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Kuwait: seeks more foreign investment Kuwait's parliament has adopted a law which has slashed corporate tax rates for foreign firms to 15% from 55% in an attempt to drive more investment into the emirate from abroad.

When is £1 billion not £1 billion? When it is mentioned in a high profile tax case. Over the last two or three years various accountancy and law firms have been asked what the implications of specific rulings might be in the round. They often quote a suitably impressive set of numbers.

Shearman & Sterling has elected Kirsten Garry to the partnership. She specialises in international corporate tax especially in the financial services sector. She was seconded to Goldman Sachs for several months until February 2007.

Xenia Legendre Xenia Legendre has moved to Hogan & Hartson's Paris office as a partner in the firm's tax practice group. Legendre has quit the role of head of the French tax practice at Skadden, Arps, Slate, Meagher & Flom.

The US law practice Duff & Phelps has engaged Karl Rothfuss as managing partner of its transfer pricing practice in Cincinnati.

German law firm Luther Rechtsanwaltsgesellschaft is the latest member to join the international tax network Taxand. To coincide with this development it is expanding its tax resources.

New research from the Trades Union Congress (TUC) claims that tax avoidance by companies costs the UK £12 billion a year.

Stephen Nelson The implementing regulations of the PRC Enterprise Income Tax Law (the regulations) finally were promulgated on December 11 2007 and entered into effect on January 1 2008 together with the tax law. The PRC State Council has also released a notice dated December 26 2007 (notice) on grandfathering arrangements for foreign-invested enterprises (FIEs) that are entitled to lower tax rates and tax holidays. This article addresses some of the key areas that are addressed by the regulations and the notice.

Fenwick & West has announced that it has elected six associates to join the partnership, from January 1. Andrew Kim is a member of Fenwick's tax group. He represents a wide variety of public and private companies in international and domestic tax matters, including both tax planning and tax controversy.

Viacom, the television entertainment company, has appointed James Barge as executive vice president of tax and treasury. He joins from Time Warner, where he was senior vice president and controller.