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In a sudden twist following the death of one of its judges, the Ninth Circuit Court of Appeals has reversed its decision in the landmark Altera case and ruled against the US Internal Revenue Service (IRS).

The OECD’s BEPS initiative has sparked a global focus on MNEs and their transfer pricing. In recent years, writes Tony Gorgas of KPMG Australia, there has been a profound change in the ASPAC region as governments and tax administrations seek to ensure multinationals pay their fair share of tax in line with economic and value creation.

The National Assembly of Korea approved the 2017 Tax Reform Bill on December 5 2017, write Gil Won Kang, Sang Hoon Kim and Seung-Mok Baek of KPMG.

To align with international tax trends, Taiwan’s Ministry of Finance (MoF) announced amendments on November 13 2017 to existing transfer pricing assessment regulations, write Sherry Chang, Karl Chan and Anita Lin of KPMG.

The Pakatan Harapan coalition formed a new government in May 2018 after defeating the Barisan Nasional coalition that had ruled the country for more than six decades, write Bob Kee and Mei Seen Chang of KPMG. This major shift in the political landscape of Malaysia is affecting the economic and business environment.

Transfer pricing rules were introduced in Sri Lanka in 2006 and became enforceable from 2008, writes Shamila Jayasekara of KPMG. The revenue authorities did not administratively enforce the rules, giving time for taxpayers to conform to requirements.

Victoria Todd has become the new head of team at the Low Incomes Tax Reform Group at the Chartered Institute of Taxation (CIOT), taking over from Robin Williamson.

It has been more than three years since the framework of the transfer pricing law was first drafted and approved by the Cabinet of Thailand in May 2015, write Benjamas Kullakattimas, Abhisit Pinmaneekul and Chollatip Santitorn of KPMG.

John LaBorde has joined Andersen Tax as managing director of the firm’s Houston office.

New York-based accounting, tax and advisory firm Marks Paneth has promoted three of its professionals, including CPAs Connie Lee and Lisa Tripi, to director.