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  • Effective October 1 2001, the Japanese Commercial Code was amended to allow companies to acquire treasury stock, regardless of the purpose of the acquisition, and to hold such shares without being subject to any requirement for immediate redemption or disposition. Previously, companies were prohibited from acquiring and holding treasury stock, apart from in exceptional circumstances such as, for example, share retirement.
  • Taxpayers and tax authorities have been dealt puzzling new hands of transfer pricing cards by Germany’s highest tax court. By Alexander Vögele and William Bader, KPMG Frankfurt
  • The tax package finally adopted by the Mexican congress at the end of 2001 ? eight months after finance minister Francisco Gil Díaz' original reform package ? is already courting controversy.
  • Foreign investors in venture capital funds investing in Israeli hi-tech companies are to benefit from an exemption from Israeli tax. But until detailed qualifying conditions are issued, a degree of uncertainty remains. By Dr Avi Alter and Zvi Altman, tax law offices of Dr Avi Alter & Co, Tel Aviv
  • DATE TYPE OF DEAL VALUE TARGET ACQUIRER / ISSUER HOLDER / UNDERWRITER ADVISERS TO TARGET ADVISERS TO ACQUIRER / ISSUER ADVISERS TO HOLDER / UNDERWRITER 15/11/01 acquisition $825 million IT disaster recovery
  • The Bahamian government has signed an information exchange agreement with the US authorities, making it easier for the two countries to pursue tax evaders and money launderers
  • Germany has been working on its rules for private equity and venture capital funds. Assessing whether asset managing or trading funds is the activity at hand is one of the key distinctions in this often cumbersome and controversial area. By Christian Ehlermann Deloitte & Touche, Munich
  • In December EU finance ministers agreed to impose a tax on digital products downloaded from outside the EU by European citizens. The tax, which will be in place for three years, will cover music, software and computer games downloaded on the internet. The EU claims that it will remove a competitive handicap but it could prompt complaints from US companies, which are currently exempt from levying the VAT on digital products. Detailed rules will be decided upon in February.
  • The Japanese government is planning a comprehensive reform of the taxation system in the country. The reform will aim to bridge the gap between government spending and tax revenue and boost the country's weak economy.
  • Argentina's tax system is being looked into following the country's currency devaluation and economic problems.