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Brazil is facing one of the most important changes in its tax system. Roberto Haddad of KPMG explains how a new concept of disconnection between the tax and the accounting computations has developed

Merethe Bryn A new tax system for ship-owner companies was introduced in Norway with effect from January 1 2007. Up until this date, Norwegian incorporated companies could choose to exempt its shipping revenue from corporate income taxation, and pay a tonnage tax instead. No tax was levied on gains and profits from the shipping activities when retained in the company, as long as the company stayed within the tonnage tax system.

HM Revenue and Customs recently issued new rules for senior accounting officers in UK multinationals. The tax administration says companies with reasonable processes in place should not have to make significant changes to comply with the rules. Robert Thomas, European tax director at Xerox, considers whether or not this is the case.

Ian Crosbie and Raj Juneja of Davies Ward Phillips & Vineberg reveal how income trusts rose in popularity and analyse the legal changes that will likely end the use of these structures

By Jack Grocott

By Joanna Faith and Jack Grocott

Anthony Lewis, EU tax and treasury director of Affiliated Computer Services, investigates the supply chain model and discusses where businesses may suffer VAT leakage or exposure to VAT compliance risk

The arm's length principle was included in the first OECD transfer pricing guidelines in 1979. Since then it has been subject to great debate. Catherine Snowdon looks at what could threaten the principle's future.

Though it was late to introduce rules, Colombia is hurrying to update its transfer pricing system, report Diego González-Béndiksen and Rhina Toro Infante

Although formal obligations began a few years ago, the tax authority is taking transfer pricing as a serious matter, requesting documentation since the first year and getting prepared for audits, explain Claudia González-Béndiksen and Paola Gutierrez