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European Commissioner Pedro Solbes has expressed his concern at France's 2003 budget, which he believes will prevent the country from reaching a balanced budget position by 2006. The budget includes proposals to cut income tax by 1% and there is speculation that the French government plans to cut corporate tax rates in the future.

KPMG has been hit by the loss of 15 tax lawyers in South Africa to local law firm Sonnenberg Hoffmann Galombik.

Paris managing partner Emmanuel Galliard and Niels Dejean: Dejean wanted a global firm US firm Shearman & Sterling has continued the expansion of its international tax team by hiring its fifth lateral partner in the past year.

Companies resident in Ireland are no longer automatically excluded from the UK's controlled foreign companies (CFC) charge for accounting periods beginning after October 10 2002. This affects UK companies that rely on Ireland featuring on the UK's 'excluded countries' list in order to avoid a CFC charge in relation to their interest in an Irish company.

For the first time since Spain joined the EU in 1986, the European Commission has issued a formal request to Spain to modify its individual income tax legislation.

Even though the chapters of the Tax Code covering the major taxes applicable in the Russian Federation have all recently come into force, the Russian legislature continues to make various amendments to tax legislation. Though most of these amendments are of a technical nature, some can seriously affect both foreign and domestic businesses.

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.

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

Foreign audit firms were offered hope in October when Harvey Pitt, the chairman of the SEC, said that the organization might exempt non-US accounting firms from supervision by the US accountancy regulator. The news was mentioned in a speech at the conference of the Institute of Chartered Accountants of England and Wales (ICAEW) in Brussels as well as at a conference in London a few days earlier.