World Tax Advisor is a weekly bulletin of international tax development professionals from the member firms of Deloitte. The newsletter focuses on analyses of cross-border tax developments that reflect the dynamic business environment for multinationals.

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July 18, 2008

• 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

July 11, 2008

• Hong Kong
  - Court clarifies application of DIPN 21 on locality of profits issue
• Brazil
  - New law broadens transfer pricing concept of “tax haven”
• Taiwan
  - Ruling allows more creditable input VAT on merger of parent and wholly owned subsidiary
• Vietnam
  - New corporate income tax law passed
• Global Tax Alerts
  - United Kingdom: High court rules in Vodafone that U.K. CFC rules incompatible with EC law

July 4, 2008
Canada: U.S. social security contributions eligible for quebec foreign tax credit

June 27, 2008
European Union: ECJ rules on time limit to recover input VAT

June 20, 2008
Canada: Court decision causes indigestion for Glaxo

June 13, 2008
Indonesia: Authorities cracking down on document production during tax audit

June 6, 2008
Supply chain restructuring: IP transfer pricing and taxation

May 30, 2008
Netherlands Antilles: New tonnage tax regime in effect

May 23, 2008
Australia announces budget 2008-2009

May 16, 2008
Proposed changes to Sweden’s exit tax, group contribution and partnership taxation rules

May 9, 2008
Belgium - New circular letter on NID anti-abuse measures

May 2, 2008
China’s high-new technology enterprises incentive offers 15 percent enterprise income tax rate

April 2008
Overview of China's post-tax reform guidance

March 2008
Building a centralized framework for compensation and benefits

February 2008
Australian Tax Office offers guidance on treaties

December 2007/January 2008
China issues implementation rules for new enterprise tax law

November 2007
Impact of new Chinese enterprise income tax law and new tax arrangement with Hong Kong

October 2007
Germany’s business tax reform 2008 and other proposed changes

September 2007
Mexico's new flat tax proposal