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Bar panel addresses services regulations

Tokyo’s metropolitan government has been ordered to return nearly Y75 billion ($562 million) that it has taken in taxes from 18 banks in the last two years, following a court ruling

At the end of 2001, British Telecommunications demerged its wireless business. The transaction provides a good example of how UK demergers can be effected without material tax costs for a company and its UK shareholders. By Mark Kingstone, Tom Scott and Lynne Walkington of Linklaters, London

The Exodus acquisition marks the end of a restructuring process at Cable & Wireless that has seen the company transformed from consumer telecoms provider to business internet protocol (IP) and data provider in little over two years. And while the company's tax group has been kept busy with numerous transactions throughout the transformation, it too has been restructured.

DATE TYPE OF DEAL VALUE TARGET ACQUIRER/ ISSUER HOLDER/ UNDERWITER ADVISERS TO TARGET ADVISERS TO ACQUIRER/ ISSUER ADVISERS TO HOLDER/ UNDERWRITER 28/2/02 disposal £560 million ($796 million) Malibu Allied Domecq (UK) Diageo (UK) n/a Linklaters, London, Guy Brannan, Guy Dingley, Clare Carpenter; New York, Valerie Leipheimer; in-house Michael Kennedy Slaughter and May; London Steve Edge, Charles Goddard 3/3/02 disposal £250 million ($355.7 million) Land Securities (UK) client of REIT Asset Management (UK) n/a Nabarro Nathanson, London, Nick Burt n/a n/a 6/3/02 sale and

The French tax authorities have issued new guidelines (Instruction 4 J-1-02, January 3 2002) on the provisions of the Finance Bill 2001 that reduced the rate of the avoir fiscal for tax credits used in 2001 and 2002. In particular, the authorities comment on these provisions with regard to the situation of non-French residents.

Budget 2002/03

Acquirers of German property-owning companies are obliged to notify the authorities of any transactions that may trigger German real estate transfer tax. The consequences for investors and their advisers who fail to do so may be serious. By Hans-Jörg Fischer, Deloitte & Touche, Frankfurt and Martin Paul Wassmer, University of Freiburg

Article 8 of the India – UK tax treaty governs the taxation of profits derived from the operations of aircraft. A recent ruling of the Appellate Tribunal gives a detailed interpretation of key tax treaty provisions. By K R Girish, RSM & Co, Bangalore

Big business has welcomed a package of company-friendly tax changes announced by the UK chancellor of the Exchequer