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The Russian Taxes and Levies Ministry is paying closer attention to so-called tax optimization schemes in the country. The Ministry plans to issue about 20 regulations listing typical tax evasion schemes in certain branches of the economy. The Ministry has already issued tax evasion regulations regarding the oil and construction industries.

The Interest and Royalty Directive of June 3 2003 was amended at the end of April 2004 in the context of the EU accession of 10 new member states. The amendment was necessary because the directive, which provides for abolition of withholding tax on intra Community interest and royalty payments between associated companies, had not yet been adopted when the Accession Treaty was signed in Athens on April 16 2003.

Taxpayers in Israel can avail of an amnesty on foreign trust income and gains up to the end of 2003. But the amnesty's disclosure requirements may put some of them off, according to Alon Kaplan and Lyat Eyal, of Alon Kaplan Law Firm and Leon Harris of Ernst & Young

Jürgen Hartmann, one of the most respected tax lawyers in Germany, has left the law firm CMS Hasche Sigle to set up his own practice.

The US Senate and House of Representatives have passed legislation to repeal the ETI regime. Now lawmakers must confer to reconcile the bills’ differences, report Marjorie Rollinson, David Benson and Michael Mundaca of Ernst & Young

The US Sarbanes Oxley legislation, which prevents firms from providing certain tax services to audit clients and imposes strict rules to ensure auditor independence, is forcing tax advisers in Germany to consider their career development options.

In October 1998, the federal Internet Tax Freedom Act (ITFA) was enacted calling for a three-year moratorium on state and local taxes on internet access. The ITFA included a grandfather clause that allowed state and local tax jurisdictions to impose taxes on internet access services if such taxes were generally imposed and actually enforced before October 1 1998. The moratorium also prohibited the double taxation (for example, by two or more states) of a product or service purchased over the internet and discriminatory taxes that treated internet purchases differently from other types of sales. Thus, states were prohibited from levying new taxes on internet access charges or discriminatory taxes on sales of goods and services over the internet. The ITFA, however, specifically preserved state and local taxing authority that was otherwise permissible, such as imposing sales tax on and requiring use tax collection for purchases of tangible personal property purchased over the net.

The new accounting standard for the impairment of fixed assets will go into effect for fiscal years starting on or after April 1 2005. However, since early adoption was permitted for fiscal years ending on or after March 31 2004, some companies have already adopted the new standard.

When the largest democracy in the world unexpectedly changes its government, you might expect corporate tax directors to examine their strategies anxiously. But in an interview with Rupak Saha, country tax leader at GE in New Delhi, Simon Briault discovers a period of stability and optimism in India that has been unaffected by political change and looks set to continue

Type of deal Valuer Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) M&A Undisclosed Petrochemical Industries Company of Kuwait Dow Chemical Company KPMG, London, Andrew Gavan, James Madams; Toronto, Steven Hurowitz; Ashurst, London, Richard Palmer, Klaus Herkenroth; Ogilvy Renault, Toronto, Adrienne Oliver In-house; Charles Hahn, Jean-Pierre Lallement M&A Undisclosed Rayovac Corporation Varta agreed to sell its majority stake in Microlite Linklaters, São Paulo, Gustavo Haddad, Bruno Carramaschi Sutherland Asbill & Brennan M&A £270 million ($491 million) Land Securities Group and Delancey announced the creation of the Metro Shopping Fund The joint venture between Land Securities Group and Delancey is a limited partnership structure to set up shopping centres and shops Land Securities Group was advised by Slaughter and May, London, Graham Earles, Gareth Miles Delancey was advised by Olswang, London, Matt Ford M&A ?2 billion ($2.41 billion) Volkswagen Group Lease Plan Corporation Haarmann Hemmelrath, Amsterdam, Roderik Bouwman Allen & Overy, Amsterdam, Olaf van der Donk M&A Undisclosed Texas Pacific Group and Credit Suisse First Boston Private Equity BC Partners agreed to sell Grohe Aktiengesellschaft Weil, Gotshal & Manges, Munich, Tobias Geerling; New York, Marc Silberberg CMS Hasche Sigle M&A $2.03 billion National Grid Transco Crown Castle International agreed to sell its UK subsidiary Linklaters, London, Jonathan Richards Cravath, Swaine & Moore, New York, Lewis Steinberg, Aliza Levine; Norton Rose, London, Dominic Stuttaford, John Challoner, Andrew Roycroft M&A £863 million ($1.57 billion) ING Lease (UK) Abbey National Clifford Chance, London, John Gower, Douglas French, Nina Buchan Slaughter and May, London, Clare Richardson M&A $3.24 billion The May Department Stores Company Target Corporation agreed to sell the Marshall Field business unit and nine Mervyn's store locations to The May Department Stores Company Skadden, Arps, Slate, Meagher & Flom, New York, Sally Thurston Faegre & Benson, Minneapolis, Thomas Mayerle M&A DKK2.33 billion ($380 million) Englefield Capital and Electra Partners Europe agreed to acquire Global Solutions from Group 4 Falck Group 4 Falck agreed to sell Global Solutions Ashurst, London, Patricia Allen advised the management of Global Solutions Group 4 Falck was advised by Norton Rose, London, Louise Higgenbottom, Dominic Stuffaford M&A $1.65 billion The Carlyle Group Verizon Communications agreed to sell its Hawaiian operations to The Carlyle Group Latham & Watkins, New York, David Raab In-house M&A Undisclosed Reliance Group Deutsche Bank agreed to sell Trevira Linklaters, Cologne, Sebastian Benz, Markus Sellmann Deutsche Bank was advised by Hengeler Mueller, Frankfurt, Martin Klein; Trevira was advised by Ernst & Young, Berlin, Peter Jegzentis M&A $550 million Bain Capital Rhodia agreed to sell its North American phosphates business Kirkland & Ellis, Chicago, Jeffrey Sheffield; New York, Steven Clemens Shearman & Sterling, New York, Don Lonczak M&A ?660 million ($798 million) Wendel Investissement Lagardère agreed to sell the Editis publishing business Bredin Prat Slaughter and May, Paris, Pierre-Pascal Bruneau, Yves-Charles Zimmerman, Eric Bérengier Type of deal Value Issuer Lead managers Adviser to Issuer Adviser to lead managers Financing and bond issue ?6.5 billion ($8 billion) Autostrade Goldman Sachs International and Mediobanca Studio Vitali, Piccardi, Romagnoli e Associati Gianni, Origoni, Grippo and Partners, Rome, Massimo Agostini, Claudia Gregori IPO ?515 million ($626 million) Schlumberger reorganized its chip business with the IPO of Axalto ABN AMRO Rothschild, BNP Paribas, Citigroup and HSBC Linklaters, Paris, Annick Laine-Audouard, Laurent Dabernat; New York, Stephen Land, Friedemann Thomma Cleary Gottlieb Steen & Hamilton, London, David Saltzman, Jonathan Hay; Paris, Alexis Marion IPO $2.5 billion Genworth Financial Goldman Sachs Weil, Gotshal & Manges, New York, Kenneth Heitner, Mark Hoenig Davis Polk & Wardwell, New York, Harry Ballan, Po Sit