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Carlyle Group sets up $600 million VC fund Sunday, 6-Oct-02 00:00:00 GMT NewsInBrief 11213 The Carlyle Group has established the venture capital fund, Carlyle Venture Partners, which raised over $600 million of capital commitments from institutional investors and high-net-worth individuals worldwide. Simpson Thacher & Bartlett advised the Carlyle Group with Adam Rosenzweig working on tax issues.

Olson becomes first female treasury assistant for tax policy Sunday, 6-Oct-02 00:00:00 GMT NewsInBrief 11190 Pamela Olson has been sworn-in as US treasury assistant for tax policy. Treasury secretary Paul O'Neill swore-in Olson on September 26 this year. Olson has supervisory responsibility for providing the treasury secretary with policy analysis, advice and recommendations relating to all aspects of domestic and international issues of federal taxation including legislative proposals, regulatory guidance and tax treaties. She will also deal with official estimates of government receipts for the president's budget, fiscal policy decisions and treasury cash management decisions.

The EU is gearing up this week in its struggle with the Swiss government in its fight to bring in the Savings Tax Directive by the end of this year.

Terumo wins Vascutek for $170 million Sunday, 6-Oct-02 00:00:00 GMT NewsInBrief 11212 Japanese medical device company is acquiring Vascutek vascular grafts business from Centerpulse for $170 million. The deal was announced on October 4 and is due to close in November. Terumo is expanding its cardio vascular departments including catheter systems for vascular diagnosis and treatment and artificial pulmonary systems. Its acquisition of Vascutek will been used to develop treatments for conditions including aneurysms.

Sixth VAT Directive – Article 13A(1)(f) and Article 13B(a) – Exemption for services performed by independent groups not likely to give rise to distortions of competition – Exemption for insurance transactions and related services performed by insurance brokers and insurance agents – Assessments of damage caused to motor vehicles carried out by an association on behalf of insurance companies which are members of that association.

The High Court decision in BMBF raises issues to be addressed by the UK leasing market. The importance of fulfilling the basic requirements for UK allowances when structuring the deal, seems to be a key lesson. By Hugo Jenney and Philip Vickery, Stephenson Harwood, London.

Stock options as a means of offering special incentives to employees have become increasingly popular in Germany in recent years. Dr Oliver Strnad, KPMG Tax and Legal, Stuttgart, overviews the present legal position regarding the taxation of stock options in Germany.

In a ruling by the French High Tax Court, the provisions of the France-Switzerland treaty were found to override domestic CFC legislation. Marcellin N Mbwa-Mboma, of Baker & McKenzie, New York evaluates the case and its consequences.

Group loss relief is a key tool used by taxing jurisdictions and companies to offset losses and encourage growth. But if group relief is to be a key method for business expansion, policies need to focus on bringing more subsidiaries under the group relief umbrella. By Abadan Jasmon and Dr Junaid M Shaikh, Multimedia University, Malaysia

The UK Financial Reporting Council (FRC) has set up a small group to develop guidance for audit committees that is contained in the Combined Code. The FRC was asked to set up the group by the UK government's coordinating group on audit and accounting issues that reported in July.