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  • Firms expand to conquer Asia

    For true regional coverage to be more than a slogan, advisers in Asia have some hard work to do. There are still many gaps in even the most extensive networks. But, as Oliver Ralph and Rosie Murray-West discover, clients want coverage that mirrors their own plans


  • Tasty regimes tempt holding companies

    The days when the Netherlands was the location of choice for all foreign holding companies are over. As EU tax rates converge and the parent-subsidiary directive takes effect, competition for business is hotting up. Allan Cinnamon of BDO Stoy Hayward, London reports

  • Indian courts limit treaty benefits

    Multinationals operating in India have recently used treaties to challenge the application of different tax rates to domestic and foreign companies. Jignesh R Shah of PricewaterhouseCoopers, Mumbai analyses the court decisions and their consequences

  • Swiss make aliens welcome

    From April 1 1999 foreign banks and securities dealers with no presence in Switzerland will be able to trade on the Swiss stock exchange. This change has triggered amendments to Swiss stamp tax legislation. Charles Hermann of KPMG, Banking Tax Group, Zurich reports

  • Stock option plans take centre stage

    As stock option plans become an increasingly popular means of remuneration, tax authorities have responded by lightening the rules that govern them. Sven Tischendorf and a team from the Conference of European Lawyers discuss the opportunities available

  • EU court opens group opportunities

    The European Court of Justice’s decision in ICI v Colmer has forced the UK Inland Revenue to alter the rules governing group relief. Yash Rupal and Neal Todd of Linklaters & Alliance explore the new opportunities available throughout the EU

  • US eyes international overhaul

    The US Congress has found that foreign multinationals may have an unfair advantage in the international tax market. Hal Hicks, David Benson and Marjorie Rollinson of Ernst & Young, Washington examine the prospects for change and possible amendments to tax shelter rules

News Analysis

  • Industrial appointment signals shift in German tax direction

    The German Finance Minister, Hans Eichel, has indicated that he will appoint Heribert Zitzelsberger, Head of Tax at Bayer Chemicals, as his deputy on tax policy. The move may promote better relations between industry and government on tax policy, following the unpopular policies of former finance minister Oskar Lafontaine.

  • Freshfields’ Netherlands gain is Stibbe’s loss

    UK law firm Freshfields has opened an office in Amsterdam, and recruited four lawyers from major Dutch firms. Three of the lawyers are from Stibbe Simont Monahan Duhot, including tax specialist Charles Langereis. The remaining lawyer is from de Brauw Blackstone Westbroek, the Dutch Linklaters & Alliance member.

  • KPMG Canada leaders resign

    The Chairman and Deputy Chairman of KPMG in Canada have resigned following weeks of controversy involving the firm. J Spencer Lanthier and D Hugh Bessell were closely involved in negotiations that would have led to the merger of the Canadian branch of KPMG with big five rival Arthur Andersen. When the merger broke down, the two felt that they had no option but to resign.

  • News In Brief

    Deloitte Touche Tohmatsu to integrate globally, De Beers in diamond value dispute, Sweden’s finance minister resigns in tax row, Japan gives break to petrol groups

  • PwC and Anderson fight it out in Austrailia

    The announcement that Tony Rumble, a Finance and Treasury taxation specialist, has joined PricewaterhouseCoopers as a partner, has provoked strong reactions from Arthur Andersen, where Rumble had been working on a six month contract.

  • VAT case puts pressure on UK customs

    UK Customs & Excise have lost a landmark case on VAT to credit company FDR. The decision, by a VAT tribunal, places pressure on the government to scrap the measure it introduced in the March Budget, stating that outsourced financial services are subject to VAT.

  • Derouin leaves Gide for international attractions

    Beleaguered French law firm Gide Loyrette Nouel has asked its management team to step down, following the exodus of six more partners, including tax partner Philippe Derouin.

  • International Tax Review available daily on the Internet

    The website, the daily news service that is a sister to International Tax Review, has been redesigned and improved. The quality information and news that you expect from ITR is now easily available daily on the website.

  • German reforms force mutual fund rethink

    Germany’s 1999 tax reform act, enacted by the legislature on March 19 1999, contains numerous changes to the taxation of domestic and registered foreign mutual funds. These amendments affect both investors and the mutual funds themselves. This article highlights the tax implications of the new law for foreign investment funds held by German investors.

  • Wachtell Lipton directs Fleet

    US law firm Wachtell, Lipton, Rosen & Katz is advising Fleet Financial on its takeover of BankBoston. The acquisition, which is valued at $16 billion will end BankBoston’s four year aggressive expansion policy.

  • Davis Polk advises as Comcast acquires again

    Comcast, the Philadelphia-based cable-television company, is continuing its aggressive acquisitions policy by buying MediaOne Group.

  • O Bondo Svane in Nordic merger

    Danish law firm O Bondo Svane is advising financial services group Unidanmark on its merger with insurance company Tryg-Baltica. The deal will create one of the largest asset management groups in the Nordic region. The new company will be known as Unidanmark A/S, managing Dkr250 billion ($36.8 billion) worth of assets. The transaction will integrate Tryg Baltica’s central insurance organization and Unibank’s (a subsidiary of Unidanmark) insurance companies.

  • Sullivan and Cromwell in Arco/Amoco deal

    US firm Sullivan and Cromwell are advising BP Amoco on the takeover of the Atlantic Richfield Company (Arco). The acquisition will be made through a stock swap and is valued at $26.8 billion. The combined company will have a market capitilization of arounds $190 billion. Tax partner Willard Taylor, from Sullivan and Cromwell’s New York office, worked on the deal for BP Amoco.

  • Mayer, Brown and Platt

    Mayer Brown and Platt is advising UK-based GEC on the takeover of Reltec, a US telecoms products producer. GEC are paying $2.1 billion for Reltec, and also assuming $361 million of debt.

  • Clifford Chance advises on transatlantic acquisition

    Clifford Chance is advising the Bank of New York on its acquisition of Royal Bank of Scotland Trust Bank, which is the largest provider of pension fund services in the UK.

  • Three firms in Birmingham development deal

    Herbert Smith, Nicholson Graham & Jones and Nabarro Nathanson are advising the Birmingham Alliance on the redevelopment of Birmingham in the UK. The Birmingham Alliance is the title given to three limited partnerships who will invest £800 million (1.3 billion) redeveloping the Bullring and other buildings in the city. The companies involved; Hammerson PlC, Henderson Investors, and Land Securities, aim to pool their existing investments and coordinate redevelopment of the area.

  • Hale & Dorr in real-estate merger

    Hale & Dorr in Boston is representing real-estate firm Berkshire Realty in its merger with management group Brekshire Realty Holdings. The transaction is valued at $1.3 billion. Realty Holdings is a partnership formed by chairman Douglas Krupp, affiliates of Blackstone Real Estate Advisors and Whitehall Street Real Estate Limited Partnership XI (an affiliate of Goldman Sachs & Co.)

  • Skadden Arps in $3.2 billion cellular deal

    New York firm Skadden Arps Slate Meagher & Flom is advising Chicago-based telecoms group Ameritech, on the disposal of its cellular business to GTE. The deal is worth $3.2 billion and is a direct result of Ameritech’s planned merger with SBC communications. The deal is contingent on that merger (worth $56 billion) being completed. The merger has yet to be approved by the Federal Communications Commission, but will not be affected by GTE’s merger with Bell Atlantic.

  • Vinson & Elkins in hi-tech deal

    BMC, a software company in Houston has bought New Dimension Software, an Israeli company, for $9.6 billion. New Dimension manufactures software which manages complicated computer systems, and BMG specializes in similar software.

  • Taxfax

    Watkins leaves tax boutique behind Canadian tax lawyer Donald Watkins has joined Osler Hoskin & Harcourt in Calgary as a senior partner.

  • TaxFax-Recruitment Vacancy of The Month

    Director of Tax and Corporate Strategy UK

International Correspondents

International Correspondents