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Anastasia Sagianni For some multinationals operating in Serbia in 2013 it was not the first year of implementation of the transfer pricing rules. The law governing this area has been present in Serbia for more than a decade. More specifically, transfer pricing rules have been present since July 1 2001, but the Serbian Rulebook that was enacted on July 2013 gave clarity to the country's transfer pricing rules. Nonetheless, multinational companies operating in Serbia already had their transfer pricing policies in place due mainly to the fact that their headquarters were in countries with established transfer pricing rules. For the large majority of entities, 2014 was the first year of implementation regarding transactions that took place during 2013. For those entities the procedure was demanding both for their financial departments and their advisers.

Peter Dachs With effect from January 1 2015 certain limitations will be imposed on the deduction of interest incurred, inter alia, by debtors in the following instances:

The former co-head of Bingham's tax group has found a new home.

Jay Shim

Arantxa de Luis As is common knowledge, article 211 of Council Directive 2006/112/EC of November 28 2006 (VAT Directive) leaves it to the member states to lay down rules for payment in respect of the importation of goods and provides the option to establish that VAT on import need not be paid at the time of the import but rather in the periodic tax return. This election permits avoiding the financial effect derived for taxable persons from having to pay the import VAT and then recover it through deduction in the periodic VAT returns.

Andrés Edelstein

Nancy Diep

Gonzalo Schmidt

Khoonming Ho

Jock McCormack Australia finished 2014 with a flurry of ATO rulings, three significant judicial decisions (one each on income tax/royalties, GST and stamp duty) and a backlog of important tax reforms including to the Managed Investment Trust regime, broader trust reforms and further tax consolidation integrity rules. Briefly, in Commission of State Revenue (Vic) v Lend Lease Development Pty Limited, the High Court held that the consideration for the transfer of land in Victoria included contribution payments and other construction covenants payments made under a development agreement in respect of works carried out after acquisition, as well as the price for the land transfers.