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By James Tobin, Ernst & Young’s global director of international tax services

Thin-capitalization rules, arguably, no longer apply within the EU. Gareth Green and Jonathan Levy of Ernst & Young in London consider the consequences

Transfer pricing specialist David Lewis has joined Deloitte Touche Tohmatsu in Australia. He previously spent 39 years with the Australian Taxation Office before joining the firm's global transfer pricing group in November 2002.

Jeantet Associés has raided rival French firm Bureau Francis Lefebvre to boost its corporate, restructuring and M&A department

ECJ CONFIRMS GERMAN THIN CAP LAW IS DISCRIMINATORY

The State Administration of Foreign Exchange has issued new regulations on the administration of foreign exchange on July 25 2002. The new rules allow distribution companies, processing companies whose products are sold to the domestic market and companies whose registered capitals were injected in renminbi to purchase foreign currency for payment of normal trade transactions. Previously, Free Trade Zone (FTZ) companies were not allowed to purchase currency for payment to overseas entities or non-FTZ companies.

A tax treaty signed in early 2002 between Singapore and Romania came into force last week on November 28. The treaty aims to avoid double taxation and prevent tax evasion and will have an effect on all income derived on or after January 1 2003. It also intends to encourage cross-border trade and investment and provides for the exemption or reduction of tax in the source country on various types of income derived by a resident of the other country. This includes tax exemptions on profits from the operations of ships or aircraft in international use and the reduction of source country tax on dividends, interest and royalties.

Foreign exchange and inflation rate fluctuations have a significant impact on the tax position of companies operating in the region. The situation demands innovative tax planning argue Manuel Solano, Terri L Grosselin, and Ricardo Vargas of Ernst & Young

The UK's pre-Budget report introduces some key changes in the way the Inland Revenue determines permanent establishments and how it calculates stamp duty. Gary Richards of Weil Gotshal & Manges works out what it all means for business

Clifford Chance is advising on the sale of Homebase Group in the UK to Argos (GUS plc) for approximately £900 million ($1.411 billion). Clifford Chance is advising the Permira Funds and management shareholders on the sale. Permira acquired Homebase from J Sainsbury last year. Clifford Chance associate James Plummer advised on tax matters and Jonathan Beastall led the corporate team. Linklaters advised Argos.