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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.

Ernst & Young has announced the establishment of national financial services asset management tax practice in the US. Michael Serota, chief of the firm's global hedge fund tax practice will be Market Leader of the new group.

By Jerry Klopfer (US), Dan Peters (US) and Stefan Waldens (Germany)

When you consider an M&A deal, you must also take into account the tax issues that are likely to interest revenue authorities when you attempt to carry out such a transaction. International businesses need world-class advice from world-class advisers to help them through the task of dealing with the complex M&A tax rules that some countries have passed

By Pascal Luquet and Emmanuel Llinares (France)

By Steven Harris (US), Damian Preshaw (Australia) and Daisuke Horiguchi (Japan)