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  • International law firm Herbert Smith has promoted two of its tax associates to the level of partner. Isaac Zailer and Derek Hill joined the partnership on March 19 2003.
  • Freshfields, Bruckhaus, Deringer has advised Degussa on its $250 million sale of Polymer Latex. Tax advice was provided by Hans-Joerg Ziegenhain of Freshfields, Bruckhaus, Deringer in Munich. Polymer Latex was bought by Soros Private Equity Partners, which was advised by Eugen Bogenschuetz of Allen & Overy in Frankfurt.
  • Members of the European Commission last week agreed on a proposed Directive on energy taxation after Austria dropped its reservations
  • Plans by the SEC’s newly-created Public Company Accounting Oversight Board (PCAOB) to make foreign audit firms register with the body when auditing companies issuing in the US are stirring up strong emotions in Europe
  • The EU has taken another step towards imposing sanctions against the US in the ongoing trade war between the two countries over unfair tax breaks for US exporters
  • Despite pressure from audit firms, the European Commission is refusing to propose legislation to limit auditor liability
  • European economics and finance ministers failed to reach agreement on the tax package at a meeting last week after Italy continued to block the package’s progress
  • Australian law firm Mallesons Stephen Jaques has started a tax practice in London. Senior associate Tim Sherman moved to the London office from Melbourne earlier this year. Sherman focuses on corporate tax including the taxation aspects of investment and trade between Australia and the UK. He also has experience of the taxation of international employee share ownership plans.
  • The Brazilian law firm Goulart Penteado, Iervolino e Lefosse Advogados, which is associated with Linklaters, has lured a tax partner from KPMG
  • International law firm Allen & Overy is advising Six Continents on its £4.8 billion ($7.8 billion) plan to split the company into two holding companies; Mitchells & Butlers and InterContinental Hotels Group. David Lewis and Anne Powell are providing tax advice on the demerger from Allen & Overy's London office. The two holding companies are receiving tax advice from Charles Hellier and Stephen Pevsner of Linklaters, also in London.