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GE Veerabhadrappa has been appointed as president of India’s Income Tax Appellate Tribunal.

Victor Borodin, Alexei Matveev and Yulia Kolesnikova of Ernst & Young Moscow take a look at offshore activities, zero-rate sales and the ambiguities arising from them.

The evolution of financial markets and the complexity of transactions have called into question the relevancy of the VAT exemption applicable to investment funds, explain Christophe Plainchamp and Nicolas Devillers of Atoz – Taxand.

Type of Agreement Country Country Date Signed Tax information exchange agreement India Liberia October 4 2011 Tax information exchange agreement Bahrain Nordic countries (Denmark, Finland, Norway, Sweden, Iceland, Faroe Islands, Greenland) October 14 2011

Arun Chhabra and Nidhi Gupta of Walker, Chandiok & Co analyse the concept of beneficial ownership and discuss the implications, meaning, judicial precedents that are relevant to Indian taxpayers. The pair also dissect the recent OECD discussion paper on the topic.

Daniel Keller, André Henning and Christian Schubert of PwC Germany discuss the VAT perspective of the German Supreme Tax Court in its first decision regarding input VAT deduction for costs incurred for the sale of company shares. They then compare it to the ECJ decision in AB SKF.

Intellectual property (IP) is one of the most debated tax topics in India. The increased examination and monitoring of IP transactions has resulted is the problem of double taxation. Shivam Mehta and Kapil Sharma of Lakshmi Kumaran & Sridharan scrutinise the applicability of service tax on IP transactions and highlight the issues regarding multiple taxation of IP under various statutes prevailing in India.

The recently released concept paper on taxation of services based on the Ministry of Finance’s negative list concept has evoked mixed reactions from industry. This is an important development and while industry has lauded the move towards a comprehensive and simplified service tax regime, Harishanker Subramaniam of Ernst & Young explains that there are strong views on the timing of its implementation and its impact on certain sectors.

Vispi Patel and Rajesh Athavale of Vispi T Patel & Associates explain how recent judicial rulings throw light on different aspects of transfer pricing and offer guidelines to taxpayers on the way to mitigate transfer pricing risk in India.

In the third of a regular series, Sandeep Ladda and Milan Shah of PwC highlight the key challenges taxpayers face in key Indian industries. In this issue, the authors analyse the tax hurdles and opportunities in the entertainment and media sector.