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Anthony Smyth is leaving William Fry-Taxand to join Walkers as head of tax in March. The law firm set up its Dublin office in September last year.

The Peruvian chief of the Superintendencia Nacional de Aministración Tributaria (SUNAT), the tax revenue service in Peru, Nahil Hirsh, has issued her annual notice, giving the tax community in Peru a preview of what to expect in the upcoming year.

The UK tax authorities have set out their position on VAT exemptions for debt collection services after the European Court of Justice’s decision in the AXA case found against the taxpayer last year.

Renata Dluska The amendments to the Polish tax acts concerning personal/corporate income entered in force on January 1 2011 and to provide many substantial changes for business. The changes come from a requirement to offer an equal tax status to entities with seats in EU/EEA territories and Polish companies. As a result of an infringement procedure by the European Commission against Poland, the discriminatory treatment of foreign investment and pension funds will be deleted. As a consequence, the income earned both by Polish as well as funds with seats on the territory of other EU/EEA countries will enjoy the exemption from corporate taxation. However, among other requirements, the exclusion covers only funds being taxable persons on their worldwide income.

Finn Eide Unusually, 2010 passed by without any dramatic changes in the Norwegian tax regime. But that does not mean there is nothing to report from Norway. There was transfer pricing and transfer pricing once more.

Dieter Endres The 2008 interest limitation replaced a thin capital rule disallowing interest on shareholder finance in excess of 1.5 times the shareholders' equity brought forward. The thin capital rule was based on the previous imputation system of corporation tax and consequently only applied to significant shareholders without their own general income or corporation tax liability. Thus, only tax exempt persons or foreigners were caught. Naturally, there are far fewer tax exempt (charities, trade unions, political parties, basketball clubs and the like) than foreign shareholders, which led the ECJ to see the rule as mainly aimed at foreign interests, vehement government protests notwithstanding. Accordingly, it was an unacceptable hindrance on an EU citizen's freedom of establishment (case C-324/00 Lankhorst-Hohorst judgment of December 12 2002).

Janne Juusela Under section 6b of the Finnish Business Income Tax Act, certain capital gains derived from transfers of shares by corporate entities are exempt from tax. The prerequisites for the tax exempt transfer include that the shares that are disposed of shall belong to the fixed assets of the company, the ownership in the target company shall be more than 10% and that it must have lasted uninterruptedly for more than a year.

Germán Campos K Cristóbal Groetaers G It appears that the long wait Chile's financial market has endured for comprehensive tax legislation on derivatives is about to come to an end.

Ron Richler Edward Miller In St. Michael Trust Corp. v The Queen (commonly referred to as Garron), the Federal Court of Appeal (FCA) dismissed the taxpayer's appeal from the Tax Court of Canada (TCC). The tax planning objective in this case was to use offshore trusts that would not be subject to Canadian tax. The FCA upheld the TCC's decision that the offshore trusts were taxable in Canada.

Sead Dado Salkovic Slobodan Mihajlovic According to many tax experts and other officials, the tax reform in Bosnia and Herzegovina (B&H) started by the passing of the law on VAT in 2006. The VAT law represents an important milestone towards the inclusion of B&H into the EU integration process. The law, which is aligned with the Sixth EU Directive on VAT, introduced the obligation to regulate the VAT system on the whole territory of B&H and formed the Indirect Taxation Authority as the competent institution responsible for payment and calculation of VAT.