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A new Mexican Income Tax Law (MITL) is in effect as of January 1 2002. It includes a point that significantly changed the timing for complying with the requirements for deductions, beginning in the year 2002. This rule applies to all types of deductions, including imported raw materials or inventories, as well as to contributions to pension funds.

Frits Bolkestein, EU's internal market commissioner: Switzerland should aid its EU neighbours The implementation of the EU's savings tax project looks as far away as ever after October meetings between the Commission and the Swiss Ministry of Finance were unsuccessful. The Commission is battling to bring in the directive by the end of this year but the initiative has stalled because several member states have said that they will withdraw from the project unless third-party countries, including Switzerland, agree to equivalent measures.

The number of domestic patent applications last year reached the highest-ever figure of 439,175. The reason behind the increasing recognition of the importance of IP (intellectual property) may lie in the concerns from industry over declining competitiveness in global markets, as well as the urgent need of companies struggling to offer highly value-added goods or services to survive strong competition in the domestic market.

Many high-profile mergers have failed to live up to expectations and have eroded share value. Companies can save time and money if they ask themselves three key questions argues Jim Dillavou in Dallas of Deloitte & Touche

Deloitte snares Alberto Terol Sunday, 27-Oct-02 00:00:00 GMT NewsInBrief 11350 Alberto Terol has joined Deloitte Touche Tohmatsu as deputy global managing partner, tax and legal. Terol was previously the area managing partner for western Europe at Andersen and had also been the managing partner of tax, legal and business advisory services at the firm.

UK firm Lovells is advising Corus on the proposed sale of its aluminium business

German company Siemens Corporation has sold seven businesses worldwide to private equity firm Kohlberg Kravis Roberts & Co (KKR).

Herbert Smith and Lovells on Littlewoods deal Sunday, 27-Oct-02 00:00:00 GMT NewsInBrief 11348 LW Investments, owned by David and Frederick Barclay is to acquire Littlewoods for £750 million ($1.16 billion). Herbert Smith is advising Littlewoods on the deal with Howard Murray and Rob Young working on tax matters. Lovells is advising LW Investments on its recommended offer for the acquisition from members of the Moores' family. Daniel Friel, Mathew Oliver and Philip Harle are providing tax advice on the transaction.

Baker & McKenzie has advised online recruitment company TMP Worldwide on its plan to spin-off several business units

The Australian Association of Chartered Certified Accountants (ACCA) is urging the government to extend its proposals put forward in its Review of International Taxation Arrangements