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Cleary Gottlieb Steen & Hamilton is representing HSBC Holdings on its acquisition of the consumer lender Household International

William Webster, the chair of the SEC’s accounting oversight body, has resigned less than three weeks after the body was created

Malaysia traders have been told to pay the government the service tax they collect from customers as quickly as possible or face action by the country’s tax department

Davis Polk & Wardwell and Sidley Austin Brown and Wood have advised on the common stock public offering by Aon Corporation

Plans to simplify the US sales tax system took a step forward last week when delegates from 33 states and the District of Columbia approved a multi-state agreement

Davis Polk works on Telekom Austria deal Sunday, 17-Nov-02 00:00:00 GMT NewsInBrief 11500 Davis Polk & Wardwell has advised Telekom Austria on a €550 million ($557 million) sale of Telekom Austria shares by Telecom Italia. The deal involves offering the shares to professional investors in Austria and a private placement in the US and to institutional investors outside the US. John Paton and Robert Heller of the London office of Davis Polk & Wardwell provided tax advice.

In a decision that threatens the securitization of non-performing assets, Italian tax authorities have ruled that special purpose vehicles set up under Italian law are taxable annually rather than over the life of a securitization

Hungary passes tax laws Sunday, 17-Nov-02 00:00:00 GMT NewsInBrief 11502 On November 12 the Hungarian parliament approved changes to the tax regime. The changes introduce simplified business tax for small partnerships and self-employed businesses. The government has also promised to abolish capital gains tax next year. The simplified business tax system will be open to partnerships and self-employed business with annual revenue of less that Ft15million ($62,275) with no outstanding tax arrears. To take advantage of the system businesses must register by December 20.

UK firms work on Caribbean deal Sunday, 17-Nov-02 00:00:00 GMT NewsInBrief 11504 Magic circle firms Freshfields and Clifford Chance advised on the creation of the Caribbean's biggest bank. First Caribbean International Bank was formed from the merger of the Canadian Imperial Bank of Commerce West Indies Holdings and Barclays Caribbean operations. Both Barclays and the Canadian bank have a 45% stake in the merged business which will have assets of $9.4 billion and over 700,000 accounts. The deal is also due to be extended to include the banks' operations in Grenada and the British Virgin Islands. Clifford Chance tax partner Douglas French provided tax advice to Barclays with corporate partner Roger Moore leading the team. Freshfields tax lawyers Jonathan Cooklin and Sebastian Lawson-Foia advised Canadian Imperial Bank of Commerce.

The International Monetary Fund (IMF) has urged France against considering tax cuts until public spending is under control