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Criticism by the UK government of Ireland's low-tax regime could lead to Irish subsidiaries of UK-owned parent companies facing higher tax bills. The government announced that companies operating in Ireland should no longer qualify for automatic exemption from UK tax. The decision would mean that companies would have to pay the difference between each country's rate of corporate tax. In the UK corporate tax rates can be as high as 30% but in Ireland the rate of corporate tax is 16% and is due to fall to 12.5% from January 2003.

Russia is preparing to introduce international accounting standards. Tatyana Paramonova, the first deputy chairman of the Central Bank, has said that the bank has prepared draft instructions for transferring to the international standards. The instructions clarify issues including the calculation of capital and reserves. On July 29 2002 the Council on Audit at the Ministry of Finance approved drafts of audit standards. These standards refer to the standards approved by the International Accounting Federation

Argentina is suffering a severe economic downturn. Companies operating in the country should take the opportunity to align supply chains and their tax strategy. By Manuel Solano, New York, and Daniel Rybnik, Buenos Aires, of Ernst & Young

America's accounting standards setter is considering changes to rules for stock option accounting for companies switching from one form of accounting to another. Financial Accounting Standards Board chairman Bob Herz told a meeting of the New York Society for Security Analysts on Tuesday that the standard setter was considering a number of approaches to setting rules for a transitionary accounting period to apply to the increasing number of companies choosing to book stock options as costs in their accounts.

The Lovells tax practice comprises 21 tax partners and 30 associates. Lovells provides a comprehensive range of international and domestic business and corporate tax planning services. The firm has its own tax capacity in the offices listed below.

European Tax Practice

Zurich, Switzerland

José Abascal, 45, 28003 Madrid, Spain

CMS Bureau Francis Léfèbvre is growing its US tax group and hiring a senior associate from a magic circle firm in Paris. Michel Collet is joining the firm in New York as a local partner on September 3 this year. Collet is joining BFL from Linklaters where has been a senior associate for two years. Collet specialized in mergers and acquisitions as well as structured finance at Linklaters and will continue to do so at BFL where he will work primarily for US and French companies. The main differences between his work at Linklaters and BFL will be the role he will play in developing the international practice at BFL.

PricewaterhouseCoopers' tax and legal specialists help clients gain business advantage by providing multi-disciplinary and innovative solutions to their complex business issues.