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Russia continues to be a priority market for many multinational groups (MNE) and remains one of the most profitable markets in the world for Western investors. Yulia Timonina and Karina Arakelyan of EY describe the trends in compliance and reporting and how they affect Russian taxpayers.

The OECD's base erosion and profit shifting (BEPS) project, commissioned by the G20, has now taken centre stage in global transfer pricing.

The third edition of International Tax Review's Indirect Tax Leaders' Guide, is all about identifying the leading professionals in this field, which is only increasing in importance. Between its covers, you will find the names, and biographies in many cases, of the world's leading indirect tax practitioners, which were collected after an independent research process. It should give taxpayers confidence that if they decide to hire any of these individuals, they will be getting the best in the field.

Vitor Gaspar took up his position as director of the IMF's fiscal affairs department in early June. The appointment of the former Portuguese finance minister was announced by Christine Lagarde, the Fund's managing director, in February.

BEPS has taken centre stage in global transfer pricing over the past year and recent debates have focused on country-by-country reporting, among other things. The issue of profit shifting has consequently been a strong theme in this year's transfer pricing supplement, but readers can also get the latest updates on supply chain management and insights into regulation changes from a jurisdictional perspective.

Political uncertainty in Crimea is reflected in the tax market, and this has resulted in a variety of approaches by Crimean entities. The majority of these are considered short term, damage-control strategies. Re-registration with Russia is now a popular option for companies with material assets in Crimea, though this practice could bring political fallout with Ukraine.

Recent statistics suggest that there is a reasonably high likelihood that the Canada Revenue Agency’s GAAR Committee will approve a proposal by Canadian tax auditors to apply the general anti-avoidance rule, but taxpayers can take some comfort from the fact that GAAR Committee approval is by no means guaranteed and it does not mean the tax authorities will succeed before the Canadian tax courts.

The business community has welcomed new prime minister Narendra Modi’s rise to power, and now the Confederation of Indian Industry (CII) is hoping his government will increase efforts to establish a goods and services tax (GST) to improve investor sentiment and help put the Indian economy back on track.

A cooperative compliance programme, on the one hand, and a general anti-avoidance rule on the other, will be the features of a partial reform of the Italian fiscal system over the next year.

The Green Party in New Zealand no longer believes in the “failed” emissions trading scheme (ETS) and wants to replace it with a NZ$25 ($21) a tonne carbon tax.