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HM Revenue and Customs may have to payout more than £1 billion ($1.5 billion) to taxpayers after a high court ruling stated that companies should receive higher rates of interest when claiming back overpaid VAT.

As India's new government was being sworn in last week, tax professionals across the country were speculating about what changes the government will make to the tax system in its first budget to revive the declining economy.

Andrés Edelstein Ignacio Rodríguez Through the enactment of decree 2014/2008 and resolution 1312/2008, the Argentine government implemented new promotional measures for the oil and gas industry sector with the aim of encouraging the oil production and the increase of oil reserves as well as fuel and/or gasoline production.

Australia's deputy commissioner for taxation has warned companies not to use the economic downturn as an excuse to avoid paying taxes

Nélio Weiss Philippe Jeffrey The Brazilian central bank issued circular number 3442 on March 3 2009. The circular updated the requirements for individuals and corporate entities resident, domiciled or with its headquarter in Brazil, to report annually to the central bank their receivables of any nature, assets in currency and assets and rights maintained abroad (such requirements were previously covered by circular number 3384 for calendar year 2007).

The Singapore government is asking the public for feedback on the country's network of double taxation agreements.

Sophie Stylianou Froso Alexandrou On October 22 2009, legislation amending both the Cypriot income tax law as well as special contribution to the defence fund was passed by the Parliament, and subsequently published in the Official Gazette of the Republic on November 6 2009. The new amendments, which may prove to be most favourable for international investors, are fully in force, applicable from the tax year 2009 and accordingly will have retroactive effect as from January 1 2009. Financing companies as well as other companies earning interest, portfolio investors and investors with money in collective investment schemes shall all benefit from these provisions.

Adnan Nas Recep Biyik A statement on the official website of the Constitutional Court announced that four important tax regulations were cancelled at a meeting dated October 15 2009, as they were deemed to contradict the Constitution.

Henry An David Jin-Young Lee In October 2009, the National Tax Service (NTS) announced the introduction of the horizontal tax compliance program. The program is intended to reduce uncertainties in the interpretation of tax rules, decrease the costs of tax compliance, and enhance transparency and trust. It will also enhance the ability of the tax authorities to promptly respond to taxpayer requests and achieve a high level of tax compliance.

Janne Juusela On November 6 2009 the Finnish government issued a bill proposing amendments to the Finnish tonnage tax regime. The proposed amendments aim to promote the international competitiveness of the Finnish shipping industry and the employment of the branch in question. The new tonnage tax regime offers tax incentives to Finnish shipowners and encourages shipowners to new investments and to bring ships under the Finnish flag.