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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.

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.

Brian Jamieson: managing partner of Melbourne office Minter Ellison has lured a former national managing partner and CEO of KPMG Australia to lead its Melbourne office. Brian Jamieson has joined the firm in Melbourne as managing partner of the office.

Maya Bauer-Balmelli: circumstances have changed Swiss firm Pestalozzi Lachenal Patry has expanded its tax practice by hiring a former Andersen partner. Maja Bauer-Balmelli is joining the firm in Zurich on November 1 after more than 17 years at Andersen.

Kim Marie Boylan has joined Latham & Watkins as a partner from the Washington office of Mayer, Brown, Rowe & Maw. Boylan focuses on tax and accounting policy issues as well as general tax litigation work.

Dutch firm NautaDutilh is opening an office in Luxembourg at the beginning of November.

French law firm PDGB has boosted its Paris tax practice with a senior partner hire. Bernard Pigalle joined the firm on October 14 from Landwell, the associated law firm of Pricewaterhouse-Coopers.

In December 2001, the Norwegian government introduced new regulations that mean that small and medium-sized companies can benefit from a NKr1.6 million ($210,000) research & development (R&D) tax deduction every year. This change takes effect from the 2002 income year onwards.