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Australian tax law to implement tax consolidations came into effect from July 1 2002. Tax consolidation is primarily an integrity measure that addresses government concerns about loss duplication and value shifting, but it will also effectively remove a layer of structural complexities and a myriad of debt financing difficulties often faced in mergers and acquisitions (M&A) activities.

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Gibraltar has announced a new tax policy including a zero rate of corporate tax for all companies. The package would introduce taxes on personnel and property to a maximum of 15% of profits.

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KPMG LLP is the accounting and tax firm that understands business, particularly the distinctive needs of market leaders. The firm offers clients a powerful combination of people, products, technologies and results-oriented strategies to help them meet their challenges and improve performance. The fastest growing Big Five firm, KPMG is uniquely positioned to help clients strengthen their position in changing marketplaces. KPMG LLP (www.us.kpmg.com) is the U.S. member firm of KPMG International. KPMG International's member firms have 103,000 professionals, including 6,500 partners, in 152 countries.

Christian Stewart JP Morgan Private Bank has hired a Pricewaterhouse-Coopers tax partner to head its Asian wealth advisory practice. Christian Stewart, who was named one of the leading tax advisers in Hong Kong and Mainland China in a survey by International Tax Review, joined the firm on July 3 and is based in Hong Kong.

Spanish tax law provides for a 3:1 debt-to-equity ratio for the net interest-bearing indebtedness of Spanish companies towards non-resident related parties. Interest accrued on any indebtedness that exceeds this ratio is considered as a dividend for tax purposes. The ratio does not apply to financial entities.

As a result of the legislation to amend the Japanese commercial code, a new stock option system was approved in November 2001 (effective on April 1 2002).

Tax planners should use the global knowledge contained in an enterprise -- perhaps through the creation of global knowledge holding companies -- to yield significant tax savings. By Marcus Collardin and Alexander Vögele, KPMG, Frankfurt

India's Finance Act 2001 introduced transfer pricing provisions. Tax payers are now gaining their first experiences of how to comply with the new rules. By Samir S Mogul, S I Mogul & Co, Mumbai