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Over recent years the Indonesian Tax Office has sought to increase state revenue from the collection of taxes. The government has set up a specialized Tax Court under Law No 14 Year 2003 to replace the existing Tax Dispute Settlement Body. The Court operates under the auspices of the Supreme Court, Ministry of Justice and Human Right (MoJ) and, to a certain extent, the Ministry of Finance (MoF) for examining an appeal over tax authority stipulation. Any decision rendered by the judge is considered as binding on both parties and the remedy would possibly be through a civil review. A tax bearer may use qualified and authorized tax attorneys to provide advice or representation. Further, decree of MoF No 450 Year 2003 has ruled that only Indonesian citizens licensed by the chairman of the Tax Court and empowered with specific power of attorney may act as tax attorneys. The Court also supervises the conduct of tax attorneys during hearings. Previously, tax disputes were settled by the Tax Dispute Settlement Body, which was created by Law No 17 Year 1997.

An appeal tribunal decision threatens to increase costs and legal uncertainty for mergers and acquisitions in the UK.

Non-EU companies with securities listed in the EU could face bills of up to $10 million after European finance ministers decided to force them to comply with international accounting standards (IAS) by 2006.

New securities laws aim to bring international standards of transparency to Russia's capital markets. Andrey Yakushin explains

New legislation should help promote the development of asset-backed financings in Russia. By Vladimir Dragunov

Ontario's new statute of limitations is an important modernization, but it leaves the door open to disputes and litigation. Jay Lefton of Aird & Berlis LLP explains

German and foreign hedge funds can target German investors for the first time. But the complexity of the corresponding tax regime stands in the way of rapid growth in the industry. By Edgar Wallach

Orrick Herrington & Sutcliffe strengthened its real estate finance and securitization practices recently in Tokyo after hiring senior Skadden Arps Slate Meagher & Flom specialist Mark Brooks as a partner.

Ratings agencies Fitch and Standard & Poor's have both issued reports criticizing credit derivatives.

Banks fear they could face client lawsuits for reporting suspicious transactions under Europe's new Market Abuse Directive. Firms led by the European Banking Federation have proposed changes to the implementation rules for the Directive to protect the industry.