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By James M Gannon, Washington, DC

By William T Cunningham, Dublin, and Conrad S Young, London

By Shaun Austin, Birmingham, and David Norton, London

By James M Gannon and Michael F Lutz, Washington DC

By Dr Tillmann Pyszka and York Zöllkau, Düsseldorf and Cornelia Wolff, Cologne

Over the past few years, companies have learned the importance of their intellectual property. As the economy shifted into the "new economy", companies began to realize that their value was no longer solely tied to cash flow and earnings but was also strongly influenced by intangible assets. In response, companies were forced to look closely at their intangible assets and the values connected with them. Then, the new economy started to fade and the market began to correct corporate values. What remains now is an increased awareness of intangible values, and the knowledge that opportunities exist – around the world – for optimizing these values.

London law firm Howard Kennedy has launched a tax practice with the appointment of two senior tax assistants. Graham Callard, a qualified barrister, joins from Morison Stoneham chartered accountants, now part of Tenon Limited. At Morison Stoneham, Callard provided clients with tax consultancy advice on income tax, corporation tax, capital gains tax, VAT, inheritance tax, national insurance and stamp duty.

In December 2001, the German and Swiss negotiating teams reached agreement on changes to the tax treaty between Switzerland and Germany. The official protocol, dated March 12 2002, has since been released. Certain changes are retroactive to January 1 2002.

Expatriates represent a considerable expense for international businesses. The matter of exactly who should pay the tax bill is often overlooked, but Germany’s new transfer pricing guidelines provide careful advice on the matter. By Dr Alexander Vögele, Dr Arwed Crüger, and Volker Schmitt, KPMG, Frankfurt

The Korean government is considering granting foreign companies tax deductions on the stock options they give to employees