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PricewaterhouseCoopers' Japanese practice has lost Makoto Nomoto to KPMG. He will be responsible for providing corporate tax services to Japanese clients in Northeast Asia from the New York office.

The Korean Ministry of Finance and Economy (MOFE) released a draft of a Presidential Decree regarding the extension of temporary investment tax credit. At present the legislation allows companies to credit 10% of particular types of investment from its tax liability. MOFE plans to extend the credit to the end of the year.

Dick Kocak, former chief of the excise tax branch at the IRS, has moved to KPMG to lead their excise tax practice in Washington. Ruth Hoffman, a former senior technician in the same office at the IRS, followed Kocak to KPMG. Between them they were responsible for the IRS's published guidance on excise taxes and have nearly 45 years of IRS experience.

Lawrence Kemm joined McDermott, Will & Emery in the UK from Baker & McKenzie on June 16 2003. Kemm is confident that McDermott, Will & Emery's relationship with other firms around the world will allow him to continue providing high quality tax advice internationally.

Michael Weaver and Travis Taylor, formerly in PricewaterhouseCoopers's tax valuations department, have set up Gravitas Partners in the UK with two former colleagues from the big-four firm. The practice hopes to provide a more personal service to its clients (some of whom have followed Taylor and Weaver from PricewaterhouseCoopers), while also providing access to senior tax practitioners with experience in a big-four firm.

Eric Roose: Avoiding high local taxation is important for offshore funds White & Case has launched a Tokyo investment and hedge-fund desk with its associated firm Kandabashi Law. The new eight-strong group delivers advice to offshore fund managers regarding tax-efficient hedge-fund structuring. Chris Wells, executive partner of White & Case in Tokyo, leads the group. Eric Roose and Yoshiaki Uno are also partners working on the project.

by Guy Brannan, Head of Tax, Linklaters

John Whiting: Clients may face more intrusive questions Mark Lee: Accountants want to ensure that the new regulations are workable New legislation on tax offences will hit UK tax practitioners this autumn. Directive 2001/97/EC of the European Parliament requires all member states to pass national legislation to prevent the use of the financial system for the purposes of money laundering and tax evasion. In the UK implementing legislation, financial gains from tax-related offences is treated the same as proceeds from money laundering, drug trafficking or theft.

The French government announced on June 27 2003 that it would be offering tax breaks for foreign executives working in the country. The tax breaks, which would also apply to returning French nationals, aim to simplify procedures for foreign investment. The government hopes to influence creativity within the country's high-value service sectors.

Dr Stefan Behrens of Clifford Chance explains how to structure tax-efficient management participations in management and leveraged buy outs using a German example