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Foreign investors in China wishing to take advantage of the post-WTO business environment need to align clearly their business tax strategies and carefully adopt tax-planning techniques to optimize the tax position before and after the deal. By Billy Hsieh and Sandy Cheung, PricewaterhouseCoopers, Shanghai.

The EU trade war with the US took another step forward in August when the European Commission revealed its list of US products that could potentially be subject to countermeasures.

Singapore has simplified its stock-option system, so that Singapore-based foreign workers exercising their stock options after they leave their jobs will be treated for tax purposes as though they exercised them when they leave employment. The revenue will refund the difference if the gains are lower than deemed when actually exercised. This makes it easier for both employers and employees, as previously employers had been forced to track foreign employees when they left the country until they exercised their stock options.

The Brazilian government has attempted to help hard-up manufacturers by ending cumulative taxes on companies.

EU commissioner Frits Bolkestein has expressed his dissatisfaction with Switzerland's continued resistance to the EU savings tax package. Switzerland proposed a retention tax on savings of EU residents, but the EU has rejected this as inadequate because it wants the country to agree to exchange of information provisions. Bolkestein stressed that though applying sanctions of some sort was a possibility, it was too early to speculate. He is due to report on the negotiations on October 8 this year.

The Institute of Directors is urging the UK government to change its tax policy. Its survey of UK business leaders indicates that business is concerned about the government's fiscal policy.

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.

From September this year, Haarmann Hemmelrath has been able to offer its Frankfurt clients dedicated customs advice. The German firm has hired Michael Hundebeck as an associated partner from Schürmann & Glashoff Steuerberatungsgesellschaft.

Ernst & Young has expanded its New York financial services tax practice with seven tax advisers from the defunct Andersen. The firm announced on September 16 that five partners and two principals have joined the group in addition to 26 support staff.

Royal & SunAlliance has transferred a portfolio of non-life insurance contracts. Its portfolio of Italian direct insurance policies has been transferred to Direct Line Insurance in Italy.