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In a March 4 2004 decision, the ECJ held that France's taxation of certain types of foreign-source investment income is incompatible with the EC Treaty (case C-334/02, Commission v. France). Under French tax law, individuals receiving interest income from domestic capital investments can opt

Rachel Anderson of KPMG says overseas shared service centres can offer global companies huge savings in operating costs, but that savings will only be maximized if tax issues are addressed early

The German government has issued administrative guidance on the German tax treatment of US LLCs. Each case still must be examined on its own facts, argue Norbert Endres and Andreas Kowallik of Deloitte

Type of deal Valuer Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) M&A £170 million ($312 million) DS Smith LINPAC Group Holdings has agreed to sell LINPAC Containers Allen & Overy, London, David Lewis, Gareth Banfield Linklaters, London, Guy Dingley, Graham Francis M&A $1.3 billion Amgen Tularik Latham & Watkins, Los Angeles, Karen Bryan, James Barrall Paul, Hastings, Janofsky & Walker, Washington DC, Joseph Poerio M&A Undisclosed Kabel Deutschland Apollo, Blackstone, Bank of America and CDP Capital have agreed to sell Kabel Baden-Württemberg and iesy Hengeler Mueller, Frankfurt, Ernst-Thomas Kraft Freshfields Bruckhaus Deringer, Cologne, Stephan Eilers M&A £1.3 billion ($2.5 billion) Albertson's J Sainsbury agreed to sell Shaw's Supermarkets Jones Day, Dallas, Dennis Drapkin J Sainsbury was advised by Linklaters, London, Charles Hellier, Conor Brindley; Shaw's Supermarkets was advised by Sullivan & Cromwell, New York, Ronald Creamer, Ansgar Simon M&A $350 million ADC Telecommunications GenTek Dorsey & Whitney, Minneapolis, Bruce Shnider Skadden, Arps, Slate, Meagher, & Flom, New York, Regina Olshan, Stuart Finkelstein M&A $1.7 billion Manitoba Telecom Services Allstream Torys, Toronto, James Welkoff Stikeman Elliott, Toronto, Dean Kraus M&A $3.7 billion Fisher Scientific International Apogent Technologies Skadden, Arps, Slate, Meagher & Flom, New York, Regina Olshan, Stuart Finkelstein Simpson Thacher & Bartlett, New York, Robert Holo; Quarles & Brady, Milwaukee, David Wilmoth, Thomas Philips M&A $3.1 billion Marathon Oil Corporation has agreed to acquire the remaining 38% interest of its joint venture company, Marathon Ashland Petroleum, from Ashland Ashland Miller & Chevalier Chtd, Washington DC, Daniel Luchsinger, David Zimmerman Cravath, Swaine & Moore, New York, Stephen Gordon, Michael Schler, Lauren Angelilli, Darren Heil M&A $3.4 billion Ker-McGee and Westport Resources have agreed to merge Under the terms of the agreement, Kerr-McGee will pay 0.71 of its stock for each Westport Resources share Kerr-McGee was advised by Covington & Burling, New York, Elizabeth Kessenides Westport Resources was advised by Akin Gump Strauss Hauer & Feld, Dallas, Daniel Micciche; New York, Adrienne Scerbak M&A Undisclosed Vorwerk & Co Jafra Cosmetics Business Simpson Thacher & Bartlett, New York, Gary Mandel; Palo Alto, Katharine Moir Debevoise & Plimpton, New York, Gary Freedman M&A $4.5 billion The Jean Coutu Group and CVS Corporation JC Penney Company agreed to sell its Eckerd drugstore operations The Jean Coutou Group was advised by McDermott, Will & Emery, Chicago, Dan Zucker; CVS Corporation was advised by Davis Polk & Wardwell, New York, Dana Trier, Laura Barzilai JC Penney Company was advised by Jones Day, Dallas, Dennis Drapkin M&A £500 million ($893 million) Prestbury Spirit Group KPMG, London, Ian Latter, Gautam Mistry, Simon Yeo, Paul Seviour, Richard Ross, Caroline Kemp; Taylor Wessing, London, Alex Thomas Deloitte, London, Andy Newsome, Mike Thorne Type of deal Value Issuer Lead managers Adviser to Issuer Adviser to lead managers Securities issue $190 million BSCH Lehman Brothers Dorsey & Whitney, New York, Robert Franklin, Brian Davis Uría & Menéndez, Madrid, Jesús López Tello, Víctor Martín IPO $304 million Catlin Group Goldman Sachs International, JPMorgan and UBS Investment Bank Sullivan & Cromwell, New York, David Spitzer, Joseph Septimus Slaughter and May, London, Sara Luder, Simon Letherman Notes issue $230 million Saks Goldman Sachs, Citigroup Global Markets, Banc of America Securities, Banc One Capital Markets and Wachovia Securities Alston & Bird, Washington DC, Charles Wheeler; New York, Edward Tanenbaum Cleary Gottlieb Steen & Hamilton, New York, Edward Kleinbard

The US Senate is no closer to breaking the gridlock over a bill to repeal the FSC Repeal and Extraterritorial Income Exclusion Act (ETI Act), Senate leaders indicated on April 20 2004. Progress appeared to have been made on April 8 when initial amendments were agreed. That compromise could set the process back further, however, as more than 80 amendments were listedthe list of amendments ran to over 80 in number.

Stillson MacDonnell, a tax attorney at Littler Mendelson in San Francisco, was named chair of the employment tax committee of the tax section of the American Bar Association on April 22 2004. MacDonnell specializes in ERISA and employment tax and has successfully handled numerous employment tax audits and litigation before the IRS.

Member states need to respond to ECJ decisions in an holistic way, says Philip Gillett, group taxation controller of ICI, in an interview with International Tax Review

In a recent unreported judgment, the Mumbai tribunal has held that the provision in Indian income-tax law authorizing taxing a foreign company at a rate higher than the rates applicable to an Indian company is still not activated by the legislature and hence by virtue of the non-discrimination article, a foreign company cannot be taxed at the rate higher than that applicable to similarly placed Indian company.

Aparliamentary vote on the Czech Republic's controversial value added tax (VAT) bill went ahead on April 22 2004 despite one of the key proponents of the bill being involved in a car crash.

Tax specialists and corporate taxpayers have reacted with dismay to the unclear measures to introduce intra-UK transfer pricing regulations and a crackdown on tax avoidance schemes in the UK Finance Bill. The UK Treasury released the 584-page Finance Bill for its first parliamentary reading on April 8 2004.