On July 17, 2011, the Italian parliament enacted Law Decree n. 98/2011 (the Decree"), concerning urgent measures for Italian financial stabilization. The decree introduced a number of changes to existing tax law, the main features of newsalert.

Hong Kong’s Financial Services and the Treasury Bureau (FSTB) has confirmed that dividends paid to Hong Kong investors by companies in mainland China will be subjected to a 10% withholding tax.

On 9 June 2011, the Latvian parliament ratified the Latvia-Russia double tax treaty signed in Moscow on 20 December 2010. The treaty is planned to come into force on 1 January 2012 after being ratified by the Russian State Duma.

On 1 July 2011, the new Law of Ukraine "On the Prevention of and Counteraction against Corrupt Practices in Ukraine" (the "New Law") entered into force (except for certain provisions concerning income declaration by state officials, which will become effective on 1 January 2012).

According to the Liechtenstein administration, the withholding tax levied on interest income paid to European Union (EU) taxpayers in the Principality amounted to around CHF9.6m (EUR7.8m) in 2010. This figure compares to approximately CHF14.4m (EUR11.7m) derived from the withholding tax in 2009, the administration states.

On 7 and 8 July, a bill setting new transfer pricing rules in Russia was passed after its second and third readings by the lower chamber of the Russian Parliament, the State Duma.

Determined to ensure greater equity in its property tax provisions, to boost the attractiveness of the country as a location, and to encourage property investment, Monaco has passed a new law amending the taxation on the transfer and purchase of real estate.

Switzerland’s Federal Council has announced plans to reform the lump sum taxation of wealthy foreigners in the Confederation, in a bid to strengthen fiscal equity as well as to improve acceptance of the system, while at the same time endeavouring to preserve the attractiveness of Switzerland as a location.

When Austin, Texas-based Freescale Semiconductor Holdings I Ltd. went public last month in the U.S., the company followed the footsteps of generations of American high-tech companies, including its former parent, Motorola Inc.

The Lord Mayor of London, Alderman Michael Bear, is in Russia with a delegation of city businessmen. He has a packed schedule in Moscow and St Petersburg but the pivotal day will be spent as co-chairman with Alexander Voloshin of the the first meeting of the UK – Russia Liaison Group on the development of Moscow as an international financial centre.