered as reimbursements before May 14 2015.

The option for VAT taxation of the supply of Portuguese real estate has recently been characterised by uncertainty, and the latest European ruling hopes to clarify matters.

On February 28 2018, Hong Kong Financial Secretary Paul M P Chan delivered his speech to the Legislative Council which confirmed a record surplus of HK$138 billion ($17.6 billion). Forty percent of the surplus would be spent on relief measures while the remaining would be spent on improving public services and the future.

The Minister of Finance presented the 2018 budget speech on February 21. The supporting documentation noted some potential amendments to the South African Income Tax Act which are of interest in a cross-border context.

Bearing in mind that nowadays more than half of the population of the US plays video games and that live gaming events have been watched more than the NBA finals, the importance of the video game industry and its impact on the market has increased substantially during recent years.