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Lone Star, a US investment fund, has donated W100 billion ($106 million) to Korea from the profits of the sale of Korea Exchange Bank. The Korean authorities are investigating Lone Star as part of a tax probe into offshore funds, which began on April 24

The chairman of the Senate Finance committee, which is responsible for tax writing, said that tax reform would be delayed until next year. Chairman Charles Grassley also said that policy makers should try to find a way to cut the corporate tax rate, which at 40% is one of the highest in the world.

The US IRS has hit Symantec, a US software security firm, with a demand for $1 billion. The tax bill came to $900 million with an extra $100 million in interest and penalties. Most of the charges relate to Veritas, a software company that Symantec bought in December 2004.

Laurence Toxé has become a partner on of Norton Rose in Paris. Toxé specializes in M&A, LBOs, venture capital, collective investment, media and corporate structuring, sector focus international corporate finance and financial institutions.

Petr Hájek, former head of the Czech government's business environment and legislation department, has joined PricewaterhouseCoopers, where he will work on service and client development. Hájek has negotiated with the European Commission on state aid policy and worked on bankruptcy reform.

The Luxembourg Administrative Tribunal in a decision released on March 13 2006 (No 19691) clarifies when a holding 1929 company converted into a fully taxable company becomes subject to Net Worth Tax (NWT) in Luxembourg (companies benefiting from the Holding 1929 regime are exempt from this tax).

A recently issued notice had spurred development of China's APA programme. The programme can be useful to address not only cross-border but also intra-China transfer-pricing issues, explain Spencer Chong and Qisheng Yu of PricewaterhouseCoopers

The South African finance minister, Trevor Manuel, said on April 3 that he would soon name a task force to decide how to best implement a windfall tax on petrochemicals company Sasol. Sasol which was state subsidized, announced an increase in profits of about R2.9 billion ($480 million) because of higher oil prices in the last half of 2005. The windfall tax is popular politically because it will lead to a redistribution of income but tax professionals are concerned about its introduction. Sasol is expected to contest the committee's proposals but it is predicted the authorities will pass a law before the end of 2006.

Linklaters carried off four awards at International Tax Review's European Tax Awards 2006 in London, including the most prestigious prize of the evening for European tax firm of the year

The Indian income tax authorities have demanded Rs500 million ($11 million) from a foreign bank as a result of investigations under the transfer pricing audit regime. According to the Times of India on April 24, the tax claims the authorities have made against multinational corporations amount to Rs2.5 billion. The report said that 1,000 MNCs were investigated in 2005 and about a quarter were judged to have evaded tax.