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The US Senate yesterday approved tax cut legislation crafted by the White House and Congressional Republican leaders.

President Obama’s newly formed 18-member bipartisan National Commission on Fiscal Responsibility and Reform proposed tax measures on November 10 2010 to reduce the federal budget deficit by $3.8 trillion in nine years.

With the April 2011 effective date for the country's GST looking unlikely to be achieved, Amrita Mitra of Grant Thornton argues that taxpayers should use this delay to their advantage and begin preparing for the new tax.

India, to most taxpayers, is synonymous with controversy and litigation. Dinesh Kanabar of KPMG provides a perspective on some areas of controversy and critically examines some existing dispute resolution mechanisms.

Litigation and India go hand in hand and court decisions have wide-reaching implications for all international companies in the country. Vispi Patel and Rajesh Athavale of Vispi T Patel & Associates dissect a number of recent rulings to show how these decisions will affect the operations of multinationals in India.

The decade-long litigation between Vodafone and HM Revenue & Customs over the UK’s controlled foreign companies legislation was the pretext for a demonstration by more than 40 protesters, which closed the company’s store, on Oxford Street in London last week.

With 2011 heralding a decade since transfer pricing provisions were introduced in India, Srinivasa Rao and Rajendra Nayak of Ernst & Young explain how recent landmark decisions are likely to have a significant impact on the next ten years of transfer pricing in the country.

On November 17 the Bipartisan Policy Centre’s Debt Reduction Task Force (Task Force) released its anticipated plan to reduce US debt. The Task Force, co-chaired by former White House budget director and Federal Reserve vice-chair Dr. Alice Rivlin, and former Senate Budget Committee Chairman Pete Domenici, proposed a broad-based tax on goods and services. The tax, intended to revitalise the US economy, is described in a 140-page report, titled “Restoring America’s Future.”

Ashesh Safi and Geeta Ramrakhiani of Deloitte analyse the implications of the new direct tax code and discover that there is a lot more to the new code than meets the eye and that achieving a simple and efficient tax system is not an easy task.

As India prepares to converge its accounting rules with International Financial Reporting Standards, Salman Shaheen finds out that the country's tax system has some catching up to do