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The UK Treasury announced three senior appointments on November 15.

Cerha Hempel Spiegelfeld Hlawati has opened an office in Romania in cooperation with Gilescu & Partenerii. The team comprises 11 attorneys.

As of January 1 2005 the Income Tax Law incorporated new thin-capitalization rules by conditioning the deductibility of interest expense arising from funds received through a loan to a debt to shareholder's equity ratio of 3-to-1.

Indian IT companies are meeting the demand for outsourcing services from US businesses. It makes it essential that to avoid unpleasant surprises they structure their tax affairs properly when they send staff to the US, argues Lloyd Pinto of Grant Thornton

Type of deal Valuer Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) M & A £2.18 billion Gala Coral Eurobet Ashurst, John Watson, UK Latham & Watkins, UK M & A $2.8 billion Gas Natural SDG SA Endesa SA Freshfields Bruckhaus Deringer, Javier Gazulla and Maria Mera, Spain Clifford Chance, Jose Ignacio Jimenez-Blanco, Spain M & A $1.3 billion St. Jude Medical Advanced Neuromodulation Systems Gibson, Dunn & Crutcher, Stephen Tolles, US Baker Botts, Steve Marcus and James Raborn, US M & A $1 billion Golden Gate Capital Geac Computer Borden Ladner Gervais, Larissa Tkachenko, Canada Blake, Cassels and Graydon, Jeffrey Trossman

Eoin O'Driscoll, president of the American Chamber of Commerce in Ireland, has strongly defended the country´s 12.5% corporation tax rate.

The Greek Ministry of Finance has drafted a law introducing a cost plus method to determine gross profits of Greek companies which are solely involved with providing services to their head offices or to associated foreign companies. All costs taken into account for the determination of gross profits will be considered to be tax deductible as long as the companies have obtained a special licence from the Ministry of Finance.

Value Added Tax – Sixth Directive – Intra-Community acquisition – Chain transactions.

Luca Dezzani of Dewey Ballantine discusses the issues a taxpayer must take into account when using an acquisition structure in a leveraged buy-out in Italy

Andrés Edelstein, Gustavo Wunder and Eduardo Gil Roca of PricewaterhouseCoopers discuss the standard tax litigation procedure at federal level in Argentina and cover other related aspects that should be borne in mind by taxpayers embarked on this type of proceedings