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The Irish Finance Bill that has just been released contains tax measures that aim to make Ireland a more competitive jurisdiction for holding companies.

Type of Agreement Country Country Date Signed Link Tax Information Exchange Agreement France Uruguay January 28 2010 Link Negotiations to Update Tax Treaty Australia Austria February 4 2010 Link Income Tax Treaty US Hungary February 4 2010 Link Income Tax Treaty US Chile February 4 2010 Link

International Tax Review will present its fifth annual European Tax Awards at the Dorchester Hotel in London on May 18 2010

Declining economic activity coupled with tax cuts imposed to ease the effects of the recession have been put forward as reasons why tax revenues have fallen in most OECD-member countries for the third consecutive year. However the average tax burden fell.

The Bombay High Court in the case of Vodafone International Holdings [2010-TII-13-HC-MUM-INTL] adjudicated on the issue relating to taxation of indirect transfer of shares of an Indian company.

Zoe Kokoni The 2002 Cyprus Income Tax Law 118(I) lay down some principles which must be observed for the preparation of computation of chargeable income.

Janne Juusela The taxation working group, appointed by the Ministry of Finance and led by Mr Hetemäki, has in its intermediate report (35/2010) proposed key changes to taxation. The main themes of the intermediate report are widening the tax base, lightening the taxation of work and shift of focus from direct taxes to consumption taxes. The focus of income tax is proposed to be slightly shifted from taxation of corporate earnings to taxation of personal capital income. The key points of the working group report are presented in brief in the following.

Peter Ackerman January 1 2008 was the starting date for the voluntary EU Authorised Economic Operator (AEO) program for customs and security. By the end of July 2010, 87 companies in Belgium, and 3,000 companies within the EU, had already obtained the AEO status.

Bill Maclagan Under the Canadian taxation system, corporations are taxed on a separate entity basis. Each corporation must file its own tax return declaring its own loss or income. Losses in one corporate entity within a related group may not be used to offset positive income in another entity. This can create significant economic inefficiencies and barriers to growth especially when separate entities are required, or are desirable, for commercial and liability reasons. Canada is the only G7 country that does not offer group consolidation and two-thirds of OECD member countries offer some sort of consolidation.

Ian Farmer On October 1 2010, the Policy Transition Group (PTG), formed to advise on the technical design of the proposed minerals resource rent tax (MRRT) and expanded petroleum resource rent tax (PRRT) (collectively the resource taxes), released an Issues Paper as the first step the consultation process for the design and implementation of the proposed resource taxes which will apply to all Australian iron ore, coal and oil and gas projects from July 1 2010.