In this issue

• Overview of China’s post-tax reform guidance
• Australia
  - ATO rules on tax treatment of Dutch co-operative association
  - Tax benefits of pre-construction options for Austrian companies
• Canada
  - Budget proposals ease compliance requirements for nonresident investors
  - Cross-border recognition of pension plans
• European Union
  - ECJ rules on input VAT deduction for corporate transaction costs
  - German treatment of exchange rate losses on repatriation of PE’s start-up capital violates EC treaty
• France
  - Tribunal rules on anti-abuse rule in context of withholding tax exemption
  - Draft decree released on transfer pricing documentation requirements
• Germany
  - Court holds no taxing rights on payments to U.S. resident partners
• Hong Kong
  - Tax authorities issue specific guidance on tax treatment of stock awards
  - Tax deduction rules on share-based payment transactions need further clarification
• Hungary
  - New VAT act clarifies exemption for nonresidents
• India
  - 2008 budget contains few benefits for companies
• Indonesia
  - MOF announces limited tax amnesty
• Korea
  - Authorities clarify conditions for deferral of tax on merger valuation gains
• Taiwan
  - MOF clarifies calculation of taxable income in cash merger transaction
  - MOF issues tax ruling on M&A
• Thailand
  - Finance Ministry approves tax incentives
  - Specific business tax for commercial banks reduced
• United Kingdom
  - Budget 2008 announced - Finance Act 2007 introduces new penalties for business
• United States
  - Proposed subpart F contract manufacturing regulations released

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