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The arm’s-length principle establishes that the conditions agreed between two related enterprises in their commercial or financial transactions cannot be different to those made between independent parties, writes Alejandro Paredes Maldonado of Deloitte Chile. If they differ, the profits of those enterprises may change and will be taxed accordingly.

The key word for the 13th edition of the Latin America guide is transparency, as countries across the region, spurred by numerous international initiatives, begin to collect and share more information than ever before.

McDermott Will & Emery, the winner of the Americas Tax Firm of the Year, has shown the greatest strength in depth on both continents. The firm was honoured at the Americas Tax Awards in New York on September 15 2016. Deloitte were honoured as Transfer Pricing Firm of the Year.

Indonesia may have started Asia’s ‘race to the bottom’ on corporate tax as it looks to match Singapore and stop companies from keeping assets offshore. Others are announcing cuts to stay in the race.

Companies will have to take extra care to ensure their transactions have no connection with VAT fraud to avoid new sanctions proposed by the UK government.

M/Advocates of Law has strengthened its tax practice in Dubai with the hire of Magdalena Mozdzierz as tax manager and the promotion of Mathieu Daguerre.

Latham & Watkins has hired top transactional tax professional Eli Katz as a partner in its tax and finance departments in New York.

As a follow-on from the energy reform, the infrastructure and energy sector has witnessed a new-found interest from participants who want to invest in publicly traded securities. Ricardo Rendón and Carlos Enrique Naime from law firm Chévez, Ruiz, Zamarripa look at the developments.

Jean-Marc Cambien Indirect tax compliance presents unique challenges to small, medium and large entities in Romania. A mix of increasingly complex business activities, a limited period of time to do the processing and reporting, as well as ongoing regulatory changes regarding reporting requirements have made managing indirect tax a function in itself for Romanian entities.

Jacques Kistler Jean-Pierre Page As part of the so-called Swiss Corporate Tax Reform III (CTR III), likely to enter into force on January 1 2019, all special corporate tax regimes, such as mixed, holding or principal company regimes, will be phased out and replaced by other measures.