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Ernst & Young can officially begin the difficult task of integrating some of its largest offices, after the European Commission cleared the proposed merger between Ernst & Young and Andersen in France and in Germany.

Royal Philips Electronics unit Philips Medical Systems and the Rabobank Group unit De Lage Landen are setting up a joint venture in the US. The new venture will be called Philips Medical Capital and will provide financing for the purchase of the full diagnostic imaging equipment that Philips Medical Systems produces throughout the US. The new venture will be based in Pennsylvania and will be 60% owned by De Lage Landen. De Lage Landen will treat it as a consolidated subsidiary. Schulte Roth & Zabel represented DeLage Landen, with Daniel Blickman leading the tax side. Sullivan & Cromwell advised Philips, with Andrew Solomon in New York leading the tax group.

Following the publication of the revised Catalogue of Foreign Investment in Industries, effective April 1 2002, the State Administration of Customs issued a circular clarifying the import value-added tax and customs tax exemption for equipment imported by a foreign invested enterprise for its own use within the enterprise's total investment amount. The circular states that "encouraged" projects approved after April 1 2002, and "encouraged" projects that were once categorized as "restricted B" projects in the old guidance catalogue, which involve technology transfers, are now both entitled to the tax exemptions.

US firm Shearman & Sterling has continued the expansion of its international tax team by hiring its fifth lateral partner in the past year.

Jim Copeland, the global CEO of Deloitte & Touche and Deloitte Touche Tohmatsu has announced his resignation, at the firm’s annual gathering last week.

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

A High Court decision last week raises doubt over AOL’s relief from VAT in the UK

US and Sri Lanka sign treaty protocol Sunday, 29-Sep-02 00:00:00 GMT NewsInBrief 11161 The US and Sri Lanka are a step closer to a tax treaty after the two countries signed a protocol to an income tax convention signed in 1985. The amendment of September 20 modernizes the convention between the two countries to reflect changes in the law. Provisions include facilitating investment between the two countries by looking at the taxation of cross-border investment income, business profits, capital gains and other types of income. It also provides for information exchange on tax matters. The convention, signed in 1985, has not yet come into effect. If the US Senate passes the convention and it becomes effective it will be the first income tax treaty between the two countries.

If the European Court of Justice (ECJ) upholds two advocate general decisions, tax deductions would be available to EU-parent companies borrowing funds to finance subsidiaries within the EU, irrespective of how those subsidiaries are taxed

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