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By David Stevenson

By Catherine Snowdon, New York

By David Stevenson

The Canadian government has been forced into an embarrassing climb-down over a tax-efficient measure before it became effective.

By Jack Grocott

On December 9 2008, the government released preliminary draft legislation detailing its proposals to overhaul the taxation of foreign profits derived by UK companies. The changes will represent opportunities and material risks for clients. Broadly, the proposals are:

Jørgen Stræte In November 2008, the Supreme Court pronounced a judgement regarding the main anti avoidance rule.

Edward Tanenbaum The Internal Revenue Service (IRS) and the US Treasury Department filed an advanced notice of proposed rulemaking with the Federal Register on October 30 2008 (announcement 2008-115), addressing the applicability of the Foreign investment in real property tax act of 1980 (FIRPTA) to certain permits, licenses, franchises or similar rights granted by the US government that are related to the lease, ownership or use of toll roads, toll bridges and other physical infrastructures. These proposed rules would amend Treasury regulation section 1.897-1 (Taxation of foreign investment in United States real property interests (USRPI), definition of terms).

Rajendra Nayak Ganesh Pai The Bombay High Court in the case of Vodafone International Holding BV (2008-TIOL-602-HC-MUM-IT) recently examined the validity of a notice issued by the Indian income-tax authorities for an alleged default in complying with the withholding tax provisions on capital gains arising to a non-resident company on purchase of shares of another non-resident company, which indirectly held a controlling stake in an Indian company.

Paulo Núncio Tiago Cassiano Neves Portugal's recently approved 2009 budget law (Law 64-A/2008 of December 31 2008) repels a controversial amendment which since January 1 2008 had assimilated to interest income for domestic purposes "gains derived from exchange rate swaps, interest rate swaps, combined interest and exchange rate swaps and forward exchange agreements.." This last minute change is good news for financial derivatives and finally lays a stone on a contentious position bound to be litigated.