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More non-residents will be eligible for safe harbour in China due to Circular 9 Multinationals indirectly investing into China should examine their restructuring options to take advantage of China's beneficial ownership tax treaty rules that could cut withholding tax rates on dividends, royalties and interest.

This isn’t the first time the UK has considered making changes to the audit market The UK government is considering changes to the UK audit market in light of the Big 4's dominance. At the end of March, Grant Thornton opted not to bid against the Big 4 for auditing contracts of FTSE 350 companies, heightening calls for a shake-up.

A recent judgment of the Spanish Supreme Court may bring to an end the discrimination suffered by residents of third countries (not belonging to the EU) who receive inheritances or gifts in Spain and are paying a higher Spanish inheritance tax than residents of Spain or of the EU. The Supreme Court judgment, rendered in February 2018, ordered the Spanish government to indemnify the taxpayer (a Canadian resident who received the inheritance from his mother, resident in Spain) with the difference between the tax he paid on receiving that inheritance, and the tax he would have had to pay if the relevant autonomous community legislation (which allows tax benefits to be claimed that reduce the tax for Spanish and European residents) had been applied to him, together with late-payment interest.

The general principle in South Africa is that interest on funds borrowed to buy shares is not tax deductible. However, section 24O of the Income Tax Act provides an exception by deeming interest incurred on a loan to acquire shares in a resident 'operating company', as defined, to be incurred in the production of the income of that taxpayer, and hence tax deductible (subject to certain interest limitation provisions).

The Ministry of Finance is continuing on its path towards limiting VAT gaps and eliminating VAT fraud through the digitalisation of tax settlement procedures. The process began in July 2016 with the introduction of standard audit files for tax (SAF-T) into Polish tax law. To begin with, only some VATpayers (so-called large-scale entrepreneurs) were obliged to prepare and submit SAF-T filings containing data on VAT sales and purchases. Eighteen months later, from January 1 2018, the obligation to prepare and submit SAF-T filings applied to all active VATpayers (excluding those who perform only VAT-exempted activities). SAF-T filings in Poland have to be submitted monthly, no later than the 25th day of the month following the month to which the file refers. This is also the case for taxpayers who are submitting VAT returns on a quarterly basis.

On March 21 2018, the Swiss Federal Council sent to the Swiss Parliament the dispatch on the draft legislation for the so-called Swiss Tax Reform Proposal 17.

On March 12 2018, Serbia joined the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) in order to combat tax evasion through international tax cooperation.

A recent report by the OECD confirms Malta is a tax compliant jurisdiction. Nicky Gouder and Luana Scicluna of ARQ Group explore the business-friendly tax benefits Malta has to offer, as well as the introduction of notional interest deduction and the changes to the participation exemption regime.

Six accountants including three former KPMG partners are facing charges of fraud in the US over allegations of involvement in a scheme warning of upcoming inspections from the Public Company Accounting Oversight Board (PCAOB). This case raises difficult questions about the regulatory environment in the US.

International Tax Review is pleased to announce that it will be hosting a live webinar on February 1 to analyse the implications of the tax proposals in India’s 2018 budget. Here, we look at what tax proposals may be announced.