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Oratore steps up to CIOT presidency

Peter Dachs The Draft Taxation Laws Amendment Bill has been released for public comment. The Bill proposes various effective dates for the amendments contained in it. Some of the highlights for cross-border transactions in the Bill are as follows.

The European Commission has proposed an EU network of bank resolution funds to help ensure that taxpayers do not have to pay for bank failures in the future.

Sead Dado Salkovic To recover from the global economic crisis, the Montenegrin government deferred VAT and customs liabilities, enabling importers to import products and goods that could help to develop investment projects, especially in the construction and real estate sectors.

Vladimir Kotenko On April 30 2010 the Law on the State Budget 2010 took effect.

Kalina Figurska-Rudnicka In a judgment on April 13 2010 the Polish Supreme Administrative Court has confirmed a taxpayer's right to decrease their taxable amount by post-transaction rebates granted not to the purchaser of the goods but to the final customers. The case in question refers to rebates granted by a pharmaceutical company directly to pharmacies, leaving out wholesalers.

International Tax Review's weekly round up of the biggest deals and transactions.

With the introduction of the CRC Energy Efficiency Scheme in the UK, and a carbon market in the EU that is worth more than $20 billion annually, Michael Cashman and Michael Hutchinson of Mayer Brown believe that understanding how the carbon trading market operates and the tax implications for the companies that participate in the market is becoming increasingly important.

International plans to impose new taxes on financial institutions have failed to win widespread approval. Erin Kelechava and Salman Shaheen report that while some commentators accept the principle of levies for organisations that received government support during recent financial turmoil, they foresee problems in implementing the new charges

Sophie Stylianou Orestis Livadas Cyprus today is considered as an ideal centre for the establishment of ship owning and ship management companies, mainly because of its strategic geographical position and good infrastructure. It is ranked among the top 10 most competitive shipping centres worldwide in terms of cost. It has one of the largest maritime industries and it is the biggest third-party ship management centre in the EU. Despite the need to preserve the favourable merchant shipping regime under Cypriot legislation, the need for the revision of the law arose to comply with the EU's guidelines on state aid to maritime transports.