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On February 16 2004 the federal tax administration made available to the public on their official website a draft circular letter, which reflects its interpretation of the Swiss merger law provisions.

The Italian tax authorities (ITA) have issued a new ruling (Number 2 of February 24 2004) in connection with the application of the general anti-elusive provision set forth by article 37-bis of Presidential Decree 600 of September 29 1973 (article 37) to a demerger (which is a neutral transaction for tax purposes).

Sed Crest reveals the pressing issues for tax executives, the types of tax services growing quickest and how tax advisers can improve on their delivery

Andreas Risi of PricewaterhouseCoopers, explains how the Swiss Federal Tax Administration deals with the taxation of derivatives

Ernst & Young reveal useful corporate tax tips for 2004 from Canada, UK, Japan, Italy and Belgium

Acombination of previously-announced initiatives and government leaks took the tax sting out of the UK Budget, which was announced by Gordon Brown, the chancellor of the exchequer, on March 17 2004.

Type of deal Valuer Acquirer Target Adviser to acquirer (tax) Adviser to target (tax) M&A £699 million ($1.27 billion) Trinitybrook New Look Group Simmons & Simmons, London, Nick Cronkshaw, Darren Oswick Freshfields Bruckhaus Deringer, London, Jonathan Cooklin, Jill Gatehouse M&A £160 million ($291 million) UBS Laing & Cruickshank Investment Management Allen & Overy, London, Ian Carnochan Herbert Smith, London, Isaac Zailer, Michelle Williamson M&A $210 million Arch Chemicals Avecia agreed to sell its Biocides business Cravath, Swaine & Moore, New York, Michael Schler Dickson Minto, London, Gaynor McNair M&A $191 million Brunswick Corporation Genmar Industries agreed to sell Crestliner, Lowe Boats and Lund Boats Cravath, Swaine & Moore, New York, Lewis Steinberg, Humberto Reboredo Weil, Gotshal & Manges, New York, Michael Kam, Larry Gelbfisch, Edward Kim M&A $360 million Ask Jeeves Interactive Search Holdings O'Melveny & Myers, Menlo Park, Robert Rizzi Weil, Gotshal & Manges, New York, Helyn Goldstein M&A $1 billion Genzyme Corporation ILEX Oncology Ropes & Gray, Boston, Eric Elfman Fulbright & Jaworski, San Antonio, George Scofield M&A $660 million Credence Systems Corporation NPTest Holding Corporation Morrison & Foerster, Palo Alto, Ellen Robb Davis Polk & Wardwell, New York, Michael Mollerus M&A $840 million The JM Smucker Company International Multifoods Corporation Jones Day, Atlanta, Rory Lyons; Chicago, Edward Purnell; Cleveland, Wade Wagatsuma, Nicole Stangler Faegre & Benson, Minneapolis, John Steffen M&A £61 million ($110 million) Riverdance Acquisition, a subsidiary undertaking of Change Capital Partners Robert Dyas Weil Gotshal & Manges, London, Sarah Priestley Wragge & Co, Birmingham, Kevin Poole, Deborah Clarke, Neil Pearson M&A $1.35 billion White Mountains Insurance Group White Mountains Insurance Group agreed to buy the life and investments business of Safeco Corporation Cravath, Swaine & Moore, New York, Stephen Gordon, Sharon Mendelson Latham & Watkins, Chicago, Robert Goldman M&A $107 million Cerberus Capital Management Gilford Mills Schulte Roth & Zabel, New York, Kurt Rosell Weil, Gotshal & Manges, New York, Stuart Goldring M&A $1.35 billion Teekay Shipping Corporation Naviera F. Tapias Uría & Menéndez, Madrid, Guillermo Canalejo Garrigues, Madrid, Ricardo Gómez, Ramón Tejada Type of deal Value Issuer Lead managers Adviser to Issuer Adviser to lead managers Share issue £400 million ($732 million) Nationwide Building Society Barclays Capital Clifford Chance, London, David Harkness, Kirsten O'Neill Linklaters, London, Charles Hellier, David Wilson Securitization refinancing £980 million ($1.8 billion) The Telereal Group Citigroup and Morgan Stanley Freshfields Bruckhaus Deringer, London, Michael Thompson, Peter Cosmetatos Allen & Overy, London, Mark Brailsford, Vicky Stone Securitization £869 million ($1.6 billion) Residential Mortgage Securities 17 Barclays Capital and WestLB AG, London Branch Linklaters, London, Martin Lynchehan Weil, Gotshal & Manges, London, James Norwood IPO ?831 million ($1.02 billion) eircom Citigroup, Goldman Sachs, Deutsche Bank and Morgan Stanley Freshfields Bruckhaus Deringer, London, Francis Sanderson, Jonathan Cooklin Slaughter and May, London, Graham Iversen, Celine Maassen Double notes issue ?475 million ($587 million) and $550 million Invensys Deutsche Bank Freshfields Bruckhaus Deringer, London, Rob Kent, Jill Gatehouse Linklaters, London, Michael Hardwick, Eloise Walker, Mathew Welsh

The Mexican government published the tax treaty with Australia and its protocol on February 13 2004. The treaty, signed on September 9 2002, became effective with respect to withholding taxes on dividends, interest and royalties for amounts paid or accredited on or after January 1 2004. The treaty's remaining provisions will be effective from July 1 2004.

International Tax Services