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A monthly commentary on the notable facts, figures and goings-on in the tax world, so called to give you a gentle exit from International Tax Review each month.

by Joanna Faith in Brussels

Hungary is set to introduce a new, more stringent foreign controlled companies regime under government plans to combat the economic and financial downturn.

The US Court of Appeals for the Fifth Circuit confirmed district court decisions that transactions need both economic substance and non-tax business aims to be valid for tax purposes

The Australian Taxation Office has issued a new interpretative decision that highlights important tax issues facing foreign resident taxpayers leasing substantial equipment in Australia.

KPMG has boosted its UK practice with three senior appointments.

The former head of South Africa's tax authority has been appointed the country's finance minister.

Law firm Ashurst has promoted Paul Miller to partner in its international tax practice in London. Miller focuses mainly on structured finance, investment funds and real estate tax issues. The appointment takes effect from May 1.

Italy's withholding tax rules on dividends distributed to overseas recipients breach provisions of the European Treaty. Philippe Freund of Dorsey & Whitney explains why

Javier Montes Urdín Great strides have been made in Spanish transfer pricing legislation and audit practice in the past three years. Indeed, until December 2006, Spain was viewed by transfer pricing practitioners as a transfer pricing heaven where the scarce legislation existing at that time lay the burden of proof with the tax authorities, who were unable to audit the transfer pricing policy of Spanish or foreign multinationals operating in Spain in a proper manner, due to the lack of specific documentation and training.