Also in this issue:

• European Union
  - ECJ rules in VAT “rounding” case
• Korea
  - Finance ministry proposes revisions to corporate and incentive laws
• United States
  - Rules finalized on phantom REMIC income allocable to foreign partners
• Global Tax Alerts
  - India: AAR rules referral fees paid to nonresident group company not taxable in India
  - OECD: OECD releases new article 7 draft
  - Switzerland: Guidelines published for application of law on regional policy
  - United States: U.S. treasury technical explanations of proposed U.S.-Canada protocol released
  - United States: Temporary foreign tax credit regulations issued on structured passive investment arrangements

See attached file for details.

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