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Jamal Afakir On January 12 2010, the Luxembourg direct tax administration (LDTA) released a circular clarifying the tax treatment applicable to Murabaha and Sukuk under Luxembourg direct tax law. Although many Islamic finance deals have already been implemented through Luxembourg vehicles, both regulated and non-regulated, the government found it appropriate to provide investors and Islamic fund promoters with a dedicated Luxembourg tax framework.

Less developed tax regimes are racing to become more and more sophisticated. Several jurisdictions, including Egypt and South Africa have recently announced they are introducing or updating their transfer pricing regulations and several eastern European nations are focusing their attentions on money and services crossing their borders.

Elena Kostovska FYR Macedonia, the small, landlocked Balkan country, although still a relatively unexplored real estate investment location, is recently experiencing a real estate boom. The country's location makes it the perfect distribution and transit center. In addition, recent legislation changes have made it easier for foreign (EU and OECD) entities and citizens to acquire property.

Gary Thomas On December 22 2009, the Government Tax Commission issued its outline of 2010 tax reforms. One of the proposals concerns potential transfer pricing documentation requirements. Japanese law does not impose documentation requirements or penalties. However, a failure to provide "necessary" documentation of arm's-length pricing could result in application of the so-called "presumptive taxation" rule.

The recently published Finance Bill 2010 introduces transfer pricing legislation in Ireland. It will come into effect on January 1 2011, although generous grandfathering provisions apply. The aim of the legislation is to align Ireland with its main trading partners by formally adopting the OECD arm's-length principle.

One of the team at Baker & McKenzie that represented Veritas Software successfully in a transfer pricing case in the US Tax Court in December, has been promoted. Catlin Urban becomes a director in the firm's US tax controversy practice.

Edward Troup has been appointed managing director of the budget, tax and welfare directorate at Her Majesty's Treasury in the UK.

Accounting, tax and business recovery and advisory group, Vantis has named Paul Belsman as national head of tax. Vantis announced that Belsman has been promoted to the role with immediate effect. Based at the company's London West End office, the development of corporate services is among his objectives for his new job.

Chartered accountants and business advisers Wilkins Kennedy has appointed Andy Dawbarn as a VAT partner.

Joel Williamson, William Schmalzl and Kelsey Arnold of Mayer Brown take a look at the most significant cases dealt with by the US Tax Court in 2009.