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UK shareholders face a £77 million ($135 million) tax bill following the restructuring of Shell Transport and Trading and Royal Dutch Petroleum to create a single company, Royal Dutch Shell

The government of Israel has introduced a bill that slashes corporate taxes and introduces a participation exemption regime

Mahyra Roy, former head of tax at KPMG in the UAE, has left the big-four firm. Roy, who moved out to the country from the London office, left the firm last week. KPMG has not announced a replacement.

Ernst & Young has announced a new financial services asset management tax practice in the US

Ed McClellan, Republican tax counsel to the US Senate Finance Committee, will join Alston & Bird as a partner in the firm's Washington, DC office on September 6

Philip Baker, QC, of Gray's Inn Tax Chambers in London, considers the pros and cons

Just as this issue was going to press on July 5, the ECJ released its decision in the eagerly-awaited D case (C-376/03) concerning Dutch net wealth tax and the free movement of capital under the EC Treaty. The court ruled that the treaty does not prevent a member state from denying a non-resident who has most of their wealth in the country where they live the allowances that they grant its own residents. The court also decided that the benefits of a tax treaty between two member states do not have to be extended to a third EU member.

Haarmann Hemmelrath has bolstered its international tax practice by hiring a new partner in Paris. Jacques-Henri de Bourmont, a French corporate and international tax adviser who is also qualified in Germany, joined the firm from EY Law on June 15.

Congressman Gephardt: time for new challenges DLA Piper Rudnick Gray Cary has announced the appointment of former Congressman Richard Gephardt in the firm's Washington, DC office.

The UK government has disclosed its agenda on tax issues for its six-month EU presidency, which began on July 1. It will advocate movement on value-added tax dossiers and the code of conduct on business taxation. The newly implemented savings tax directive could be subject to adjustments and there will be efforts to halt European Court of Justice rulings becoming law in the member states.