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Tax professionals say diplomacy led the European Court of Justice (ECJ) to give incorrect and convoluted verdicts in the franked investment income (FII) and advance corporation tax (ACT) group litigation cases.

The UK government surprised taxpayers and advisers by using its Pre-Budget Report (PBR) to respond to the European Court of Justice verdict in the Cadbury Schweppes case. Some expected a comprehensive reaction to a number of European judgements that have gone against the government recently, but not until after the ECJ's verdicts in the FII and ACT cases, which came out on December 12 (see other story on this page).

A common corporate tax base may be suitable for Europe in the future but not now, says Chris Wales

Four of Mayer Brown Rowe & Maw's 39 new partners are from the tax practice. Olivier Parawan, a private equity/LBO and cross-border acquisitions specialist, becomes a partner in Paris; Heiko Penndorf, from Frankfurt, does banking products work, particularly securitisation, structured finance and real estate finance; Jeffrey Bruns, a tax transactions partner in Chicago, works on the formation and operation of partnerships and limited liability companies, particularly on transactions involving real estate assets and Nathaniel Carden is a tax controversy and transfer pricing specialist.

Thomas Giegerich has joined the New York office of McDermott Will & Emery as head of its federal tax practice. The former Dewey Ballantine partner specialises in taxable and tax-free mergers, acquisitions and divestitures, corporate restructurings, cross-border joint venture and distribution arrangements and finance transactions.

Samsung, a Korean electronics manufacturer. has appointed a new head of tax for South Asia and plans to add to the team in the coming months.

Henry An Jin-Young (David) Lee On September 28, the Ministry of Finance & Economy (MOFE) announced comprehensive measures to improve the business environment in Korea. These measures include revisions to rationalise tax regulations.

Carl Pihlgren Dunja Brodic The National Board on Advance Rulings recently rendered a decision regarding the Swedish rules on exit taxation and the reversal of tax allocation reserves when a company ceases to be a tax resident in Sweden due to tax treaty provisions. In summary, the Board ruled that the Swedish rules pursue an objective in the public interest, but are nevertheless contrary to the freedom of establishment as they go beyond what is necessary to obtain the objective they pursue.

Securities and accounting regulators have surrendered to pressure for a more flexible interpretation of Section 404 of the Sarbanes-Oxley (SOX) legislation.