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Susann van der Ham and Guido Schepers of PwC discuss the recently approved ordinance on the application of the arm’s-length principle to permanent establishments (PEs), addressing the impact of the introduced section 39 of the ordinance on the attribution of profits to dependent agent PEs in Germany to analyse whether the ordinance approval signals the start of an era of dependent agent PE discussions.

Read this month's special features on Germany

With only one financial quarter left before Malaysia rolls out its 6% goods and services tax (GST), Subromaniam Tholasy, the government’s director of GST, is pushing an ambitious agenda for training internal staff, preparing the public, and publishing guidelines on exempted items. Here, he gives Meredith McBride the lie of the land.

Lothar Siemers and Martin Liebernickel of PwC explain the background to, and fallout from, a recent judgment stating that inheritance tax relief on the transfer of business property is unconstitutional.

Claus Jochimsen of PwC gives an overview of the tax law changes introduced under the label of the ZollkodexAnpG.

Type of Deal Value Acquirer Target Adviser

India continues convergence towards IFRS The new year has just started but India has already updated the roadmap for the introduction of new accounting standards, as well as draft rules on how income should be calculated and represented under the regime.

Italy is following a wider trend of raising VAT rates Italy's VAT rate is likely to increase to 24% in 2016, and could rise as high as 25.5% by 2018, under Budget Law 190/2014. The reduced rate will also increase 20%, from 10% to 12%, in 2016 and could rise a further percentage point the following year. The super-reduced rate of 4%, on essentials such as food and drink, will remain unchanged.

First things first, a belated Happy New Year to all our readers!

Abenomics to take off in 2015 From April 1, Japan is cutting its famously high effective corporate tax rate by 2.51 percentage points down to 32.1%, with further increases scheduled for 2016. The government has also approved a reduction on loss write-offs and improved tax incentive schemes as Abenomics takes off in 2015. The tax amendment was approved on December 30 by newly re-elected Prime Minister Shinzo Abe's coalition, comprising his own Liberal Democratic Party (LDP) and the New Komeito party. Abe has expressed hope the corporate tax cuts will encourage businesses to increase wages, therefore bolstering consumer spending. In 2014, Abe announced his intention to eventually drop this rate under 30%.