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  • Rupert Murdoch is making sure that News Corporation's $6.6 billion acquisition of Hughes Electronics and its DirecTV satellite operation from General Motors is squeaky clean.
  • On March 26 the Israeli cabinet approved Finance Minister Benjamin Netanyahu's Budget, which aims to reduce the Budget deficit by cancelling geographically-based tax breaks (saving NIS1 billion ($215 million)), levying an employers tax on foreign workers and cutting the defence and other government procurement budgets.
  • Orrick Herrington & Sutcliffe has opened an office in Milan with 23 lawyers from Ernst & Young's 280-lawyer Italian legal arm, Studio Legale Tributario. The former national director of legal services and anti-trust and regulatory law at Studio Legal Tributario, Alessandro De Nicola, will lead the Milan office. Clients of the lawyers include Italian power company ENEL, Vivendi, Universal Music Italy and Italian insurance company RAS Italia.
  • By Peter Corcoran, global leader for international tax services for Deloitte Touche Tohmatsu
  • The new US accounting regulator has courted controversy with its very first act by voting last week to extend its registration requirements to non-US firms
  • A survey has revealed the market is frustrated with the Financial Accounting Standards Board (FASB)’s new rules on off-balance sheet financing
  • VAT exemptions – Services provided by public postal services.
  • Guernsey has concluded that if and when the EU tax package, including the Savings Directive, is adopted it will recommend introducing a withholding tax on EU resident individuals’ savings interest instead of exchanging banking information
  • Biotech company ImClone announced last week that it is delaying the announcement of its financial results and may be forced to restate its earnings from 2001 onwards to cover the unpaid taxes of its former chief executive
  • French media company Vivendi Universal has reacted angrily to press reports claiming that it faces a potential tax liability of $2.7 billion over its merger in the year 2000 with Seagram