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The SEC is suing KPMG and four KPMG partners including the head of the firm's department of professional practice for fraud. The charges relate to KPMG's audits of Xerox from 1997 to 2000.

Proposals in Japan to allow the use of foreign company shares in stock-for-stock deals with domestic entities will be ineffective because the government will not remove prohibitive tax burdens.

Ernst & Young has successfully struck out a £2.6 billion claim against it by Equitable Life and the judge described Equitable's alternative bonus claim as 'seriously flawed'.

Transfer pricing has been one of the most talked about areas of tax work in recent years and so far it has stayed firmly in the hands of the professional services firms. The big four have been able to make full use of their international networks in restructuring multinationals' supply chains and advising on the full range of transfer pricing services. Very few other firms have been able to compete on such a scale.

The last Russian update informed readers on approval of a set of laws by the Russian parliament ratifying new double tax treaties and protocols between Russia and a number of countries.

A January 22 memorandum to Internal Revenue Service (IRS) field examiners from the commissioner of the large and mid-size business (LMSB) division promises changes in the conduct of IRS transfer pricing audits.

The Italian tax authorities have confirmed, in circular letter 8/E issued on February 6 2003 (the Ruling), the de facto tax neutrality of vehicles incorporated pursuant to the so-called Securitization Law (law 130 of April 30 1999) in order to carry out securitization transactions (Securitization Vehicles).

The ECJ has held that Swedish tax law relating to the taxation of certain share transfers is illegal under EC law.

A recent notice, effective from January 1 2003, clarifies the approval, registration, foreign exchange and taxation of foreign investment enterprises (FIEs) with less than 25% foreign ownership. The notice unifies the approval, registration and foreign exchange treatment of all FIEs in China by requiring FIEs with less than 25% foreign ownership to obtain MOFTEC approval and abide by the same registration and foreign exchange procedures as other FIEs. However, the notice states that FIEs with less than 25% foreign ownership will not be entitled to the preferential tax policies offered to other FIEs, including the duty-free import of capital equipment.

R&D tax credits, cost-sharing technology development agreements and capitalizing expenses for intangibles are all factors that should be part of an effective R&D tax strategy. Ronald B Schrotenboer of Fenwick & West puts it all into perspective