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China will introduce a brand new value added tax in 2013. Khoonming Ho and Jean Ngan Li of KPMG explain that the authorities face a race against time to overcome policy and political challneges before it can be effective.

With the global transaction market taking tentative steps out of the economic downturn, International Tax Review publishes its 2011 Tax Transactional Survey results and discovers that taxpayers are slowly gaining confidence to spend but that advisers are going to have to work harder to get deals done.

As more and more US states face crippling deficits, they are turning to a new application of the tax laws as a potential source of revenue. Retailers are reacting by filing suit and terminating contracts in the states that pass these laws. Though many believe these laws affect only internet companies, Erin Kelechava explains that they could have far-reaching implications for the tax treatment of all kinds of out-of-state companies.

Li Ying, transfer pricing director at Siemens China, talks to Sophie Ashley about her experience of cost sharing, dealing with the authorities and why China’s attitude to copyright is stopping companies from transferring their IP to the country.

The European Commission today unveiled its proposal for a common consolidated tax base (CCCTB) system for calculating the tax base of businesses operating in the EU.

A monthly commentary on the notable facts, figures and goings-on in the tax world. Suitable items should be sent to taxrelief@euromoneyplc.com

Ronald Parks Several changes to the Vietnamese tax system came into effect at the beginning of January. There are some increased restrictions that may hinder business, while others are seen as positive steps towards a transparent, stable and modern tax system.

Edward Tanenbaum Tola Ozim On January 2 2011, legislation to provide health benefits for workers who responded to the September 11 2001 attacks in New York was signed into law by President Obama without an attached controversial revenue raiser that was intended to limit treaty shopping by foreign-based multinational companies. Senator Kirsten Gillibrand, a New York Democrat, and others removed the tax provision from the September 11 bill in an effort to win Republican support to advance the September 11 measure.

Peter Dachs Despite the significant strengthening of the rand against all major currencies in 2010, there is no indication of a tax on capital inflows into South Africa. This topic has been debated by National Treasury and it seems that, at present, there is no desire to impose any such tax.

A long-running area of dispute in India has come to an end with the Supreme Court upholding the powers of parliament to enact laws with extra-territorial jurisdiction.