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Transfer pricing is the No. 1 tax issue for multinationals. So how do the rules differ from country to country? How has the economic crisis impacted them? We surveyed experts and tax authorities in 49 jurisdictions to find out.

Nearly every day, significant new tax policy or administrative developments in some part of the world are being announced. With today’s global companies operating in many jurisdictions, it can become a full-time job just to keep track of the changes, let alone analyze them or sort out the difficulties they might present. A new quarterly briefing from Ernst & Young’s Tax Policy and Controversy (pdf, 603kb)  network brings you insights and viewpoints on major issues that tax directors should stay abreast of.

In accordance with the revision of the value added tax, the electronic tax invoice will be issued as of January 1, 2010. Under this policy, all corporates must issue an electronic tax invoice, not the existing invoice, when they provide goods or services. This is expected to bring many changes to the VAT related environment. In order to minimize the confusion, we prepared a guide to the new policy (pdf, 222.2kb, Korean)  based on the information announced by the authorities as of the current date (early July 2009) in regard to the revised VAT act for your reference.

Liquidity and cash flow have become more critical than ever in a company’s ability to drive its strategic agenda, yet a recent EY survey found that many companies have not fully considered the impact that cash tax management strategies can have on their financial position. Wherever a company sits on the financial spectrum — from “cash burn” to “cash earn,” tax provides a variety of strategies to preserve, acquire, or maximize cash to support business goals. Read more in this latest report (pdf, 248kb) from Ernst & Young.

The European Union presents a series of complex challenges and opportunities. Our network of EU tax specialists issue a range of materials, to keep you up to date with the latest news on EU case law and court proceedings. This includes the EU Competency Group Alerts, which are produced as issues arise, and our EU Tax Newsletter, which provides in-depth commentary and analysis on EU tax issues every two months.

Governments around the world are fighting the first global recession we've experienced since World War II, and tax measures are playing a major part - 56%, according to recent OECD figures - in the range of stimulus packages being rolled out globally. Tax policy has gone global in a major way, and in this study from Ernst & Young, tax measures in 24 major jurisdictions are analysed, and a key set of common themes are apparent, resulting in both challenges and opportunities for the tax function. Read more in Worldwide fiscal stimulus - tax policy plays a major role.

Transfer pricing global reference guide (pdf,1.8mb) is a tool designed to enable international tax executives to quickly identify the transfer pricing rules, practices, and approaches that have been adopted by over 45 countries. These various approaches must be understood in order to complete both compliance and planning activities.

With the UK economy already in recession, the recent United Kingdom Pre-Budget Report (PBR) (pdf, 277kb) comes at a criticial time, and represents more of a full-scale emergency budget. Ernst & Young analysis of all the PBR measures is now available, including the changes to the taxation of foreign profits.