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The first meeting of the council of economics and finance ministers was due to meet on January 20 and 21 to discuss tax measures including the stalled savings tax directive. The ministers were set to look at the package of three tax measures tackling harmful tax competition within the EU, which in addition to the tax on savings includes a code of conduct for business taxation and the elimination of withholding taxes on payments of interest and royalties between associated companies in different member states.

Sixth VAT Directive – Reduction coupons issued by a manufacturer – Taxable amount in the hands of the retailer.

Sixth VAT Directive – Exemptions – Letting of immovable property – Prefabricated building which can be dismantled and reassembled.

Mayer Brown Rowe & Maw advised Key Property Investments on its £112 million ($180 million) acquisition and leaseback of a property portfolio from ALSTROM. The portfolio is made up of 19 properties in the UK. Peter Steiner of Mayer Brown advised Key Property Investments on tax matters while Lovells tax partner Philip Gershuny advised ALSTROM.

French president Jacques Chirac has reportedly promised to continue cutting income tax and social security charges even though growth is lower than predicted. According to the Reuters news service Chirac promised the cuts in his New Year's address to the French National Assembly and Senate. Chirac's centre-right government won a parliamentary majority in June last year and the president promised to reduce taxes by 30% over his five-year term in office.

Jones Day Reavis & Pogue in Paris has hired a tax and real estate partner from big four firm HSD Ernst & Young

Herbert Smith has advised SMG on its agreement to buy the publishing arm of Gannett UK. The deal is worth £216 million ($345 million) in cash. US media company Gannett publishes USA Today. Neil Warriner of Herbert Smith in London advised SMG on tax matters. Freshfields Bruckhaus Deringer advised Gannett UK.

A joint Bill proposed by a Republican and a Democrat Congressman sets out to extend the ban on new and discriminatory taxes on the internet indefinitely

The Fédération des Experts Comptables Européens (FEE) has appointed David Devlin as its new president

Russian President Vladimir Putin has abolished a 1% tax on the purchase of foreign currency. The law became effective on January 1 and was introduced because the tax raised little revenue and had also allowed cowboy exchange outlets to benefit while bigger banks were forced to hand over the tax. Proceeds in 2002 came to only R3 billion ($100 million).