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  • More than 12,500 large businesses – defined as companies with $50 million plus worth of assets - e-filed this year by the September 15 deadline.
  • The European Court of Justice (ECJ) ruled that regarding Cadbury-Schweppes' Irish subsidiary, the UK's CFC rules contravene EU law on freedom of establishment. Unless the UK authorities can show that the motive test – part of the UK's current CFC rules relating to whether a subsidiary has real economic purpose– is in line with the ECJ judgment. Germany and Sweden may also have to change their CFC legislation to comply with the ruling.
  • US firm Alvarez & Marsal and Australian-headquartered McGrath Nicol + Partners announced their affiliation on September 12.
  • GlaxoSmithKline, a pharmaceuticals company, agreed to pay the Internal Revenue Service (IRS) between $3.1 billion and $3.4 billion – the largest ever single payment to the IRS - and dropped its claim for a $1.8 billion refund.
  • Romina Weiss is leaving the partnership at Troutman Sanders in New York to join Gibson Dunn & Crutcher as a partner in the same city.
  • The European Court of Justice upheld an EU Commission verdict that tax cuts in the Azores islands in the mid-Atlantic went against EU law. Portugal had told the Azores it could cut income and corporate taxes to handle economic difficulties in 1999. The EU Commission said in 2002 that the tax cuts were illegal because they overcompensated for the economic difficulties.
  • Jason Rinsky has joined DRS Technologies in New Jersey as senior vice-president, corporate taxation. He was with PricewaterhouseCoopers.
  • Lovells, a UK law firm, is boosting its tax strength in New York with the appointment of Jason Kaplan, formerly of Cahill Gordon & Reindel, as a partner
  • Mike Lippman, ex-state and local taxes head at KPMG, is the new vice-president of the technical and strategic tax services division at Liquid Engines.
  • Peer Steinbrueck, Germany's finance minister, has said that the plans to tax interest payments to finance the proposed 2008 corporate tax cut will be shelved, according to the Wall Street Journal.