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New Zealand has been active in implementing measures to address BEPS. Brendan Brown and Joshua Aird of Russell McVeagh in New Zealand explain the latest proposals that include measures to address permanent establishment avoidance, significant changes to the transfer pricing rules and an interest rate cap (among other measures) to limit related party interest deductions.

Khoonming Ho Lewis Lu The 5th session of China's 12th National People's Congress (NPC) commenced on March 5 2017 and several senior government officials highlighted a number of tax policy priorities for 2017 in addresses to the NPC and in press events on the sidelines of the NPC meeting.

Bob van der Made EU member states sent a letter on February 1 2017 to 92 jurisdictions outside the European Union, informing them that they will be "screened" with a view to possible inclusion in a future EU "blacklist" of tax havens. According to the EU's tax policy calendar, the common EU blacklist should be ready by the end of 2017, which, given the task, seems quite ambitious.

Melissa Lim There have been several developments in Australia over that past month that affect businesses, including changes to the goods and services tax (GST) rules, more transparency on the beneficial owners of companies, and amendments to transfer pricing provisions. All of these recent changes are discussed below.

Kathleen Penny Shavone Bazarkewich On February 22 2017, the Canadian government responded to the recommendations made in the sixth report of the Standing Committee on Finance entitled: The Canada Revenue Agency, Tax Avoidance and Tax Evasion: Recommended Actions (standing committee report). The response generally supported all 14 recommendations of the standing committee report and reaffirmed the government's commitment to cracking down on tax evasion and perceived "aggressive tax avoidance".

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China is planning to shrink its VAT rates and revise the regime governing the VAT treatment of real estate to make the tax system more business friendly.

Pierre Jean Estagerie Vincent Reynvoet A decision issued by the Court of Justice of the European Union (CJEU) on February 9 2017 ("X" case) indicates that the rules for a non-resident working in Luxembourg to be treated as a tax resident could be subject to change.

Dealing with the known unknowns is all any business can seek to do in the uncertain environment, whether it stems from the US or the UK. Cormac Kelleher, international tax partner at Mazars in Dublin discusses the plethora of unknowns and how companies can navigate through it all.

The EU Parliament’s Economic and Monetary Affairs Committee (ECON) has accepted proposals to end the use of hybrid mismatch arrangements by multinationals, but has made several amendments to expand the rules.