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The Law on Amendments to the Value Added Tax Law (National Gazette 87/09) becomes effective as of January 1 2010. The provisions are designed to harmonise the Croatian tax system with Directive 2006/112/EZ and to facilitate the accession process.

The OECD has developed new guidelines with respect to transparency and improvement of administrative co-operation, aiming to abolish harmful tax practices by exchange of information between the competent authorities of the contracting states. Those new standards were incorporated into Article 26 of the Model Tax Convention on Income and on Capital of July 17 2008.

The compliance leader, Asean of GE Capital gives his thoughts on creating effective internal compliance

As Asia's first exchange-backed dark pool launches, the US and Europe are proposing rules to crack down on them

The Foreign Account Tax Compliance Act of 2009 (the Bill) was introduced in the US Congress at the end of October. If enacted in its current form, the Bill would effectively end the practice whereby US issuers sell so-called bearer bonds to foreign investors.

In an attempt to mitigate the financial consequences of the recession, the National Bank of Ukraine (NBU) and the Ukrainian Parliament have recently supplemented their regulation of external borrowings and and the temporary administration of banks. This note reviews some of these measures.

Last April 30, several measures on the energy sector were adopted under Royal Decree 6/2009. One of the main objectives is to achieve tariff sufficiency, to solve some of the financial difficulties of electricity companies. Current and future tariff deficits have to be financed, and the mechanism chosen has been the securitisation of the collection rights in favour of a Spanish asset securitisation fund.

The Financial Investment Services and Capital Markets Act (the FISCM) of Korea, which became effective on April 1 2009, emphasises following four regulatory areas: (i) the concept of financial investment products defined on the basis of a negative system (where related actions are allowed unless expressly prohibited), (ii) regulation of financial investment businesses according to function, (iii) expansion of the scope of financial investment businesses, and (iv) modernisation of the investor protection system.

The Payment Services Directive has been transposed in Romania, through Government Emergency Ordinance 113/2009 on payment services. The Ordinance entered into force on November 1 2009, together with Regulation 21/2009 on payment institutions, issued by the National Bank of Romania (NBR), which aims at governing the establishment of the payment institutions (PI), their activities and prudential supervision.

Beginning this summer, Portuguese limited liability companies are able to merge on a cross-border basis in which all assets and liabilities of the merged entity (including employees) are automatically transferred to the surviving entity and the merged entity ceases to exist without a liquidation process. This became possible with the enactment of Law 19/2009, which implemented the cross-border merger directive (Directive 2005/56/EC).