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Several foreign portfolio investors have banded together to challenge India's minimum alternate tax (MAT) on capital gains in a case that will have wide-reaching implications for investors who face hefty tax bills between 2009 and 2015.

For Nigerian tax purposes recharges can be defined as costs reimbursed by a non-resident company to its Nigerian affiliate in respect of services provided by the affiliate in execution of a joint contract in Nigeria. Generally, this amount includes a profit mark-up for the affiliate, and the non-resident company is allowed the amount as a deduction in its income tax returns.

Cooley, the US law firm, has announced the hire of Natasha Kaye as its first tax partner in its London office, which was opened in January this year.

Pascal Saint-Amans has emphasised the urgency of fixing the flaws in the international tax system.

India’s Finance Minister Arun Jaitley has told the tax authorities not to send out any new bills for minimum alternate tax (MAT) to foreign portfolio investors while a committee he has created enquires into the controversy.

A Bill necessary for facilitating India’s goods and services tax (GST) has been delayed in the Rajya Sabha, the Upper House of Parliament, until the next parliamentary session this summer.

Andrus Ansip, European Commission vice president for the digital single market, has promised to launch a proposal for an EU-wide VAT threshold on business-to-consumer (B2C) e-services “as soon as possible”.

The OECD has updated the commentaries on the Model Tax Convention (Commentaries) seeking to clarify the concept of beneficial ownership in tax treaties. Charles Hermann, a financial services tax partner at KPMG, explores beneficial ownership issues arising from the ‘Swiss Swap’ case.

Watson Farley & Williams has promoted Daniel Pilarski to the firm’s partnership in New York.

Taxpayers which use US Generally Accepted Accounting Principles (GAAP) in their financial reporting will get an extra year to implement the new revenue recognition standard after the Financial Accounting Standards Board (FASB) decided at its meeting on April 1 to defer its effective date.